Posted on 03/15/2023 9:26:17 AM PDT by Red Badger
Individuals and political action committees associated with defunct financial institution Silicon Valley Bank have donated extensively to leading politicians.
Silicon Valley Bank, one of the largest financial institutions in the United States, collapsed last week as depositors rushed to withdraw their funds. The firm had sold several long-term government and corporate bonds at a loss to supply the deposits before the Federal Deposit Insurance Corporation assumed control of the company.
Federal election data compiled by Open Secrets indicates that Sen. Mark Warner (D-VA) received $8,300 from Silicon Valley Bank affiliates, including $5,800 from individuals and $2,500 from the company’s political action committee during the 2022 midterm election cycle. Senate Majority Leader Chuck Schumer (D-NY) also received $5,800 directly from Silicon Valley Bank CEO Greg Becker, the maximum allowable individual contribution, according to more data from Open Secrets.
President Joe Biden received some $66,700 from Silicon Valley Bank affiliates in the 2020 election cycle, while the DNC Services Corporation received $21,400.
Schumer donated all funds he has garnered from Silicon Valley Bank affiliates, including a $2,700 contribution from the political action committee in 2015, after the financial institution collapsed, according to a report from Fox News. Similar actions were taken by Rep. Maxine Waters (D-CA), who recently served as chair of the House Financial Services Committee and received $2,500 from the political action committee in 2020.
Other lawmakers who received funds from Silicon Valley Bank affiliates include Sen. Raphael Warnock (D-GA), Rep. Josh Harder (D-CA), and Rep. Gregory Meeks (D-NY).
Open Secrets noted that each of the seven registered lobbyists employed by Silicon Valley Bank in 2022 and each of the eight employed in 2021 had previously held government positions. Franklin Square Group, the sole lobbying firm working on behalf of Silicon Valley Bank since 2011, has opposed regulations established by the Dodd-Frank Wall Street Reform and Consumer Protection Act in the aftermath of the 2008 financial crisis.
Two employees of Franklin Square Group had previously worked as senior aides to House Speaker Kevin McCarthy (R-CA): Wes McClelland served as his senior policy advisor between 2011 and 2015, while Brian Worth was his director of coalitions between 2011 and 2014. The former had also served as a senior policy advisor to former Rep. John Campbell (R-CA) and the primary staffer for the House Financial Services Committee.
Other associates with Franklin Square Group had worked under Rep. Marc Veasey (D-TX) and former Rep. Jay Inslee (D-WA), as well as the Senate Judiciary Committee and the House Energy and Commerce Committee.
The Federal Deposit Insurance Corporation now manages the holdings still maintained by Silicon Valley Bank, which California state regulators closed on Friday, to strengthen “public confidence” in the banking system by guaranteeing all deposits. Most customers of Silicon Valley Bank, which offered services to nearly half of the venture-backed technology and healthcare firms, maintained deposits higher than the $250,000 limit insured by the FDIC.
Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and FDIC Chairman Martin Gruenberg said in a joint statement that the banking system “remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry.” They vowed that “no losses” associated with the collapse of Silicon Valley Bank would be “borne by the taxpayer.”
SVB $1.8 Billion lost.
Signature Bank $2.25 billion.................
I wonder how many pieces of hunter biden ‘artwork’ that bank owns.
Hell they are just like Queen Nazi Pelosi who said: ‘that communist China was “one of the freest societies in the world because her husband rakes in $$$$ from China. They only care about their own power and their own $$$$.
I wonder if any of them will give the money back.
They don’t, but they can print it. Germany printed trillions in less than a week.
Everything is corrupt the whole freaking American system the whole way of life is completely cancer ridden.
The smart money says if you can get out now and move to some tiny Caribbean nation that has their sh!t together.
Bass turds! Where the hell are all of the so-called official “ethics” bass turds now? Over at Mar-A-Lago?
This is the WEF’s report on
https://www.svb.com/globalassets/library/uploadedfiles/wef-index-2022.pdf
Both Obama and Biden have been on the take. So have many others. When any person takes money to do another’s bidding, we need the authority to FIRE THEM.
To combine Martin Luther and PJ O’Rourke, the Potomac itself is not large enough to drown the Parliament of Whores in DC.
It’s like being a politician is a gravy train. No wonder these people become so wealthy in a short period. It’s a web of greed, cunning and nefarious deception.
Unfortunately, there is nothing that can be done to rectify the situation.
The sale of SVB’s Treasury bond holdings may be sufficient to cover its uninsured deposits.
This is a good way to show the wisdom of not putting all your eggs in one basket.....................
From all appearances SVB was being run by woke incompetents with little or no knowledge of how to safely manage a bank.
FDIC has $128 billion.
There were some Republicans in there, too, whether it says so or not.
Well placed bribes, eh?
It appears to me this was a greased ruse to nationalize the banks and a longer-term plot to take control over everyone's cash.
Just how is it that Yellen Brandon & Barry can write checks not funded by the House?
Another Democrat funding operation is toast. Sam Bankman Fraud was another big funder. Maybe Zuckerber/Chan funds will be next!
Silicon Valley Bank, one of the largest financial institutions in the United States, collapsed last week.
Name one thing that doesn’t collapse under left management.
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