Federal Reserve announces that ALL depositors at Silicon Valley Bank will be protected as another bank - Signature Bank - closes, and an auction is held for SVB's assets

Daily Mail ^ | March 12, 2023 | Harriet Alexander

[Angelino97]

The Federal Reserve on Sunday night announced that all those with money in collapsed Silicon Valley Bank will get their money back, as a second bank was revealed to have closed.

The Federal Deposit Insurance Cooperation on Sunday held an auction of Silicon Valley Bank's assets, hoping to secure the bank before the market opened on Monday. CNN reported that no buyer was found.

Shortly after, the Federal Reserve issued a statement saying they would step in.

'After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, in a manner that fully protects all depositors,' the statement said.

'Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.'

The statement - which was jointly issued by Janet Yellen, the Treasury Secretary; Jerome Powell, chair of the Federal Reserve; and Martin Gruenberg, chair of the FDIC - revealed for the first time that Signature Bank was also teetering.

Signature Bank had 38 private client offices throughout New York, Connecticut, California, and North Carolina.

It was founded in 2001 for wealthy clients, with more than $250,000 in assets.

'We are going after the guy who started his business in Brooklyn and is now worth $20 million,' said founder and chief executive Joseph DePaolo in an interview with Crain's New York Business.

'We are also announcing a similar systemic risk exception for Signature Bank, which was closed today by its state chartering authority. All depositors of this institution will be made whole.

'As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.'

[Widget Jr]

That’s easy. The Federal Reserve will increase the national deficit and debt on its own and lie about it.

[Angelino97]

I guess it's ok to just let the govt do whatever, as long as it is OUR side calling the shots.

I'm beginning to feel that way too.

I've heard some on the right suggest that we are at "the looting stage" of civilization.

I take this to mean that at a certain point, civilization has declined so far, the corruption is so deep, the stealing so widespread, there's no turning back. To follow a "rule of law" that no longer exists, or abide by "principles" which the majority tramples upon, is to engage in unilateral disarmament. It's time to press every advantage, principles be damned.

I'm talking about political principles being discarded, not Christian morality. The former are ephemeral, the latter eternal.

[Widget Jr]

Bookmarked. True and well said. The loss of faith in our country and what America means is really hurting us all now.

[TTFX]

“the looting stage” of civilization

- - - - - - -

Another name for big government and socialism.

[Angelino97]

Another name for big government and socialism.

Not just big government or socialism. But the stage at which a majority of the people are no longer concerned with the rule of law. A people who have devolved into competing tribes and factions, fighting over the spoils, no longer bound by morals or principles or common heritage. A nation of aliens sharing the same space, but feeling no obligation to each other.