Biden just gave a speech saying that people’s money in Silicon Valley Bank and Signature Bank is safe and insured by the Deposit Insurance Fund. This means that customers who had deposited money in these banks can rest assured that they will be protected and can access their money as of today.
However, if you’re an investor in the banks, you don’t have the same guarantee. Investors knowingly took a risk, and when the risk didn’t pay off, they lose their money. That’s just how capitalism works says Joe.
Pres. Biden says those who invested in failed Silicon Valley Bank and Signature Bank will not be protected: “They knowingly took a risk and when the risk didn’t pay off, investors lose their money. That’s how capitalism works.” https://t.co/HWi82gAbJP pic.twitter.com/3hVKFJqmZt— ABC News (@ABC) March 13, 2023