Sorry. I missed the party memo. It’s not a “bailout”, they’re being “made whole”.
In my SVB article, I noted the presence of Chinese capital in the bank. One reason for that is that SVB had limited guardrails for Chinese money.
One of SVB’s major client bases was in China. Chinese companies were able to open an account in a week while “mainstream traditional banks, such as Standard Chartered, HSBC, Citi have strict compliance and it takes a long time to start a bank account with them.”
It’s unclear how many of these Chinese businesses, some likely linked to the Communist Party, Biden has chosen to bail out at the expense of bank customers and while further feeding the inflation that is destroying American families and wiping out the remains of the middle class.
Silicon Valley Bank also maintained a joint venture with China’s Communist state owned Shanghai Pudong Development Bank which has been under investigation for aiding North Korea’s nuclear program meant to kill millions of Americans.
Now, Biden’s Treasury Sec Janet Yellen confirmed that Communist Chinese capital will also get bailed out.
Sen. James Lankford of Oklahoma grilled Fed Chair Janet Yellen, demanding to know if Chinese bank depositors would be among those “made whole” by the Federal Reserve in the wake of the Silicon Valley Bank failure.
Lankford specifically asked whether companies directly related to the Chinese Communist Party (CCP) would see their deposits in SVB refunded in full by the US government as part of the rescue.
“What I’m asking,” Lankford said, “is will my banks in Oklahoma pay a special assessment to be able to make Chinese investors whole?”
Yellen answered in the affirmative, saying: “Uninsured investors will be made whole in that bank and I suppose that could include foreign depositors, but I don’t believe there’s any legal basis to discriminate among uninsured depositors.”
There’s no legal basis to “discriminate” between bailing out American businesses and foreign ones, let alone enemy ones? But there’s a legal basis for forcing Americans to pay higher fees to bail out China.
I just hope there’s 10% in it for the big guy. We wouldn’t want Americans who are struggling to survive be bled by woke capital on behalf of China for nothing.
From what I’ve read, SVB was making unsound loans. Mathematically unsound. I can’t fathom what was going on in their non-mathematical woke brains.
I’m guessing they rightly, it turns out, assumed the biden administration would cover the losses when it failed.
That’s because you’re logical and ethical but they aren’t.
And Janet Yellen is ugly as f.
And old as f.
Both Washington and the CCP know that’s what they’re for but it has to be done with some subtlety so as to not spook the buffalo. Buffalo always stampede in one direction so they can stay together.
Did you see Yellen testifying Thursday to the Senate Finance Committee ? I myself found it terrifying. She is clearly an incompetent fool. We are in big trouble folks.
“The elimination of Merit and Competency to attain any position ,job, education etc… will destroy our civilization. ”
– Dr. Jordan Peterson
Yes … ignorant, stupid, and incompetent … in addition to corrupt and wicked.
Excellent point.
Yes, achieved status is being replaced with ascribed status. The former brought about modern times. The latter means going back to the Middle Ages on a global scale.
China Uber Alles … it would be funny – it’s so incredibly obvious that China comes first and Americans can go to hell in the world of the KKKrats and the RINOs …
… but it’s also deadly serious.
G-d bless everyone here …
I like your blessing from God. I feel the same way.
Thanks Jeff. Dan is one of the best guys here.
Janet Yellen should be given a swift kick out the door for her answer. Did anyone confront her, make her squirm about her statement? Another shameless cabinet member who doesn’t deserve respect.
Yellen is the same woman who told us that Biden’s inflation would be “transitory.” She was hired because she is a woman, not because she was the most competent individual.
Biden hires by skin color and/or gender all of the time. It is discriminatory, but the corporate media says nothing. We need to get back to hiring based on competency rather than group.
Forcing all American Tx Payers to fiancé the Enemy should be a crime and those who commit these crimes need to get life in prison
Switzerland banned deferred bonuses for Credit Suisse Bank staff. “We thought it couldn’t get any worse and it just did,” said one Credit Suisse banker. “Morale is so down it’s hard to even describe.”
They also swindled the Saudis out of a billion+ investment in Credit Suisse. But no doubt the Saudis will get their revenge 🙂