Biden bails out his banking buddies

Peter Riehm | Mar 21 2023 | RenewAmerica

Here we are again in another mess created by inept Democrat policies. But Biden and his cronies are able to shrug it off and somehow manage to turn it into another money laundering scheme where Biden’s supporters get to abscond with billions in taxpayer dollars as reward for their abject banking and investing failures. The Silicon Valley Bank (SVB) operated their bank like a high-flying casino with no regard for risk or sound banking practices. Of course, with the Biden administration standing by to cover all their bets, why not bet the house every time and invite all your leftist friends to the party.

SVB was a progressive bank making the world better by investing in every green or tech start-up whether they had a plan or product, as long as they had good intentions. Half of the companies in the country devoted to biotech or climate change banked at SVB. In 2022 alone, SVB invested $5 billion in clean technologies. They felt no hesitancy nor risk, because the federal government was pouring billions into any unproven scheme as long as it was labeled green. So who cares if it makes the money, the government will throw money at it. Most folks don’t realize, if it were not for endless government subsidies, the green industry wouldn’t exist.

The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 of each depositor, except at SVB. Was it their notable clients like California Governor Gavin Newsom? Buzzfeed? Vox Media? With just a few calls and a bank run mention, the Biden administration didn’t hesitate to guarantee the deposits for all their friends.…

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