Earlier in the day, the U.S. Federal Deposit Insurance Corporation had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A, after the regulator took control of SVB following its collapse that crippled stocks and triggered concerns of a contagion throughout global markets.
The regulator transferred all deposits of Silicon Valley Bank to this newly created bridge bank and had said all depositors will have access to their money beginning Monday morning. In the letter to clients, Mayopoulos said that the bank will provide more information as soon as it was available. "I look forward to getting to know the clients of Silicon Valley Bank...I also come to this role with experience in these kinds of situations. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis in 2008-09, and I served as the CEO of Fannie Mae from 2012-18," Mayopoulos added in the letter.
What does it means?
A face you can trust
That's what happens when the government takes over....capitalism to communism. But everyone has overextended themselves. It was inevitable
Old ceo and management level must be punished and jailed....asap.
An obvious lie.
After a taxpayer bailout.
'business as usual' is how we got here.
Whats that saying about repeating the same mistake twice?
Business as usual. Wait! What? Isn’t that what got us into this mess?
i hope not 'as usual'
Stop Lying You are broke
At first quick glance, I thought this was Stanley Tucci.
From Bailout
Where is the money coming from?
Of course! Bailed out by our government. Taxpayers money 🤑. People wake up
Sure, I can’t think of any reason to change anything
2 things. 1. I understand that the bank executives gave themselves bonuses on Friday. 2. They want the FDIC to reimburse full amounts instead of the $250,000 limit. Is this true?
More bankers need to go to prison. This is ridiculous how they can continue to be irresponsible and collapse their bank and not be held accountable. All these ex-bankers in DC jobs in the White House and agencies is why this continues to happen. Corruption!
Of course! Big Tech getting bailed out by taxpayers, I’m sure they’re all smiles.
In other words, the grift continues
'Business as usual' is what destroyed their bank in the first place.
My understanding its under FDIC receivership.
😂 like nothings wrong