Biden says taxpayers won't bail out Silicon Valley Bank and the people responsible for its collapse will be held accountable: 'No one is above the law'
, it won't be taxpayers who pick up the tab, President Joe Biden said in an address Monday morning.
"If the bank is taken over by FDIC, the people running the bank should not work there anymore," he said. Biden also called for a"full accounting" of the factors that led to SVB's collapse, saying,"in my administration, no one is above the law."
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How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
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Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
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Biden admin guarantees Silicon Valley Bank deposits, shutters N.Y. bank in bid to head off crisisThe Biden administration said it would guarantee all deposits at the now-shuttered Silicon Valley Bank but insisted the move was not a taxpayer-funded bailout, while regulators closed a second institution, New York City’s Signature Bank, amid fears of an unfolding economic crisis.
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Silicon Valley Bank Collapse live updates: Biden addresses bank's failureSilicon Valley Bank collapse live updates: • U.S. moves to protect all deposits at Silicon Valley Bank in bid to stem wider fallout • President Biden says 'the banking system is safe' • Biden says no taxpayer money will be used to cover losses
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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Silicon Valley Bank's UK branch shut down by Bank of EnglandThe Bank of England (BoE) released a statement on Mar. 10 stating that it will be applying to the court to place Silicon Valley Bank UK branch (SVB UK) into a “Bank Insolvency Procedure.' It added that in the interim, the firm will 'stop making payments and deposits.'
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