Secretary Yellen said, “We’re not going to do that again.” But she adds, “We are concerned about depositors and are focused on trying to meet their needs.”
Let the payoffs begin!
The WOKE SVB bank’s CEO, sold $3.6 million in stock two weeks before the California bank’s crash on Friday. Other high-level employees sold stock this year.
The CEO of SVB was a Director of the San Francisco Fed. He is now off the Board.
They’re WOKE:
CNBC reported yesterday that the bank paid its employees their annual bonuses. That was hours before regulators took it over.
Silicon Valley Bank employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments.
The Santa Clara, California-based bank has historically paid employee bonuses on the second Friday of March, said the people, who declined to be identified speaking about the awards. The payments were for work done in 2022 and had been in process days before the bank’s collapse, the sources said.
The Treasury won’t bail out, but the FDIC and Feds may have something in mind!
The Federal Deposit Insurance Corp. (FDIC) and Federal Reserve are discussing creating a fund to backstop deposits if more banks fail following the collapse of Silicon Valley Bank. SVB held $178 billion in deposits…
READ FULL ARTICLE HERE…(independentsentinel.com)
Home | Caravan to Midnight (zutalk.com)
We need your help to keep Caravan to Midnight going,
please consider donating to help keep independent media independent.