According to Kevin Hassett, a senior advisor to President Trump for economic issues, the radicals at the FDIC would not allow private buyers to save Silicon Valley Bank from collapse.
Via Tom Elliott, Hassett said “there were buyers who were willing to step in & buy the bank and that the radicals at the FDIC basically weren’t going to allow that to happen.”
Hassett continued: I even heard – someone told me this directly that was close to the situation that the Biden administration had a whitelist of companies that were allowed to buy the failed bank and companies that weren’t.
They’re so concerned about some bank getting a little bit bigger that they have decided to put all the taxpayer monies at risk. And I think it’s something we’ve seen from the Biden administration from the beginning, is that they’ve got this radical left agenda and it doesn’t ever exude any common sense. Here we are in the middle of a potential banking crisis. We’ve got people willing to step up to the buy the company and the radical left-wingers at the FDIC won’t let them do it.
Zero Edge is reporting that the Wall Street Journal also reported on this. The WSJ wrote:
The Federal Deposit Insurance Corp. says it couldn’t find a private buyer for SVB, though a source tells us Treasury and the Federal Reserve favored one. FDIC Chairman Martin Gruenberg nixed it owing to hostility to bank mergers.
Instead the regulators offered solutions that bail out even uninsured bank depositors and other banks at unknown costs that Mr. Biden isn’t acknowledging.
Republicans in Congress should absolutely investigate this because it’s outrageous for the FDIC to put all of this on the American taxpayer when there were private buyers who could have saved the bank.