<
https://doctorow.medium.com/svb-bailouts-for-everyone-except-affordable-housing-projects-60a106329199>
"For the apologists, the SVB bailout was merely prudent: a bunch of innocent
bystanders stood in harm’s way — from the rank-and-file employees at startups
to the scholarship kids at elite private schools that trusted their endowment
to Silicon Valley Bank — and so the government made an exception, improvising
measures that made everyone whole without costing the public a dime. What’s not
to like?
But that account doesn’t hold up to even the most cursory scrutiny. Everything
about it is untrue. Take the idea that this wasn’t a “bailout” because it was
the depositors who got rescued, not the shareholders. That’s just factually
untrue: guess where the shareholders kept their money? That’s right, SVB. The
shareholders of SVB will get billions in public money thanks to the bailout.
Billions:"
<
https://pluralistic.net/2023/03/18/2-billion-here-2-billion-there/#socialism-for-the-rich>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
