During the latest episode of his podcast Verdict with Ted Cruz, the Lone Star State Senator unloaded on the bank officers at Silicon Valley Bank; “these bank officers were bad actors,” Cruz says.
“It’s called into question a lot of the financing for venture capital, and it has potentially imperiled a significant number of mid-sized banks,” Cruz said. “In response to this, the Biden administration rolled out a major bailout, conveniently bailing out the politically connected friends of the Biden White House in a way that will have lasting repercussions for the economy, and will almost certainly incentivize future bad conduct by other banks.”
“They were gambling that the Fed would not raise rates even though they’d been screaming from the mountaintops that they were going to raise rates,” Cruz said. “A bank that is being prudent can hedge its investments against interest rates rising by investing also in counterbalancing investments that will go up when interest rates go up. They didn’t do that! They were focused on virtue signaling. They were focused on showing just how woke they are.”
“These bank officers were bad actors,” Cruz continued. “Let me let me tell you two data points that have been vastly underreported. Number one, hours before the bank was shut down Silicon Valley Bank gave very substantial bonuses to all of its employees. They just began writing checks to everyone hours before they were shut down. Data point number two: in the two weeks prior to their being shut down, the CEO and the CFO sold large amounts of stock. The CEO ended up making over a $2 million profit from selling stock less than two weeks before the bank was shut down. Both of those indicate corrupt intent.”
Cruz shared the clip on Twitter, saying “SVB was more focused on virtue signaling than protecting their investments. More on the latest episode of #Verdict: Don’t Call It A “Bailout”, But It’s a Massive Big Tech & China Bailout.”
Listen to the clip below:
SVB was more focused on virtue signaling than protecting their investments.
More on the latest episode of #Verdict: Don't Call It A "Bailout", But It's a Massive Big Tech & China Bailout
Full episode here:https://t.co/7GWJppnm9F pic.twitter.com/82qCnoNu49
— Ted Cruz (@tedcruz) March 16, 2023
On a recent Hannity broadcast, Kevin O’Leary called Silicon Valley bank the “poster boy for idiot management.”
Watch the clip below:
“They’re the poster boy for idiot management, Let SVB collapse." pic.twitter.com/3JivxrvjQh
— Sebastian Gorka DrG (@SebGorka) March 15, 2023
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