PresidentJoe Biden is reach to assure Silicon Valley company that their money is securedafter the Silicon Valley Bank ( SVB ) crashed last week . The president say at aWhite House press conferencethose with money at SVB would have accession to it on Monday and would be paid back in full .
The bank , used by many tech startup and venture capitalist closed on Friday when the stock toll send packing by a thumping 60 % on Thursday , prompting some startup founders to attract their money from the bank .
Bidenannounced the bank is being taken over by the Federal Deposit Insurance Corporation ( FDIC ) and sound out , “ Small concern across the country that had sediment accounts at these banking company can respire easier knowing they ’ll be able to pay their doer and pay up their banker’s bill , ” Biden said at the group discussion , tot up , “ And their hardworking employee can respire easier as well . ”
Image: Justin Sullivan (Getty Images)
In the backwash of SVB ’s collapse , some people are hoping to cash in on the tidings by selling old product oneBay .
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