Category Archives: Bailouts

REVEALED: Only ONE member of failed SVB’s board had a career in investment banking – and the rest were Obama, Clinton mega-donors who ‘grieved’ when Trump won including one who went to Shinto shrine ‘to pray’

Tom King, 63, was the only member of the Silicon Valley Bank board who had experience in investment banking. The others were major Obama and Clinton mega-donors, including one who cried when Trump won in 2016. The board is now being investigated for its failure to act ahead of the bank’s collapse, as some argue it was too focused on being woke.

Just one member of Silicon Valley Bank’s board of directors had a career in investment banking, while the others were major Democratic donors, it has been revealed.

Tom King, 63, was appointed to the board in September after previously serving as the CEO of investment banking at Barclay’s. He has had 35 years of experience in investment banking.

But he is the only one on the board with a career in the financial industry, while others are a former Obama administration employee, a prolific contributor to former House Speaker Nancy Pelosi and even a Hillary Clinton mega-donor who prayed at a Shinto shrine when Donald Trump won the 2016 presidential election.

The board is now being investigated by federal authorities after it failed to prevent the bank from going under while it was investing clients’ money in risky low-interest government bonds and securities.

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A SECOND BANK COLLAPSED, SVB And Now Signature Banks Collapse Biden To Address Nation As Panic Grows (Video)

Timcast

SVB Doesn’t Deserve a Taxpayer Bailout by Vivek Ramaswamy

Ignore Silicon Valley fear-mongering about bank runs. This is a simple case of bad risk management.

Treasury Secretary Janet Yellen announced Sunday evening that Silicon Valley Bank’s uninsured depositors would gain access to their deposits on Monday. The Federal Deposit Insurance Corp. insures only deposits up to $250,000. The bailout creates incentives for risky behavior, teaching large depositors that they can throw money at risky banks without diversifying or conducting diligence. SVB long lobbied for looser risk limits by arguing that its failure wouldn’t create systemic risk and thus didn’t merit special intervention by the U.S. government. Yet on Sunday, Treasury deemed SVB “systemically important.”

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Vivek Ramaswamy: I’m Against Taxpayer Funded Bailout for ESG ‘Evangelist’ Silicon Valley Bank

Republican presidential candidate Vivek Ramaswamy appeared on Sirius XM’s Breitbart News Saturday and declared he is firmly against a bailout for Silicon Valley Bank (SVB), which he called “one of the biggest evangelists of DEI and ESG.”

Ramaswamy, who told Breitbart News Washington Bureau Chief Matthew Boyle that the 2008 financial crisis informed much of his economic policy, rejected the idea of a taxpayer-funded bailout after customers withdrew $42 billion in a massive run this week.

“I want to be early because you’re gonna hear the calls for bailouts coming real soon here. I’m against a government bailout,” said the 37-year-old entrepreneur who has founded multiple biotech start-up companies worth multi-billion dollars. “And you know what, we don’t learn the lessons we should have learned, then you keep making the same mistakes all over again.”

“The Federal Reserve, for 15 years, has been raining money from on high like manna from heaven,” Ramaswamy told Boyle while speaking via phone before a live audience in southwest Ohio. “We’ve been skiing on artificial snow. Now the snow machine turns off, and within less than a year, you’re seeing the banks fail because they don’t know how to ski on anything other than artificial snow. I’m talking about money being pumped into the system.”

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Classic Stossel: The Biggest Freeloaders (Video)

Has America become a nation of freeloaders? A person panhandling is what we usually picture when we think of freeloading … but in America today, the bigger recipients of handouts is not poor people, it’s corporations.

SOURCES: McConnell Caves to Pelosi, Schumer, Allows JCPA Media Cartel Bailout Bill to Be Included in Defense Package

Senate GOP Leader Mitch McConnell has caved to outgoing House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer and will allow the National Defense Authorization Act (NDAA) to include the highly controversial media cartel bill the Journalism Competition and Preservation Act (JCPA), sources familiar with the matter told Breitbart News.

Over objections from House GOP Leader Kevin McCarthy, the likely next speaker of the House come January 3 of next year, other congressional leaders acquiesced to lobbyist pressure and agreed to include the JCPA in the base text of the NDAA. McCarthy was the only member of congressional leadership to fight back against the inclusion, but was overruled three to one after McConnell caved.

Over objections from House GOP Leader Kevin McCarthy, the likely next speaker of the House come January 3 of next year, other congressional leaders acquiesced to lobbyist pressure and agreed to include the JCPA in the base text of the NDAA. McCarthy was the only member of congressional leadership to fight back against the inclusion, but was overruled three to one after McConnell caved.

The JCPA has absolutely nothing to do with national defense, so the move—a swan song of sorts for Pelosi, who just announced she is leaving congressional leadership but retaining her House seat after Democrats lost the majority to the GOP in the midterm elections—is an egregious step for an outgoing leader of the past against precedent as the NDAA has generally been reserved just for national security matters.

Proponents of the JCPA have been struggling for over a year to move the controversial proposal through Congress, hitting roadblocks every step of the way in committee hearings and fierce opposition from Republicans like McCarthy and others including Jim Jordan, Steve Scalise, Marsha Blackburn, Tom Cotton, and more.

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The Media Took Millions in Loans Meant for Small Businesses

And politicians are lobbying to give the media billions.

Even while the media is blaring stories about the abuse of the Payroll Protection Plan loans from the Small Business Administration, its own industry took millions in loans and wants billions more.

Unlike many small businesses which were forced to shut down because of the lockdown, the media has been wrongly listed as ‘essential’ and exempted from the shutdowns, but that hasn’t stopped it from taking money that should have been used to compensate small business owners who can’t stay open.

Even when the media operations cashing in on the SBA loans aren’t anyone’s idea of a small business.

The Seattle Times maxed out its PPP loan with a $10 million payout. The Seattle Times is not only Washington State’s largest daily, but its parent company, the Seattle Times Company, owns two other papers, and had, as recently as 3 years ago, put out 7 papers. It also owned multiple newspapers in Maine which it sold off for over $200 million. It had two printing plants, one of which it sold. The Rotary Offset Press, which it still owns, continues to print a variety of magazines and newspapers.

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Stop Bailing Out Big Companies (Video)

A message from Patrick Bet-David.

Tucker: Rich colleges get bailed out while American people suffer (Video)

American young people are poor, but the schools that ‘educate’ them are incredibly wealthy. They’re getting a bailout young people could only dream of.

Ezra Levant: Trudeau to bail out failing newspapers (Video)

Ezra Levant of TheRebel.media reports on Justin Trudeau’s plan to announce a bailout for his allies in the failing mainstream media.