Dave Portnoy calls Pres. Biden for SVB, bank bailout

Barstool Sports founder Dave Portnoy challenged President Biden on his decision to bail out the Silicon Valley bank. [Image: Flickr.com / Zach Catanzareti Photo]

Barstool Sports founder Dave Portnoy condemned President Joe Biden for efforts to save failing financial group SVB Financial, parent company of Silicon Valley Bank.

The SVB, which has many prominent politicians and personalities on its long list of clients, will not be saved with taxpayers’ money, according to Biden. Still, Portnoy believes the group’s state is a result of the roadmap it has followed as a company.

No one will bail me out if I run out of money.”

“When banks fail, it’s difficult because the average ‘Joe Schmo’ invests his money [in]”I want their money back, but I don’t think banks should necessarily be bailed out because they’re doing a bad deal,” Portnoy said in an interview with Fox business Thursday. “No one will bail me out if I run out of money.”

SVB is not the only bank facing a serious liquidity problem. About $152.9 billion was borrowed from institutions across the country during the traditional discount window that ended March 15, far more than the $111 billion borrowed during the 2008 financial crisis.

The Federal Deposit Insurance Corporation (FDIC) is attempting to restore order by guaranteeing all deposits with the SVB, including customers with more than $250,000 in their accounts. The previous guarantee limit was limited to $250,000.

Portnoy is happy that money is being guaranteed but believes the real problem with SVB is the level of risk they are taking.

“They basically attracted risky companies, startups and crypto companies. This is her wheelhouse. And you’re at greater risk if you do that,” Fox host Stuart Varney said. “I’m glad people are getting their deposits back because I don’t think the average Joe Schmo knows what they’re getting into.”