Loading ...Yet ‘Another Scandal’: Biden Admin ‘Radicals’ Blocked SVB Sale, Nationalized It, Blamed Trump For Collapse — AND then Arbitrarily Closed Signature Bank because they wanted it GONE!
Instead of spending taxpayer dollars to nationalize Silicon Valley Bank, a private buyer favored by the Treasury and the Federal Reserve had emerged, only to be nixed by FDIC Chairman Martin Gruenberg, according to the Wall Street Journal, citing a source with knowledge of the situation. Instead the regulators offered solutions that bail out even uninsured bank depositors and other banks at unknown costs that Mr. Biden isn’t acknowledging. –WSJ
Kevin Hassett, former Chairman of the Council of Economic Advisers under Trump, told Fox Business that “there were buyers who were willing to step in & buy [SVB, but] the radicals at the @FDICgov basically weren’t going to allow that to happen .
Nic Carter — Dear God. Barney Frank openly admits that Signature was arbitrarily shuttered despite no insolvency because regulators wanted to kill off the last major pro-crypto bank. Colossal scandal!
My conclusion is that politicians like Liz Warren together with regulatory bodies fragilized crypto banks and encouraged runs against them, then used withdrawals as a pretext to close them down. What was meant to be a surgical operation became a massive banking crisis.