JUST NBC THE BRILLIANT STOCK PICKS! CNBC’s Jim Cramer eviscerated for touting Silicon Valley Bank weeks before disastrous collapse.
CNBC’s “Mad Money” host Jim Cramer is being shredded across social media after footage resurfaced of him urging viewers in February to invest in Silicon Valley Bank (SVB), which collapsed on Friday.
SVB had been the 16th largest bank in the United States and was connected to a number of Silicon Valley industries and startups. The closure of the bank was announced by the Federal Deposit Insurance Corporation (FDIC), making it the worst U.S. financial institution failure in nearly 15 years.
Upon the news of SVB’s collapse, a clip went viral of Cramer in February speaking positively about the bank in a list of “The Biggest Winners of 2023… So Far.”
“The ninth-best performer here today is SVB financial. Don’t yawn,” he told his viewers on Feb. 8. “This company is a merchant bank with a deposit base that Wall Street has been mistakenly concerned about!”
Flash-forward to yesterday: ‘Shellshocked:’ Silicon Valley Bank Shut Down by Regulators, Marking Stunning Downfall. “Silicon Valley Bank’s sudden meltdown ranks as the second biggest collapse in banking history and the largest since the Great Financial Crisis.”
UPDATE: Get woke, go…:
Who the hell was in charge of risk management at SVB and what the hell were they focused on???
— Comfortably Smug (@ComfortablySmug) March 11, 2023
Related: Bank of London weighs rescue bid for UK arm of Silicon Valley Bank. The Bank of London is exploring the possibility of assembling an offer for SVB UK as start-up founders warn Jeremy Hunt that its collapse will “cripple” the British tech sector, Sky News learns.
But their pronouns were perfect.
(Updated and bumped.)