Pete Riehm
Biden bails out his banking buddies
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By Pete Riehm
March 21, 2023

Here we are again in another mess created by inept Democrat policies. But Biden and his cronies are able to shrug it off and somehow manage to turn it into another money laundering scheme where Biden’s supporters get to abscond with billions in taxpayer dollars as reward for their abject banking and investing failures. The Silicon Valley Bank (SVB) operated their bank like a high-flying casino with no regard for risk or sound banking practices. Of course, with the Biden administration standing by to cover all their bets, why not bet the house every time and invite all your leftist friends to the party.

SVB was a progressive bank making the world better by investing in every green or tech start-up whether they had a plan or product, as long as they had good intentions. Half of the companies in the country devoted to biotech or climate change banked at SVB. In 2022 alone, SVB invested $5 billion in clean technologies. They felt no hesitancy nor risk, because the federal government was pouring billions into any unproven scheme as long as it was labeled green. So who cares if it makes the money, the government will throw money at it. Most folks don’t realize, if it were not for endless government subsidies, the green industry wouldn’t exist.

The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 of each depositor, except at SVB. Was it their notable clients like California Governor Gavin Newsom? Buzzfeed? Vox Media? With just a few calls and a bank run mention, the Biden administration didn’t hesitate to guarantee the deposits for all their friends. However, Secretary of Treasury Janet Yellen made it abundantly clear that regional banks in basically red states would not get the same bail outs as “woke” banks in blue states. That’s right. The government will pick who they help, and it will be their political pals.

American progressives and Democrats were not the only clients. Chinese venture capitalists tied to Chinese aerospace and defense also used SVB to access American dollars. A lot of investment came from China, so perhaps Biden was just showing more deference to China. China protected his son, Hunter Biden’s investments, so why wouldn’t Biden return the favor?

SVB was the poster child for banks pursuing an ESG (Environmental, Social, Government) score. Big business has whole heartedly embraced this Communist Chinese invention because it wipes out small business and concentrates money and power in just a few hands. It’s absolutely anti-American, but big business and our government is only about power not America. SVB was committed to diversity, equity, and inclusion to the exclusion of proper banking principles, so every leftist cause was welcome. SVB and its employees even donated $73 million to Black Lives Matter (BLM)!

SVB was not just another bank. It was the preferred bank for big tech in Silicon Valley and every other liberal scheme. SVB was literally an ATM for Democrat cronies. They thought interest rates would never rise and federal subsidies never dry up, so they loaned money like there was no tomorrow.

SVB was a very poorly run bank and should have failed, but they didn’t really suffer any consequences. SVB employees got bonuses, and SVB executives sold off their shares days before the collapse and none will probably be held to account. And where were the federal regulators? This did not happen overnight.

The problem is not that SVB failed, but rather that it was allowed to run a failing bank with impunity. And when it finally failed, the depositors got their money from the federal government, the bank executives were rewarded with bonuses, and the American tax payer got the bill! Remember, SVB blew their money on leftist pipe dreams and poor banking, but they were reimbursed for their incompetence and negligence.

The Biden administration essentially made average working Americans bail out the richest people in the country and some of the richest people from our arch enemy, China. That’s simply despicable, but more disturbing is the leftists in the Biden administration don’t care if you know or what you think. They are brazen because they fully expect to never be held to account. That’s our biggest problem here, open unafraid corruption. That’s how the drug cartels operate. This is just another form of tyranny, and our government embraces it.

“Will not all of these take up a taunt against him, speaking with mockery and derision: ‘Woe to him who amasses what is not his and makes himself rich with many loans! How long will this go on?’” (Habakkuk 2:6).

Pete Riehm is a conservative activist and columnist in south Alabama. Email him at peteriehm@bellsouth.net or read all his columns at http://www.renewamerica.com/.

© Pete Riehm

 

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Pete Riehm

Born to German immigrants, Pete Riehm grew up in Texas as a first generation American. Working his way through college, he enlisted in the U.S. Naval Reserve. After graduating from the University of Houston, Pete was commissioned into the United States Navy through Officer Candidate School in Newport, Rhode Island. He also earned a Master's Degree in National Security from the U.S. Army Command and General Staff College in Fort Leavenworth, Kansas... (more)

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