Vivek Ramaswamy says he would not bail out the Silicon Valley Bank

RCandidate for President of the Epublican and Biotech Mogul Vivek Ramaswamy Sunday’s statement was that, if he were President, he would not bail him out Silicon Valley Bank or its depositors.

“I would not bail out either SVB or even the depositors because here’s what’s actually going on. SVB made some — Silicon Valley Bank made some uniquely bad management decisions,” Ramaswamy said this to Kaitlin Collin, CNN’s State of the Union.

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Ramaswamy stated “many” Silicon Valley executives reached him this weekend “push the narrative” Of a “bank run in America” If the bank does not get it, “bailed out.”

“First of all, they have a depositor base that’s really concentrated of tech start-ups in Silicon Valley. A staggering nearly 90 percent of their deposits are uninsured. That’s an anomaly compared to most banks in this country,” He spoke to CNN Sunday.

He continued, “So what’s happening right now is, a lot of Silicon Valley executives and V.C.s this weekend, many of them have even reached out to me to push this narrative that that’s going to create a bank run in America if Silicon Valley Bank isn’t actually bailed out. But what they’re doing is actually trying to create the fear of one. I think that can actually become a self-fulfilling prophecy, which is dangerous.”

Strive Asset Management’s 37-year old multi-millionaire runs his own financial company. He examined why Silicon Valley Bank was different.