Today U.S. Treasury Secretary Janet Yellen said Silicon Valley Bank would not be bailed out by the federal government. But the government is working on helping depositors, Yellen said on the CBS News show Face the Nation.
The Associated Press reports that deposits insured by the federal government are supposed to be available by Monday morning…
The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won’t receive their paychecks….
[Yellen] emphasized that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry. “We’re not going to do that again,” she said. “But we are concerned about depositors,