KNAPP: Bank collapses: Yes, it’s a taxpayer bailout
U.S. president Joe Biden “stresses that Silicon Valley Bank is not getting a bailout,” The Hill reported on March 13. “[N]o losses will be borne by the taxpayers,” he said of the federal government’s decision to cover depositor losses in excess of $250,000. “Instead, the money will come from the fees that banks pay into the Deposit Insurance Fund.” But Biden’s explanation doesn’t support Biden’s claim. The bank’s customers — and, by extension, the bank itself — are definitely getting a […]
