Trending Politics Conservative News and Commentary By Kyle Becker
Silicon Valley Bank, the Woke bank that went belly up, only to be seized and shuttered by the Feds, was a major donor to the discredited activist group “Black Lives Matter.”
On Friday, SVB became the second-largest group in U.S. history to tank. The Federal Deposit Insurance Corporation closed its doors, exposing numerous business depositors to risk of insolvent funds.
However, the U.S. government has since stepped in to back billions of the banks deposits. Treasury Secretary Janet Yellen and President Joe Biden have avoided invoking the loaded term “bailout.”
But Neil Barofsky, the former Obama administrator who oversaw the Troubled Asset Relief Program, is giving the Biden administration a reality check. This is, indeed, a “bailout.”
“If your definition is government intervention to prevent private losses, then this is certainly a bailout,” Barofsky said.
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