Andrew Yang, a businessman and Democratic political candidate in multiple races, urged for government action on the collapse of Silicon Valley Bank warning of mass layoffs.
"I think either California or the Treasury Department should backstop Silicon Valley Bank - thousands of companies will fold or lay people off next week because of lack of access to accounts through no fault of their own," Yang wrote.
"Take the equity and fire the managers." Yang stated. "There's a big difference between irresponsibleand the thousands of customers and entrepreneurs and employees who chose to use a bank that was one of the biggest banks in the country.
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