Treasury Secretary Janet Yellen appeared to rule out a federal bailout for Silicon Valley Bank while underscoring that government officials have been scrambling to assist depositors.
Silicon Valley Bank collapsed Friday following a run of the bank, prompting a takeover by federal regulators. Given the size of SVB, many have compared it to faltering banks during the financial crisis of 2008, but Yellen contended the circumstances are different."Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out," Yellen told CBS.
Under the Federal Deposit Insurance Corporation policy, bank deposits are insured up to $250,000. Since SVB was a unique bank that serviced tech start-ups, many of the bank's deposits were over $250,000. Since SVB's collapse, reports revealed that its CEO Greg Becker cashed out stock options in the weeks leading up to its collapse.
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