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Biden Protects ‘pro-Democrat’ Clients in SVB Collapse

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The move by the Biden administration is perceived to only protect “the wealthy Democrat”. This has been a popular opinion amongst the news these past few days. However, even the Democrats are besides themselves on this one.

There are Democratic investors who have spent millions of dollars trying to gain favor with the Biden administration and these people also have a lot to lose with how this has been handled. The resting sentiment seems to be that they also wanted this to be handled with the absence of a political agenda.

 

Growing concerns are that The White House is more interested in using this as a Political tool than actually helping the depositors of the bank. This is where the issue hurts us all as American citizens.

While we know major venture capital forms were bailed out, such as Andreesen Horowitz, this also included the equity and bondholders of SVB that were wiped out at the expense of the regulators and the FDIC.

 

Included in this bailout were big mutual funds that represent some of the largest retirement funds for working Americans. Vanguard Group possessed nearly 11% of Silicon Valley Bank shares spread across these mutual funds.

 

Ninety Eight Percent of all political contributions from people who worked at internet companies was sourced directly to the democratic party in 2020. With this being said, they also would like to make sure the money they are contributing goes to the right places.

One Democrat said “That unlike the the financial crisis of 2008, when bankers and government officials were in constant dialogue, there doesn’t even appear to have been much communication between the Government and Silicon Valley Bank and as to how the government should respond.”

A silver lining here is that by the government stepping in, It allowed all these startups and venture capital firms who were reliant on this money to keep there workers employed and avoid unemployment across the country by the thousands.

Since Friday there have been more than 300 venture capital firms that have signed a “statement of support” for SVB that says they would continue working with them if Silicon Valley Bank is in fact bailed out.

The letter reads – “The events that unfolded over the past 48 hours have been deeply disappointing and concerning. In the event that SVB were to be purchased and appropriately capitalized, we would be strongly supportive and encourage our portfolio companies to resume their banking relationship with them,”

 

If First Bank of Midland Texas Oil and Gas failed, you can be sure Biden would not be helping bail them out. This bailout is 100% about protecting the donor base of the Democrats and ensuring if you invest in DEI and ESG you’ll be just fine! – Lauren Boebert

 

 

https://twitter.com/AmeliaAiredale/status/1635273794238705666?s=20