Reporter at The Lever Julia Rock weighs in on hers and David Sirota’s recent reporting on the Silicon Valley Bank failure. #SVB #corporation
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As the world continues to grapple with financial uncertainties amid the COVID-19 pandemic, Silicon Valley Bank (SVB) has recently claimed to be the safest bank in the United States. The bank made this claim after securing a considerable bailout from the Biden administration, allowing it to back deposits of $250,000 or more.
SVB gained attention earlier this year when it was awarded nearly $700 million in loans from the Paycheck Protection Program. This was part of the government’s efforts to help small businesses that were struggling to stay afloat during the pandemic. As a result of this, the bank has become one of the largest lenders to small and medium-sized businesses in the United States.
Following this, the Biden administration granted SVB a significant sum of money under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bank used a part of this funding to back claims of being the safest bank in the US. SVB’s CEO, Greg Becker, recently said, “We take our role as a trusted banking partner for the innovation economy seriously. This backing allows us to be the safest bank in the United States and provide our clients with certainty and confidence, even during turbulent times.”
SVB has earned its reputation as a reliable institution in the world of finance. The bank has been in business for over 35 years and has since then supported some of the world’s most promising startups and top-performing companies. As a specialist in lending to the tech industry, SVB has helped numerous companies grow and prosper.
Backing up its claim to be the safest bank in the United States, SVB has maintained a strong capital base and had no problem with credit losses. This has allowed the bank to protect its investors while allowing its clients to focus on running their businesses. Additionally, SVB has helped support its clients during recent market downturns, such as the dot-com bubble of the early 2000s and the 2008 financial crisis.
In conclusion, Silicon Valley Bank’s recent claims of being the safest bank in the United States are well-earned. With a history of supporting small and medium-sized businesses and maintaining a robust capital base, SVB has become a trusted partner for investors and entrepreneurs. Its ability to secure a considerable funding sum from the Biden administration underlines its status as a reliable institution. Thus, those looking for a safe bank in the US might want to consider Silicon Valley Bank’s services.
However, it is important to note that the security of a bank is not the only factor to consider when choosing a bank. Other things like transaction fees, interest rates, customer service, and convenience should also be weighed when making a decision.
Talk about deterioration within the system donner corruption..
Who's bailing out the homeless?
Friendly reminder:
Money isn't real and people totally made it up.
Bank Lives Matter
Why does literally no one discuss that these are government loans, paid back by the banks +interest? I thought this was supposed to be alternative media, not the mainstream talking points that have been common for 30+ years
when you bail out a bank that is taking high risk with their clients deposits, you encourage other banks to do the same- maybe SVB got bailed out of their wrongdoings due to politics, or because the kickback to many high profile corrupt politicians, this sends a signal out to other bank companies that they could do funny stuff and the the tax payers will pay the damage.
In Nov investment analysts were rumbling about SVB terrible liquidity issue with all the treasuries. This was not a surprise and it was caused by terrible management and regulators not doing their job. AND it is a bailout
Economies are based on trust. Banks are also build based on trust by the depositors and if the government does
not back this institutions the whole banking system is at risk of collapse…. It is sad, but it is necessary and it is the reality.
The central bank should buy these none performing assets to avoid a generalized bank run based on fear …
Our nation is governed by sociopaths.
Gambling is ALWAYS a sin.
Yes 17 democrats voted for the changes. Not just Joe Manchin.
Lots of money for Pharma, Ukraine and banks but what about the own citizens in East Palestine?
Using the funds for insured depositers to pay off uninsured depositers is the definition of a bail out. That fund is to protect my deposits and if they bankrupt the fund then it is the taxpayer money that will have to cover it or lose it.
All capitalists lie: profit is theft. The school of capitalism is just like the school of the CIA where Pompeo said he learned to lie, cheat, ad steal. Barney Frank is a poster child for the financial industry's hypocrisy.
Gentlemen, this is Reaganomics manifest.
that’s the dems money base .. of course they gonna get it all back plus some more to make awful investments with customer funds with ..
Top Notch Scam.
They wanted this so called crash…the question is why? Crypto?
Yes, the banks pay into the FDIC insurance fund. The banks fund it.
The most disturbing thing about this is that the government is abiding the incompetent bank's very unreasonable asks (though not surprising…)
time to nationalize
Rising conservatives looking for hpw to blame AOC and Ilhan. As their God Trump destroys their lives
Robby and Brie need to watch Kim Iversen's last two reports pointing to a government scheme to destroy crypto banks and establish the US digital dollar.
both systems need severe reform
They get the monies by fees by you, and that’s is all taxpayers! Look beyond what they say!
Great reporting, but, as I have stated in other posts, bank CEOs asking for deregulation is like children asking for candy.
The legislators are supposed to be the adults who say, "No."
Why is everyone shocked, shocked that a CEO would lobby for what he believes is in the best interest of his company?
The CEO isn't what's broke here (with the exception of cashing out stock before the collapse; that's definitely broke).
It's the legislators giving in to the demands of the CEO that's broke.
SVB through the EQ, get load of cheap money, came in the size of billions, what would you have done sitting on those money? Naturally, they invested the money, and apparently they bet it on conservative tool, the government backed bonds, which turning out not safe at all under the sudden turned hawkish Fed interest rate hikes. A side effect dent to the financial system by the flawed scheme by this administration
There will be ripple effects no doubt
Mischief managed
How can taxpayers lost, when the US government doesn't have the money and just print them??? Ha ha ha!
I'm sorry, it's the treasury the actual bank?
Of course we lose… I made barely 58000 for the year struggling to pay my bills in ATX and still have to pay back 2500…SMH a dam shame
bidden "No losses will be borne by the taxpayers".. but a 250k bailout.. where did those 250k come from?…. who opened their wallet and said :np problem guys, this round is on me?.
instead of stating where the money does not come from.. would it not be make more sense to say.. where the money did come from ? anyone knows?
if they just printed the money. that would devalue the taxpayers money by putting more money in circulation. and indirectly make the payment happen with taxpayers money..
All these CEOs got rich sinking their banks. They should have all their funds liquidated.
1. This was not a bailout. The money was actually paid out of FDIC deposits made by the banks themselves HOWEVER the $250k deposit threshold should’ve been honored.
2. The bank got this way because the GOP and Trump loosened Dodd Frank regs so that banks like this didn’t have to undergo periodic stress testing to prevent potential failure.
As the house of cards falls Biden says everything is going according to plan nothing to see here people move along now ! Taxpayers will pay for everything !
I'm a veteran with 24 yrs of service and have become increasingly pro China, pro Russia and not able to support what has become the woke and backwards 3rd World States of America.
Somebody definitely needs to go to Prison at the least. Wonder what would happen to the Bank board if Biden didnt bail them out? Im sure someone would want their pound of flesh
Bri is dead set on this not being a bailout. The money isn’t there Bri. The rules were changed last minute. It’s a bailout.
"They want a bailout from Uncle Sam, and indirectly the US tax payer" Sorry Robbie, the government is broke, it's DIRECTLY from the US taxpayer.
Whatever Trump did, Biden went along with. So, the Biden Admin is 100% at fault.
There should be a published list of account holders.. Gavin Newsome and his wineries apparently have accounts there.. Maybe the high dollar players are all DNCRNC powerplayers.
Most people thought that "you only need a good job to become rich".One needs to have different streams of income, as well as secure a profitable investment future. Detailed diversified investment portfolio in the financial markets is needed to survive
A "Big F*ck You to the regular Joe American in bipartisan elite fraudulent fashion…
Socialism for the rich, rugged capitalism for the poor