Mar 17, 2023 | News

Some SVB Depositors Had ‘Financially Irresponsible’ Deposits There

Some SVB Depositors Had 'Financially Irresponsible' Deposits There

On Thursday’s “Hugh Hewitt Show,” Rep. Ro Khanna (D-CA) stated that there were some companies who had deposits in Silicon Valley Bank (SVB) that were “malpractice” and “financially irresponsible.”

Khanna said SVB depositors should have been protected and some of them were “leading in AI and defense tech. If you care — if people care about the United States being ahead of China, you wipe those companies out, you’re basically losing a lot of the defense technology to China. Some of these are being funded by DIU, by DARPA. These are companies that are developing the cure for cancer, these are companies, by the way, that employ people across the country. There was a payroll company that employs 400,000 Americans. And so, look, people may not love Silicon Valley venture capitalists. They may not love Silicon Valley. They may think Silicon Valley has made too much…

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