Developing News Story: “Shark Tank” Star Kevin O’Leary Grilled President Biden Over His Response To Silicon Valley Bank’s Collapse 

The renowned “Shark Tank” star, Kevin O’Leary criticized President Biden’s reaction to the bankruptcy of the Silicon Valley Bank (SVB). 

He claimed that Biden had removed the risk from the industry by utilizing American taxpayers’ money in order to recompense well-off clientele. 

This Monday, O’Leary inform CNN:

 “I don’t think he’ll say it in the way I’m suggesting, but what effectively happened over the weekend is that he nationalized the American banking system. It’s no longer a risk, it’s no longer private in any sense. It is now backstopped by the government, ultimately, the taxpayer. So, it doesn’t matter how bad you are as a bank manager.”

O’Leary accused the “idiotic” administration of the bank and “negligent” panel of directors. 

He stated that the both management and the directors of the Silicon Valley Bank were the main reason and played the role of a “powerful cocktail” to collapse the bank. 

He stated: 

“We knew before the weekend started, with every account, with $250,000 or less was insured, and anything beyond it was not, but that’s all changed. Now you have no risk in any bank, any time, and you as the taxpayer bear that going forward.”

On a TV show, “Your World with Neil Cavuto,” last Friday, O’Leary called the bank’s downfall an “absolute mess” and indicated that this incident is an example for all companies.