(TheRedAlertNews.com) – BREAKING NEWS ALERT: Just moments ago, President Joe Biden’s Treasury Secretary, Janet Yellen, said that the Biden administration would not bail out Silicon Valley Bank – the bank that failed and was seized by federal regulators on Friday.
As CNBC notes in its account of Yellen’s remarks:
“After regulators shuttered Silicon Valley Bank and seized its deposits Friday, U.S. Treasury Secretary Janet Yellen said Sunday that she has been working ‘to address the situation in a timely way,’ but that a major government bailout is not on the table.
“‘Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and the reforms that have been put in place means that we’re not going to do that again,’ Yellen told CBS’ “Face the Nation.” ‘But we are concerned about depositors and are focused on trying to meet their needs.'” [emphasis added]
“Yellen said regulators are considering a wide range of options for SVB, including acquisitions.
“‘This is really a decision for the FDIC, as it decides on what the best course is to resolve this firm,’ Yellen said.
“Former FDIC Chair Sheila Bair said Sunday that finding a buyer for SVB is ‘the best outcome.’
“‘The problem is this was a liquidity failure, it was a bank run, so they didn’t have time to prepare to market the bank,’ Bair told NBC’s “Meet the Press.” ‘They’re having to do that now and playing catch up.'” [emphasis added]
What happens tomorrow morning when financial markets and banks open remains to be seen.
THIS IS A BREAKING NEWS ALERT FROM RED ALERT NEWS.
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