GOP 2024 Candidate Ramaswamy Says Feds Should Let Silicon Valley Bank ‘Fully Fail’

GOP 2024 presidential candidate Vivek Ramaswamy has called for restraint by the federal government in its response to the swift collapse of tech-sector darling Silicon Valley Bank (SVB) over the weekend, amid calls against more taxpayer bailouts for bank failures.
Ramaswamy, an entrepreneur and biotech investor, suggested on Saturday night that the best way for regulators to handle SVB’s failure was to “let SVB fully fail.”
“No depositor amnesty for SVB depositors,” he said on Twitter. “FDIC [Federal Deposit Insurance Corporation] should get out of the way & let whoever wants to acquire SVB to actually do the deal.”
SVB, founded in 1983, built its reputation on financing Silicon Valley technology startups, eventually becoming the 16th-largest bank in the United States. The majority of SVB’s clients continued to be tech startups, including many devoted to climate change initiatives, as well as some companies from California’s wine industry. It also had significant exposure to crypto startups and crypto Venture capitalists….}