Ticker – Yellen: No federal bailout for collapsed Silicon Valley Bank
WILMINGTON, Del. (AP) — Treasury Secretary Janet Yellen says the federal government won’t bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money. The Federal Deposit Insurance Corporation insures deposits up to $250,000. But many of the companies and wealthy people who used the bank had more than that amount in their account. There are fears that some workers across the country won’t receive their paychecks. Yellen, in an interview with CBS’ “Face the Nation,” emphasized that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry.