Silicon Valley Bank Won’t Get a Government Bailout, Says Biden

California officials recently shut down Silicon Valley Bank (SVB). It all started when multiple concerns emerged about the bank’s inability to obtain capital. This shortcoming gradually became a source of anxiety as the bank considered a possible sale. As a result of this chain of events, the bank has now closed.

 

The event was also considered one of the largest banking crises after the 2008 financial turmoil triggered by Lehman Brothers. The White House recently stated that the Silicon Valley Bank, “is not a bailout.”

 

Silicon Valley Bank won’t get a government bailout, said Biden

President Joe Biden recently stated that SVB will not receive a government bailout. This is after the regulators seized the bank’s assets.

 

“No losses will be — and this is an important for point — no losses will be borne by the taxpayers. Let me repeat that, no losses will be borne by the taxpayers.”

 

The back-to-back collapses of Silvergate Bank, SVB and Signature Bank have all raised concerns. The entire financial sector has been severely affected following the dramatic closure of these banks. A board member of Signature Bank also stated that this is a strong anti-cryptocurrency message as crypto-friendly banks are closing down one after another.

 

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