Silicon Valley Collapses No Bail Out
No Bail Out For Silicon Valley Industry Tech Industry Collapsing
Treasury secretary Janet Yellen said Thursday that the Federal Government would not bail out silicon valley bank but is working to help depositors closely to get their money back!.
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 relationship with technology start ups and venture capital. Had more than the amount in their account. They are fears that some workers across the country won’t receive their paychecks.
The treasury secretary Janet Yellen in an interview with cbs faced the nation provided few details on the government’s next steps but she emphasized that the situation is much different than the financial crisis 15 years ago which lead the bank bail outs to protect the industry.
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