The bailout of the Silicon Valley Bank was a little odd–depositors are going to be paid for bank deposits above the $250,000 limit of the The Federal Deposit Insurance Corporation (FDIC). That’s very interesting when you begin to examine who these large depositors are.
On Saturday, The Washington Free Beacon posted an article revealing who some of the depositors in the Silicon Valley Bank whose money will be paid back are regardless of the supposed limit.
The article reports:
Prominent tech companies, liberal news outlets, and a Democratic politician’s vineyards are among the thousands of businesses that breathed a sigh of relief on Sunday when the Biden administration moved to bail out Silicon Valley Bank.
It’s good to have dishonest friends in high places.
The article continues:
Silicon Valley Bank maintained $209 billion in assets and $175.4 billion in total deposits, making it the 16th-largest bank in the country. It was the second-largest bank to fail in American history when the Federal Deposit Insurance Corporation took control of the institution on Friday.
President Joe Biden has insisted that the FDIC’s move was not a bailout, and claimed his administration is working to protect “American workers and small businesses.” But average Americans won’t benefit the most from the bailout. Ninety-three percent of the bank’s depositors kept more than $250,000 in the bank.
While the California bank was famous for its rolodex of tech clients, it happily accepted deposits from all manner of people, including some of the individuals and institutions involved in pushing the Biden administration’s bailout.
Here are some of the companies and individuals involved:
Black Lives Matter
The Green Energy Racket
The article concludes:
Silicon Valley Bank’s failure could have delivered a seismic blow to the climate change industry and the more than 1,550 technology companies that specialize in solar, hydrogen, and battery storage solutions that held funds at the bank, had Biden not bailed the institution out.
Still, the bank’s failure will have lingering effects for the industry, with insiders warning that Silicon Valley Bank was often the only institution willing to lend funds for their projects.
“Silicon Valley Bank was in many ways a climate bank,” Kiran Bhatraju, the chief executive of the nation’s largest community solar manager, Arcadia, told the New York Times. “When you have the majority of the market banking through one institution, there’s going to be a lot of collateral damage.”
Wedbush Securities technology sector analyst David Ives added that the bank’s failure is a “major blow to early-stage and even late-stage tech startups.”
Please follow the link to read the details. Hard-working Americans are bailing out people who make more money than most of us every dreamed of. President Biden really doesn’t want the rich to ‘pay their fair share.’