The Biden administration’s move to protect customer deposits at Silicon Valley Bank is rankling critics who call it a gift to wealthy Democratic donors in the tech sector — even as mom-and-pop investors are getting burned in the deal.
While depositors including top-tier venture capital firms like Andreesen Horowitz and Sequoia Capital were bailed out, the equity and bondholders were completely wiped out as part of the rescue by state regulators and the Federal Deposit Insurance Corp.
Those included big mutual funds that operate retirements funds for working Americans. Vanguard Group owned nearly 11% of Silicon Valley Bank shares. Alecta Pension Insurance Mutual owned nearly 4.5%, and Franklin Mutual Advisers owned nearly 2%, according to public filings.
“You’ve saved the Democratic donors but who are the equity holders?” one tech insider noted. “Retirement funds bought into this… many are policemen, teachers, firemen just trying to retire.”
Ninety-eight percent of all political contributions from people who worked at internet companies went to Democrats in 2020, according to data from the Center for Responsive Politics.
Biden / China / Democrat Rich getting all they can !!!!
Their Own meaning DEMOCRATS !!!! Biden has RAPED the country every way he can !!!!
Stock Market CRASH is Next like the 1920’s !!!!!