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General Category => Editorial/Opinion/Blogs => Topic started by: mystery-ak on March 14, 2023, 02:07:32 pm

Title: Politico: How Biden saved Silicon Valley startups: Inside the 72 hours that transformed U.S. banking
Post by: mystery-ak on March 14, 2023, 02:07:32 pm
 How Biden saved Silicon Valley startups: Inside the 72 hours that transformed U.S. banking

A historic rescue of a distressed industry came together rapidly, reshaping the government’s relationship with banks in far-reaching ways.

By Adam Cancryn, Ben White and Victoria Guida

03/13/2023 08:25 PM EDT

On Sunday afternoon, an exhausted group of Biden administration officials gathered to put the finishing touches on a hastily composed plan to stave off a nationwide banking crisis.

Just a little more than 72 hours had passed since Silicon Valley Bank suddenly collapsed, rocking the tech industry and igniting fears that the U.S. was on the verge of a financial meltdown.

The bank’s demise had come as just as much of a surprise to the White House as it did to the public, triggering a weekend sprint to contain the fallout that spanned several agencies and all hours of the day and night.

The result, announced just minutes before financial markets in Asia reopened, was sweeping: The federal government would provide SVB’s depositors with access to all their funds, effectively averting painful financial uncertainty — and the threat of heavy losses — for thousands of venture-backed startups. Signature Bank, which had followed SVB into insolvency, would receive the same guarantee.

more
https://www.politico.com/news/2023/03/13/the-emergency-bank-rescue-that-almost-didnt-happen-72-hours-00086868
Title: Re: Politico: How Biden saved Silicon Valley startups: Inside the 72 hours that transformed U.S. ban
Post by: Wingnut on March 14, 2023, 02:19:30 pm
Did the Politico writers get at least the promise of a reach-a-round when they penned this fluff piece glorifying the Biden Admin?
Title: Re: Politico: How Biden saved Silicon Valley startups: Inside the 72 hours that transformed U.S. ban
Post by: LMAO on March 14, 2023, 02:29:27 pm
Did the Politico writers get at least the promise of a reach-a-round when they penned this fluff piece glorifying the Biden Admin?

It’s Politico

I would expect nothing less from them
Title: Re: Politico: How Biden saved Silicon Valley startups: Inside the 72 hours that transformed U.S. ban
Post by: Free Vulcan on March 14, 2023, 03:05:58 pm
I thought it telltale that Yellen said 'Nope, no bailouts' then 24 hours later it was 'Yep, yep bailouts'.

That little contradiction tells you right there there's alot more to this than meets the eye.