Nikki Haley Blasts Biden for SVB’s Bailout

( – Republican Presidential candidate and Trump administration’s former Ambassador to the United Nations, Nikki Haley, posted some comments on her Twitter account on Monday morning where she criticized President Joe Boden over what she considered to be a “bailout” of the Silicon Valley Bank (SVB), which had to be shut down last Friday by California regulators after suffering a stock crash of 62 percent in premarket trading. The tech lender was among the top 20 banks in the United States, with $175 billion in total deposits and $209 billion in total assets by December 2022.

“Joe Biden is pretending this isn’t a bailout. It is,” Haley wrote. The post was published a couple of hours after President Biden said that his administration wouldn’t force any American taxpayer to bail out the SVB and that every customer of this tech lender would have full access to their money. His comments echoed the ones of Treasury Secretary Janet Yellen, who said during a Sunday interview on CBS News “Face the Nation” that the SVB won’t be able to receive any help because of the reforms that were put in place in 2008 after investors and owners of large banks were bailed out during the financial crisis.

Haley also said that the SVB’s assets must be sold off after claiming that depositors at banks that are not in crisis will now have to subsidize the tech lender’s mismanagement. She added that instead of relying on taxpayers’ money, depositors must be compensated by selling the assets of the tech lender, arguing it’s unfair to burden taxpayers with this responsibility.

Lawmakers of the Republican and Democratic parties have said they won’t support a possible bailout of the SVB or the Signature Bank, which also had to be shut down on Sunday, prompting fears that another massive crisis across the banking industry could have negative consequences on the US economy.

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