This post was originally published on Ralph Nader.
Reckless Capitalist Banks Rescued by Government Socialism – Again!
By Ralph Nader March 20, 2023 Once again, government socialism – ultimately backed by taxpayers – is saving reckless midsized banks and their depositors. Silicon Valley Bank (S.V.B) and Signature Bank in New York greedily mismanaged their risk levels and had to be closed down. The Federal Deposit Insurance Corporation (FDIC), in return, to avoid…