Shutterstock Government Bailout of SVB Benefited Tech Giants, Accidentally Published Document ShowsĪ document that the government agency accidentally sent in unredacted form to Bloomberg News shows that Sequoia Capital held $1 billion of its $85 billion in assets at SVB.
The controversy came when, on the morning of June 23, the Federal Deposit Insurance Corporation (FDIC) accidentally revealed a document showing that those who benefited from the rescue also included tech giants. In a remarks from President Joseph Biden and Treasury Secretary Janet Yellen, the White House said that the move was going to help small business owners "breathe easier knowing they’ll be able to pay their workers and pay their bills."ĭON'T MISS: Why The Government Bailed Out Silicon Valley Bank When Silicon Valley Bank ( SIVB) - Get Free Report collapsed after a drop in investment values and subsequent bank run in March 2023, the government stepped in to rescue affected customers - even those who stored more than the $250,000 cap covered by insurance.
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