The Biden administration said all depositors at the failed Silicon Valley Bank would have access to all their money this morning.
The decision by treasury to backstop all deposits at sib and signature not just those up to $250 thousand that are insured under federal law is based on a belief that it was necessary to avoid a wider “systemic” meltdown. The move will likely ignite a political firestorm over the decision to protect the assets of tech firms, venture capitalists, and other rich people in California and New York.
