The RoanokeSlant: Biden Bailing Out Banks He Broke

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Biden bailing out two big bank failures with Hundreds of Millions of Dollars of taxpayer money!
Failures directly related to his massive interest rate hikes stemming from his massive inflation increases.
There is just no limit to the Biden generosity and achievements!
Alfred E. Biden says ‘Not To Worry!’
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Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis
https://www.cnbc.com/2023/03/10/silicon-valley-bank-is-shut-down-by-regulators-fdic-to-protect-insured-deposits.html
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SVB CEO Sold $3.6 Million in Stock Days Before Bank’s Failure
(that’s illegal isn’t it? Reflections of Martha Stewart)
https://www.bloomberg.com/news/articles/2023-03-10/svb-chief-sold-3-6-million-in-stock-days-before-bank-s-failure
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An old-fashioned ‘Run On The Bank’ relived as depositors swarmed the SVB Bank, reminiscent of Wall Street 1929 & 2008!
In ’29 one had to ‘go to the bank’, now with electronic transfers, amazing amounts of money can be moved in minutes all from your office/home.
Fortunately for ‘the little guys’ the FDIC will insure up to $250K.
However, given the political clout of Silicon Valley’s BigTech, Biden and the FDIC have caved to the massive pressure to cover (with taxpayer money of course) multi-million-dollar losses of Biden-BigTech-supporters – always good to have a POTUS in your pocket.
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SVB, Signature Bank Depositors to Get All Their Money as Fed Moves to Stem Crisis (and take care of their Tech-supporters and doners)
Regulators take control of a second bank and race to roll out emergency measures
https://www.wsj.com/articles/federal-reserve-rolls-out-emergency-measures-to-prevent-banking-crisis-ba4d7f98
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More Collateral Bank Damage (so far):
Regulators seize NY Signature Bank in third-largest US bank failure
https://www.aol.com/finance/regulators-seize-signature-bank-third-231404988.html
Signature becomes the third-largest bank to ever fail in the U.S., behind Silicon Valley Bank and Washington Mutual in 2008, if its assets haven't changed significantly since the end of 2022. Signature had $110 billion in assets as of Dec. 31, ranking 29th among U.S. banks. It had $88 billion in deposits as of that date, and approximately 89.7% were not insured by the Federal Deposit Insurance Corporation.
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Biden admin guarantees Silicon Valley Bank deposits, shutters N.Y. bank in bid to head off crisis
Second bank shuttered as rise of 'woke' financial sector sparks criticism of unsound investment moves
https://www.washingtontimes.com/news/2023/mar/12/silicon-valley-bank-collapse-rise-woke-financial-s/
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Talk about Democrat DNA all over this bank mess:
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Barney Frank The former Democratic chairman of the House Financial Services Committee during the financial crisis helped draft the regulatory legislation, which aimed to prevent bank failures and bailouts such as those that happened in 2008.
http://roanokeslant.blogspot.com/2018/03/warner-and-kaine-dodd-frank-hypocrites.html
Barney blames crypto panic for his bank’s collapse.
(He recently served on the board of New York’s Signature Bank, which regulators shut down Sunday.)
Elizabeth Warren blames Trump.
The rift between Frank and Warren is just a preview of what’s to come as Democrats sort out positions on how to respond to the latest banking crisis.
https://www.politico.com/news/2023/03/13/barney-frank-signature-bank-collapse-warren-trump-00086765?cid=apn
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SVB collapse: Director of failed Signature Bank was author of Dodd-Frank reform law
https://www.washingtonexaminer.com/policy/economy/svb-director-author-of-dodd-frank-reform-law
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posted by Lars Hagen # 11:10 AM

The RoanokeSlant

Monday, March 13, 2023

Biden Bailing Out Banks He Broke

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