Why am I not surprised?
'Another Scandal': Biden Admin 'Radicals' Blocked SVB Sale, Nationalized It, Then Blamed Trump For Collapse
'Another Scandal': Biden Admin 'Radicals' Blocked SVB Sale, Nationalized It, Then Blamed Trump For Collapse | ZeroHedge
Instead of spending taxpayer dollars to nationalize Silicon Valley Bank, a private buyer favored by the Treasury and the Federal Reserve had emerged, only to be nixed by FDIC Chairman Martin Gruenberg,
according to the Wall Street Journal
, citing a source with knowledge of the situation.
Instead the regulators offered solutions that bail out even uninsured bank depositors and other banks at unknown costs that Mr. Biden isn’t acknowledging. -WSJ
Kevin Hassett, former Chairman of the Council of Economic Advisers under Trump, told Fox Business
that "there were buyers who were willing to step in & buy [SVB, but] the radicals at the @FDICgov basically weren’t going to allow that to happen
... the Biden Admin had a whitelist of companies that were allowed to buy the failed bank & companies that weren’t."
"If this is true," said Grabien
founder Tom Elliott, "then this is another Biden scandal.
Something deeper afoot?
Biden's blame game aside, crypto VC Nic Carter has some very interesting thoughts on what went down
in regards to the shuttering of Signature Bank, calling it a "Colossal scandal."
Heard this independently from other sources as well. I suspected as much last night but confirmed today. Signature was executed last night not due to any runs but as a political scalp, intended to be veiled by the fog of war.
Apparently even FDIC was surprised when it was dropped into their hands. The claimed justification was Signatures Signet product, which was perceived to be "systemic"
My conclusion is that politicians like Liz Warren together with regulatory bodies fragilized crypto banks and encouraged runs against them, then used withdrawals as a pretext to close them down
What was meant to be a surgical operation became a massive banking crisis.