(Bloomberg) — When federal regulators stepped in to backstop all of Silicon Valley Bank’s deposits, they saved thousands of small tech startups and prevented what could have been a catastrophic blow to a sector that relied heavily on the lender.
Big VC, Tech Got Backstop for Billions in Uninsured SVB Deposits (archived)
from the we-become-what-we-fear dept
Thu, Mar 30th 2023 10:49am – Mike Masnick
Earlier this month, we wrote about Mark Warner’s RESTRICT Act, mainly in the context of how it appeared to be kneejerk legislating in response to the moral panic around TikTok.
Senator Warner’s RESTRICT Act Is Designed To Create The Great Firewall Of America
America with Chinese Characteristics?! /sarcasm
Elon Musk, the genius behind SpaceX and Tesla Inc., has declared that humanity must embrace the merging of man and machine if we hope to survive in a world dominated by artificial intelligence (AI).
Elon Musk Says Neuralink Is The Only Way To Survive And Compete With AI
The US Federal Reserve printed $300 billion in a week to save collapsing banks and bail out Silicon Valley oligarchs. 93% of Silicon Valley Bank’s deposits were uninsured, over the FDIC limit of $250,000, but the government still paid them. 56% of SVB’s loans went to venture capitalist and private equity firms.
US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs
Ignore GOP hype about the “liberal” tech industry — reckless, entitled libertarianism is what fuels Silicon Valley
Silicon Valley Bank wasn’t “woke”: Tech billionaires are just as bad as Wall Street bros
Related:
Elizabeth Warren: Silicon Valley Bank Is Gone. We Know Who Is Responsible.
As regulators rush through emergency measures to prevent further chaos following the disastrous collapse of Silicon Valley Bank, there’s a point they’re very keen to emphasize: this is not a bailout.
Taxpayers ARE on hook for bank bailout – and could even fund bankers’ bonuses
Related:
Joe Biden stuck around just long enough to lie about who’s on the hook for SVB bailout
Re-energized this election cycle, the tech entrepreneur joins other mega-donors apparently out to undercut the political system
Peter Thiel’s midterm bet: the billionaire seeking to disrupt America’s democracy
Related:
The Right’s Would-Be Kingmaker (archived, as it’s behind a paywall)
Anti-Globalist?! He invests in businesses, worldwide!? I doubt that it would be possible without globalization! 🤷🏼♀️
The Biden administration is no longer in charge of the White House. Relying on a select network of think-tanks and their corporate proxies, the Big Defense is. What it wants, it seems to get.
The Centre of International Insecurity
Related:
Scott [Horton] is joined by Dan Steinbock to discuss an article he wrote about the network of Democratic organizations running American foreign policy. Steinbock has dug deep into the Center for a New American Security (CNAS) and WestExec Advisors, two organizations that have allowed top foreign policy officials to make money cycling between government, think tank and advisory roles. Steinbock also takes a step back and examines how these organizations are connected to weapons companies, Wall Street and technology firms.
6/27/22 Dan Steinbock: How Hawkish Democrats Make Money Pushing War
By Pam Martens and Russ Martens: June 20 , 2022 ~
On June 7, Senator Kirsten Gillibrand, a Democrat from New York who sits on the Senate Agriculture Committee which oversees commodities, and Senator Cynthia Lummis, a Republican from Wyoming who sits on the Senate Banking Committee which oversees Wall Street and trading, introduced a bill as an early Christmas present to the crypto industry. It carries the Alice in Wonderland title of the Responsible Financial Innovation Act.
After Crypto Money Piled into Campaign Coffers of Senators Lummis and Gillibrand, They Introduced a Sweetheart Legislative Bill for Crypto
Ms. Cat’s Chronicles 
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