„It’s not a bailout of the shareholders. They’re getting wiped out. That’s great, and they should be,“ Isaac, a former FDIC chairman, told Bloomberg.
William Isaac, the former chairman of the Federal Deposit Insurance Corporation, said the authorities‘ handling of Silicon Valley Bank’s collapse „clearly“ constitutes a bailout.
On Monday, Bloomberg anchor Scarlet Fu asked Isaac about his views on the FDIC taking over Silicon Valley Bank — and whether it should be considered a bailout.
„Well, clearly it is. I mean, it’s not a bailout of the shareholders. They’re getting wiped out. That’s great, and they should be,“ Isaac said. „And the management and the directors are losing their jobs. That’s fine. That’s what it should be.
