Government won’t bail out Silicon Valley Bank, which paid workers bonuses hours before collapse

Posted on AllSides March 12th, 2023
From The Right

The federal government won’t bail out the failed Silicon Valley Bank, Treasury Secretary Janet Yellen said Sunday — after it emerged that the bank’s workers landed bonuses just hours before Friday’s collapse.

Depositors could now get back as little as 30% of their money during an anticipated run on the bank Monday morning, a report said Sunday. 

Yellen, appearing on CBS’ “Face the Nation,” balked at the government rescuing the nation’s 16th-largest bank, as was done for hundreds of institutions during the financial crisis in 2008.

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