Posted on 03/12/2023 1:04:02 AM PST by george76
Silicon Valley Bank was closed by the FDIC due to the bank losing over 60% of its value after the company disclosed major losses from security sales.
Many political pundits and investors have called for lawmakers to bailout out the failed bank.
Those advocating for bailouts have shied away from telling the public that SVB employees and affiliates voted in the leaders responsible for the current economic crisis.
Open Secret’s data reveals in the 2020 election cycle Silicon Valley Bank employees and affiliates donated over $188,000 dollars to political candidates.
Over 90% of the donations which amounted to $173,434 went to Democratic candidates whereas 7.2% or $13,763 went towards Republican candidates.
...
Joe Biden received the most donations with $66,748, followed by the DNC Service Corps and Pete Buttigieg.
Other notable names and organizations that benefitted from Silicon Valley Bank employees in the 2020 election cycle were the Lincoln Project, Bernie Sanders Kamala Harris, and Raphael Warnock
...
Maxine Waters both received $2,5000.
Former Representative Anthony Gonzalez of Ohio who previously voted to impeach Trump received $1,000.
Interesting take, especially in light of what Bill Ackman tweeted...
Pitfall Harry
@JKD_ff
Replying to
@GhostFroman
and
@hkuppy
Fintwit is on absolute fire w/ these bailout junkies. Do they not realize that the very people begging for bailouts are the ones hyping bank runs??
SVB had a very unique balance sheet & highly concentrated deposit base. W/o hype from bailout beggars there is no contagion
12:34 AM · Mar 12, 2023
What a surprise.
A bank devoted to Biden and the Democrats gets killed by rising interest rates caused by...Biden and the Democrats.
And not before those at the top sold off their stock, holdings and secured an account in the Bahamas, I bet
Of course they did. Meanwhile I suspect regulators just looked the other way. Much as they did with FTX. The entire house of cards is about to come tumbling down and the media is going to blame every bit of it on the right.
People think the result of SVB is just one failed bank. They do not realize the ripples of destruction this is going to cause in the coming weeks and months.
And if the crony capitalist machine is manipulative now, we can only imagine how evil it will become as Marxism tightens its grip.
The question is... Who were the Repubs that were donated to...
One must wonder what other surprises will surface.
Hear is another part of the news that no one is talking about, and that is the venture capitalists that are overwhelming democrats. There is a good chance that they will lose their investments due to SVB failure.
SVB is based in the bay area of San Francisco, this is not a surprise. Neither is the fact their chief risk officer spent much of her time on diversity, equity, and inclusion and not worrying about financial risk.
“Open Secret’s data reveals in the 2020 election cycle Silicon Valley Bank employees and affiliates donated over $188,000 dollars to political candidates.”
The question becomes whether $188k is sufficient for the Administration to order the FDIC to waive their $250k rule when bailing out depositors. The DNC has strict rules on Tribute if one wants ‘protection’, and it seems to me that this bank was on the low side.
They’re already blaming it on Trump.
Yeah, lobbying to congress by SVB’s CEO beginning in 2015 and approval of his requests for reduced regulations by a divided Congress in 2018 was all Trump’s fault. The fact that the Biden administration has done nothing to change any regulations, even with financial wizard Maxine Waters and Pocahontas Warren on the warpath, was also Trump’s fault. I’ve seen the comments.
Real news would be finding an institution in sillycon valley that didn’t disproportionately donate to dumbocrats.
Our entire financial system is one big daisy chain. The fed creates dollars, dollars buy US Bonds, the G uses the greenbacks to fire off in all directions, a good deal of it to buy votes. The recipients of the greenbacks spend it on goods, those recipients put it into the banks who use it to create more greenbacks by way of loans, and those green backs find their way back to the banks by way of deposits and are then used to underwrite more loans. A big ever expanding circle. I think some call it the multiplier effect. Now then, when the circle reverses, those go to the banks to get their “money” which the bank does not have and call it a bank run. Everyone chasing the money back to its source and they find a zero.
Sounds like it’s claw back time.
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