Biden Admin Shot Down Purchase Attempts For Failed Bank, Former Trump Official Says
HAROLD HUTCHISON | March 13, 2023 | 5:43 PM ETA former economic adviser to former President Donald Trump said Monday that the Federal Deposit Insurance Corporation (FDIC) prevented several efforts to purchase Silicon Valley Bank.
Federal regulators shut down Silicon Valley Bank Friday after its stock price collapsed and customers began a bank run following the financial institution’s disclosure of a $1.8 billion loss on asset sales due to high interest rates, CNBC reported. The FDIC also shut down Signature Bank Sunday, citing “systemic risk,” CNBC reported separately.
“I have heard it from people I have a great deal of faith in that were very close to the situation that there were buyers who were willing to step in and buy the bank and that the radicals at the FDIC basically weren’t going to allow that to happen,” Kevin Hassett, a former chairman of the Council of Economic Advisers, told Fox Business host Larry Kudlow. “I even heard again someone told me this directly that was close to the situation, that the Biden administration had a whitelist of companies were allowed to buy the failed bank and companies that weren’t.” . . .
https://dailycaller.com/2023/03/13/kudlow-kevin-hassett-fdic-silicon-valley-bank/
