.TonyKrvaric explains the collapse of Silicon Valley Bank, and what it means of the rest of our financial system.
SAN DIEGO – The United States government will not be bailing out the failed Silicon Valley Bank, at least that’s what they are saying right now.
It has been made public that Silicon Valley Bank paid out workers bonuses just hours before the financial crash. On CBS “Face The Nation,” Treasury Secretary Janet Yellen balked at the idea of the government rescuing the nation’s 16th largest bank. That’s something that was done for hundreds of institutions during the financial crisis in 2008.
Customers are widely expected to make a run on Silicon Valley Bank on Monday, when cash covered by the federal deposit insurance company is supposed to be available. Depositors could now get as little as 30-percents of their money. The bank’s collapse are being felt throughout the financial industry, as investors brace for fallout from incident.
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