(FamilyConservationPAC.com) – Silicon Valley Bank now ranks as the second-largest bank failure in American history. Its website, which will probably remain online for the foreseeable future, shows its assets valued at $212 billion.
Yet, as the adage goes, the bigger things are, the harder they fall.
Surprisingly, the Federal Deposit Insurance Corporation (FDIC), which only insures accounts up to $250,000, does not cover 93% of the bank's $161 billion deposits.
U.S. Treasury Secretary Janet Yellen said a few banks are being monitored "very carefully" and that it's a "matter of concern" that banks such as SVB Financial are experiencing financial losses:
Sec. Janet Yellen said SVB would not be bailed out:
For example, Roku held $487 million in Silicon Valley Bank. And that's just one of the few whales mentioned.
Come Monday morning, many CFOs—those in charge of managing a company's finances—will need to explain themselves.
Speaking of "explaining," SVB representatives must respond to several inquiries, such as, "what part did wokeness play in SVB's failure?"
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