(FreedomBeacon.com)- After calling the CEOs “idiots” last week, “Shark Tank” star Kevin O’Leary revealed he had billions of corporate funds in the failing Silicon Valley Bank.
In a tense discussion with Fox News’ Sean Hannity last week, O’Leary, who lost $15 million after crypto startup FTX collapsed last year, was questioned about his SVB affiliations.
Reports show the investor’s private equity portfolio included crypto company “Circle,” which had $3 billion in SVB deposits.
SVB’s slide continues to wreak havoc on Wall Street as financial stocks plummet amid the Credit Suisse crisis.
O’Leary asked why taxpayers should bail out SVB CEOs, who contributed over $70 million to social justice organizations. A stupid board ran this bank. No one had heard of the bank.
Hannity asked O’Leary why he invested there if the bank was managed by idiots.
O’Leary said it was one of several banks where he maintained his money. He explained he was an adult and knew the risks. If you have over $250,000 in an institution, you’re a hedge fund, a corporation, or a skilled investor. You take precautions.
He said he agreed with the fed’s $250,000 FDIC insurance requirement.
But that was altered.
Last week, SVB collapsed. The FDIC only covered deposits up to $250,000. Therefore clients lost a lot.
The limit was removed to safeguard all SVB clients regardless of the deposit amount.
On “Sunday Morning Futures,” Sen. Tom Cotton (R-AR) blamed the Biden economy for the Silicon Valley Bank failure that shook markets earlier last month.
He told Fox News host Maria Bartiromo that Silicon Valley Bank’s bankruptcy and its impact on the banking industry and economy are all President Biden’s fault.
He said Biden’s profligate spending caused runaway inflation, raising interest rates and squeezing financial institutions such as Silicon Valley Bank. His administration didn’t adequately oversee a bank like Silicon Valley Bank every 6 months to ensure they managed the spreads of interest rates between deposits and assets.
Instead, we got the Biden bank rescue, which will flow to Chinese corporations as Silicon Valley Bank was a conduit to American money.