Kevin O'Leary claimed that President Joe Biden had 'nationalized' the U.S. banking system, eliminating risk and pushing the bill to American taxpayers.
Investor and"Shark Tank" star Kevin O'Leary condemned President Joe Biden's response to theclaiming Biden had eliminated risk from the industry by using taxpayers' dollars to reimburse wealthy clients.
O'Leary blamed the SVP collapse on a"negligent" board of directors as well as"idiotic" management," noting the two errors acted as a"powerful cocktail" to wipe out the bank.Kevin O'Leary, chairman of O'shares ETFs for O'Leary Funds Management LP, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing on FTX in Washington, DC, US, on Wednesday, Dec. 14, 2022.
and warned that this is an essential lesson for every company, not just start-ups and the venture community. Federal regulators on Sunday said New York-based Signature Bank was being shut down to protect consumers and the financial system following the collapse SVB.from the U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation. The regulators said SVB clients will have access to their money starting Monday, at no expense to the American taxpayer.
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