Treasury Secretary Janet Yellen says U.S. government will not bail out Silicon Valley Bank
The Federal Deposit Insurance Corporation that it will cover up to $250,000 per depositor and may be able to begin paying those depositors as early as Monday. But the vast majority of SVB's customers were businesses that had kept far greater uninsured amounts at the bank, which sparked broad concerns about how people will be able to retrieve the rest of their funds."This is really a decision for the FDIC, as it decides on what the best course is to resolve this firm," Yellen said.
Bair said the FDIC could help companies with payroll in the case that there's a systemic risk exception, which would be "an extraordinary procedure." She said she thinks it is going to be "hard to say that this is systemic in any way."D-Va., said Sunday that the best outcome would be finding a buyer for SVB before the markets open in Asia. Warner said he is feeling more optimistic that the FDIC will find a solution than he was Saturday afternoon.
"The shareholders in the bank are going to lose their money, let's be clear about that. But the depositors can be taken care of," he told ABC's "This Week."
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