Three USA-based banks have failed in four days.
All of the banks appeared to have been hiring managers for their “identity,” rather than for skill, and were investing heavily in the environmental, social, and governance priorities known as ESG and in the diversity, equity, inclusion priorities known as DEI.
They are now being rescued by a federal government that, if regulated by the Federal Deposit Insurance Corporation, would be shut down itself for being too strung out financially. After all, the U.S. Treasury is also taking extraordinary steps just to keep the United States from defaulting on its own debts.
According to FDIC, there will be no actual bailout of Silicon Valley Bank or Signature Bank of New York, and taxpayers will not bear any of the costs of the rescue. Regulators said depositors at both SVB and Signature Bank, which was also closed by New York regulators on Sunday, will have access to their money.
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