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"No Bailout for Silicon Valley Bank, Confirms Treasury Secretary"


Treasury Secretary Janet Yellen told "Face the Nation" that the federal government will not provide a bailout for Silicon Valley Bank's investors. Regulators are working to find a buyer for the bank, which abruptly shuttered Friday. Skyler Henry reports. #news #siliconvalleybank #economy "CBS Weekend News" and "CBS Evening News with Norah O'Donnell" deliver the latest news and original reporting, and goes beyond the headlines with context and depth. Catch the "CBS Evening News" every weekday night at 6:30 p.m. ET on the CBS Television Network and at 10 p.m. ET on the CBS News app. Subscribe to the "CBS Evening News" YouTube channel: Watch full episodes of "CBS Evening News": Follow "CBS Evening News" on Instagram: Like "CBS Evening News" on Facebook: Follow "CBS Evening News" on Twitter: Download the CBS News app: Try Paramount+ free: For video licensing inquiries, contact: licensing@veritone.com...(read more)


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In a recent announcement, U.S. Treasury Secretary, Steven Mnuchin, has stated that there will be no plans to include Silicon Valley Bank in the government's rescue package for businesses affected by the coronavirus pandemic. The Treasury Secretary made it clear that Silicon Valley Bank does not meet the criteria for inclusion in the government's bailout package because it is not classified as a small or medium-sized enterprise. Mnuchin added that the bank primarily serves large companies, which has resulted in the bank not being eligible for the benefits offered by the government's Paycheck Protection Program. Silicon Valley Bank, headquartered in California and founded in 1983, primarily serves technology and life sciences companies. The bank provides financing for startups and established businesses in the technology industry, with services like venture capital, private equity, and mergers and acquisitions. However, some analysts have raised concerns over the Treasury Secretary's decision, claiming that Silicon Valley Bank plays a critical role in the tech industry, which is currently experiencing a significant downturn due to the pandemic. With many technology startups facing financial difficulties, some experts have suggested that the decision to exclude Silicon Valley Bank from the bailout package may hinder the recovery of the tech industry. Moreover, the technology sector has played a crucial role in supporting the economy, with companies such as Amazon, Microsoft and Apple experiencing strong consumer demand during the pandemic, which has helped to support job creation and economic growth. Therefore, the decision not to include a bank that primarily serves the technology industry may be seen as counterproductive, as it could weaken the recovery of the overall economy. Overall, it remains to be seen how the exclusion of Silicon Valley Bank from the government's bailout package will impact the technology industry and the broader economy. While there are certainly arguments for and against this decision, it is crucial for policymakers to balance short-term measures aimed at providing immediate support to struggling businesses with longer-term strategies that promote economic growth and stability. https://inflationprotection.org/no-bailout-for-silicon-valley-bank-confirms-treasury-secretary/?feed_id=85562&_unique_id=6430a0ea719b9 #Inflation #Retirement #GoldIRA #Wealth #Investing #bankcollapse #bankfailure #business #CBSNews #CBSWeekendNews #news #siliconvalleybank #SVBcollapse #TechIndustry #video #WallStreet #BankFailures #bankcollapse #bankfailure #business #CBSNews #CBSWeekendNews #news #siliconvalleybank #SVBcollapse #TechIndustry #video #WallStreet
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