U.S. Government Saves Silicon Valley Bank After Tech Industry Killed It
it serves nearly half of all venture capital-backed startups in the country—as a systemic risk to the financial system, a designation that allows it to guarantee all deposits and not just the standard $250,000.
“Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed,” regulators said in their joint statement. “Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.that the government’s actions didn’t constitute a bailout because they wouldn’t protect stock and bondholders in both banks.
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