$13 Billion In Silicon Valley Bank Bailout Money Went To Just 10 Accounts
The bond portfolio sold by Silicon Valley Bank had declined substantially in value amid Federal Reserve actions to hike interest rates.
By News on the Net -- The Daily Wire—— Bio and Archives--March 30, 2023
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Federal Deposit Insurance Corporation Chairman Martin Gruenberg revealed on Monday that the firm guaranteed as much as $13.3 billion in uninsured deposits for the 10 largest account holders at the defunct Silicon Valley Bank.
The implosion of Silicon Valley Bank, where the vast majority of account balances exceeded the $250,000 threshold backed by the FDIC, prompted the government-backed company to secure all accounts in order to prevent additional bank runs. Silicon Valley Bank had been forced to sell a long-term bond portfolio at a substantial loss to cover deposit requests. ---More...
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