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Ted Cruz Blasts Biden For Bailouts Of Corrupt 'Bonnie And Clyde' Banks

Authored by Steve Watson via Summit News,

Senator Ted Cruz has slammed the Biden Administration for effectively
bailing out Silicon Valley Bank, labelling it a ‘corrupt Bonnie and
Clyde’ like operation.

On his “Verdict” podcast, Cruz stated that the failure of SVB has
“called into question a lot of the financing for venture capital, and
it has potentially imperiled a significant number of mid-sized banks.”

    SVB was more focused on virtue signaling than protecting their investments.

    More on the latest episode of #Verdict: Don't Call It A "Bailout",
But It's a Massive Big Tech & China Bailout

    Full episode here:https://t.co/7GWJppnm9F pic.twitter.com/82qCnoNu49
    — Ted Cruz (@tedcruz) March 16, 2023

“In response to this, the Biden administration rolled out a major
bailout, conveniently bailing out the politically connected friends of
the Biden White House in a way that will have lasting repercussions
for the economy, and will almost certainly incentivize future bad
conduct by other banks,” Cruz asserted.

The Senator continued, “They were gambling that the Fed would not
raise rates even though they’d been screaming from the mountaintops
that they were going to raise rates.”

“A bank that is being prudent can hedge its investments against
interest rates rising by investing also in counterbalancing
investments that will go up when interest rates go up. They didn’t do
that! They were focused on virtue signaling. They were focused on
showing just how woke they are,” Cruz added referring to the
revelation that SVB was obsessed with pushing ‘diversity and
inclusion’ policies:

    Remember that time Signature Bank cut ties with President Trump
and called for his resignation? Or that time SVB and Signature started
going woke?

    Well now the sayings are true…

    Go Woke Go Broke…

    Everything Woke Turns to Shit… pic.twitter.com/z3WcJ1lYLb
    — Bryan McNally (@BryanDMcNally) March 13, 2023

“These bank officers were bad actors,” Cruz continued, adding “Let me
let me tell you two data points that have been vastly underreported.
Number one, hours before the bank was shut down Silicon Valley Bank
gave very substantial bonuses to all of its employees. They just began
writing checks to everyone hours before they were shut down. Data
point number two: in the two weeks prior to their being shut down, the
CEO and the CFO sold large amounts of stock. The CEO ended up making
over a $2 million profit from selling stock less than two weeks before
the bank was shut down. Both of those indicate corrupt intent.”

Cruz also noted that he “had a conference call in the last 48 hours
with all 100 Senators were invited to participate and Treasury and the
FDIC was on there and I asked I said, ‘Look, is it true that they gave
bonuses to their employees, number one? If so, I think it is
outrageous. And number two, has there been any investigation into
clawing back those bonuses?’”

“As far as I’m concerned, this is like Bonnie and Clyde,” Cruz
charged, urging that “They’re robbing the bank as they know their
customers’ deposits are about to get blown up. And much of the media
coverage has ignored the exceptionally bad conduct by the bank’s
officers.”