'We cannot continue down the road of more socialism for the rich and rugged individualism for everyone else,' said the U.S. Senator from Vermont.
, "The decision by Treasury to backstop all deposits at SVB and Signature — not just those up to $250,000 that are insured under federal law — rested on a judgment that it was necessary to avoid a wider 'systemic' meltdown. The move will likely ignite a political firestorm over the decision to protect the assets of tech firms, venture capitalists, and other rich people in California.
"Silicon Valley Bank was a badly managed and corrupt institution that entangled itself with powerful actors in the technology industry," Stoller argued. "The operative question government regulators are now facing is whether to use taxpayer funds to bail out the depositors from the failures of SVB's management."
While bank investors and executives will not be included in the emergency actions announced on Sunday, Rep., the California Democrat who represents Silicon Valley, applauded the actions taken by Treasury to keep depositors whole.
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