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It says exactly that: “ Janet Yellen said on Sunday that the US government was working closely with banking regulators to help depositors at Silicon Valley Ban
by ianai 4y ago
It says exactly that:
“ Janet Yellen said on Sunday that the US government was working closely with banking regulators to help depositors at Silicon Valley Bank but dismissed the idea of a bailout. […] “Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out . . . and the reforms that have been put in place means we are not going to do that again,” Yellen said.
“But we are concerned about depositors, and we’re focused on trying to meet their needs.”“
- harles 4y agoThe quote says the opposite of that. Depositors are not investors or owners. How can so many people misread this?
- ianai 4y agoReread it.
- schrodinger 4y agoShe is saying the bank will go out of business, and any people who owned stock in it will lose all of that money, hence the difference from 2008. And then continues on to say that _depositors_, i.e. the people who had savings accounts there, will be helped (although she notably didn't commit to 100%).
- Kon-Peki 4y agoI think we should assume that they are going to be making the advance deposit earlier in the week rather than later, and it will be as large as they can possibly make it.