Shark Tank investor Kevin O’Leary just dropped the hammer on Joe Biden’s reckless bank bailout
Americans are facing a banking crisis of Joe Biden’s own making.
It could take down the economy.
And Shark Tank investor Kevin O’Leary just dropped the hammer on Joe Biden’s reckless bank bailout.
Biden bailed out Silicon Valley Bank after the bank suffered $1.8 billion in asset losses thanks to surging interest rates put in place to try and tame the inflationary spiral Biden set off through trillions in wasteful government spending.
Americans were furious that the federal government swooped in to bailout a bank.
One of the outraged Americans was Shark Tank star Kevin O’Leary who was the bank’s biggest depositor.
O’Leary had multiple companies – including his private equity fund Circle – holding accounts of about $3 billion with Silicon Valley Bank.
Yet in an interview with Sean Hannity, O’Leary stated his opposition to the federal government backstopping accounts above the FDIC guarantee of $250,000.
“The reason I was asking that question is that we all know the FDIC insures [deposits] up to $250,000. I’m assuming that you had a lot more money in there than $250,000,” Hannity began. “So, you will be the beneficiary of this bailout like every other depositor at SVB. However, the difference between you and probably everybody else, is you’re saying this bank should not be bailed out. Am I wrong on that?”
O’Leary said the bank deserved to fail because it was “run by idiots.”
“No, you’re not,” O’Leary answered. “This bank was run by idiots with an incompetent board. It’s one bank, no one ever heard the name before.”
Silicon Valley Bank was one of the most woke banks in America.
The bank donated $73 million to Black Lives Matter.
The bank also employed a head of financial risk management named Jay Ersapah – who describes herself as a “a queer person of color and a first generation immigrant from a working class background” was most concerned with advancing the homosexual agenda through woke capital.
Hannity’s natural follow up question was asking O’Leary why he kept his money at Silicon Valley Bank.
“Why the hell’d you keep your money–Kevin, you’re a smart guy. Why did you keep your money there if it was run by idiots?” Hannity followed up.
O’Leary explained he used multiple banks and account holders above the FDIC insurance level of generally hedge fund investors who walk into putting their money in a bank with eyes wide open.
O’Leary does not believe the government should bail out financial titans who invest based on data and expert professional experience.
“It’s one of many, many banks I keep my money in,” O’Leary answered. “And look, I’m a big boy. And my whole point is, if you have more than $250,000 in any institution, you’re basically a hedge fund or a savvy investor or a business. You understand your risk and you act accordingly. So, I think the Fed’s mandate about keeping FDIC insurance at $250,000 makes sense to me. But we changed all that over the weekend.”
The Silicon Valley Bank bailout sets a dangerous standard.
Every bank now in crisis will expect a bailout.
And if they have not already funded woke causes near and dear to Democrats’ hearts they are likely to as Silicon Valley Bank funding Black Lives Matter served as a protection racket.
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