Posted on

Yellen says government trying to help Silicon Valley Bank depositors but dismisses bailout



Share

Treasury Secretary Janet Yellen said on Sunday that the U.S. government would not bail out Silicon Valley Bank, but is concerned about depositors reeling from what is the worst bank failure since the 2008 financial crisis and will try to help them.
The sudden collapse of Silicon Valley Bank, the lifeblood of young tech firms, has sent shockwaves through the startup ecosystem as countless firms scramble to find ways to meet next week’s payroll and other operating expenses after the bank was taken over by the regulators on Friday.
“Well let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and we’re certainly not looking. And the reforms that have been put in place …

Read More