New York Governor Kathy Hochul says the takeover of Signature Bank by federal regulators on Sunday “was not a bailout” that would come from taxpayer funds. “The banks are open, everything is fine. Now the FDIC is in charge of the bank,” she says at a press briefing on Monday.
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Kathy Hochul, the Governor of New York, has recently made headlines for her role in the financial rescue of Signature Bank – a move that she claims is not a bailout. According to Hochul, the rescue is part of a larger effort to support small businesses in the wake of the COVID-19 pandemic, and is intended to prevent unnecessary job losses and economic instability.
While some critics have argued that the rescue amounts to a bailout, Hochul has pushed back against that characterization. In a recent interview with The Wall Street Journal, she emphasized that the rescue is less about bailing out a struggling bank and more about providing needed capital to support struggling businesses.
Specifically, the rescue involves a $120 million investment of taxpayer funds in Signature Bank, which will be used to provide loans and other financial support to small businesses throughout New York. The investment comes through the Empire State Development Corporation, which is charged with promoting economic growth and development throughout the state.
According to Hochul, the investment is a win-win for both the bank and the state. For the bank, the injection of capital will allow it to offer much-needed financial support to struggling businesses, helping them stay afloat and avoid unnecessary layoffs. For the state, the investment will help promote economic growth and stability, supporting the recovery of local communities and providing a much-needed boost to the state’s economy.
Of course, not everyone is convinced that the rescue is a good idea. Some have raised concerns about the use of taxpayer funds to support a private business, while others worry that the investment could be a risky move that could cost the state in the long run.
Despite these concerns, Hochul remains confident that the rescue is the right move for New York. In a statement released earlier this month, she highlighted the importance of providing support to small businesses during these challenging times, and emphasized the crucial role that Signature Bank can play in helping to rebuild New York’s economy.
Ultimately, whether the rescue of Signature Bank amounts to a bailout or not will likely be the subject of much debate in the coming months. However, one thing is clear: the move represents a significant investment in the state’s economy, and could play a critical role in helping New York recover from the economic fallout of the COVID-19 pandemic.
Not a bailout. They’re simply using our money to pay for their reckless and irresponsible actions. It’s too big to fail 2023
Democrats are such corrupt liars.
Lies from a Kunt.
This will SUPER⚡CHARGE Inflation.
Whatever it takes to save the 1% Right?
If you are stupid enough to use a leftist woke bank then you deserve to lose your money.
Hochul is far more concerned with playing dirty politics. Than she is the welfare and safety of the people of NY
Society gets what it deserves. FU ALL… This is what you get for the LOCK DOWNS and forces vax! I hope more banks fail
When the government says something, just know the opposite is true.
Shut up who'.!!!!
If the money is not from the taxpayers, then where did it come from?
Bitcoin trading right now will be at every
wise individuals list. In few months you'll be ecstatic with the decision you made today
Privatization of profits socialism of losses only in America
Loser