US Treasury Secretary Janet Yellen put an end to speculation that the US Government was going to bail out failed banking outfit SVB Financial Group (NASDAQ:SIVB) – better known by its operating moniker of Silicon Valley Bank – after a loss of depositor confidence led to a run-on-the-bank late last week.
Yellen, in a live interview on the popular CBS Sunday show Face the Nation (see video below), and in response to a question about the possibility of Government intervention stated emphatically:
“Well let me be clear that during the financial crisis [of 2008], there were investors and owners of systemic large banks that were bailed out… and the reforms that have been put in place means that we’re not going to do that again.”
Secretary Yellen did go on to say that the Government was indeed very involved with the situation but that their main concern was “about depositors and [we] are focused on trying…
Read More
