DAILY WIRE
Rep. Ro Khanna (D-CA) suggested during an interview on Sunday that the Biden administration was not grasping the true scale of how bad the situation is regarding the collapsed Silicon Valley Bank.
Silicon Valley Bank announced a $1.75 billion share sale on Wednesday after the financial institution suffered heavy losses from liquidating a $21 billion bond portfolio, raising concerns among venture capital firms and startups with ties to the company about the safety of their assets. SVB, the 16th-largest bank in the United States and the largest in Silicon Valley, lends to nearly half of the venture-backed technology and healthcare companies.
The Federal Deposit Insurance Corporation (FDIC) said on Friday that SVB was closed by the California Department of Financial Protection and Innovation. Insured depositors will have access to funds by Monday morning, according to a press release from the government-backed firm, while uninsured depositors can expect an advance dividend in the…
