Equity giants Apollo Global Management and Blackstone have reportedly stepped forward to examine a loan book held by Silicon Valley Bank (SVB), the failed California lender seized by federal regulators last week.
bloomberg reports Its sources say Apollo and Blackstone, two of the largest alternative asset managers in the world, are joining the investors circling SVB, according to people who asked not to be identified while discussing confidential information.
The move comes just 24 hours after the UK Treasury and the Bank of England announced they had facilitated the sale of SVB UK to HSBC, Europe’s largest bank, securing £6.7 billion ($8.1 billion) in deposits, Breitbart News reported. .
A nominal £1 ($1.2) was paid for the takeover as clients of the failed enterprise were queuing up elsewhere to see what they could save on their investment.
WATCH: SVB FREAKOUT: Line figures out of SVB’s Boston branch location
Chris Grondin via Storyful
President Joe Biden insisted on Monday that the US banking system remains safe and no one should panic after the second and third largest bank failures in the country’s history occurred within 48 hours.
In response to the crisis, regulators insured all deposits in the two banks and instituted a program that effectively threw a lifeline to other banks to protect them from a deposit run.
“Your deposit will be there when you need it,” Biden told the crowd, trying to show a guarantee of calm, as reported by Breitbart News.
He also said that SVB bank executives responsible for the failures would be held accountable.
Silicon Valley Bank (SVB)’s 2022 “ESG Report” included hiring shares of ethnicity, race, and gender in pursuit of its “DEI” targets. https://t.co/rdSmj3po03
Breitbart News March 14, 2023
In other developments, the Federal Reserve announced that it will reassess its supervision of the SVB.
“We need to be humble and do a careful and thorough review of how we supervise and regulate this company, and what we should learn from this experience,” said Michael Barr, the Fed’s vice chair for supervision, who will lead the effort.
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