Fallon Jokes Trump Would Know How to Handle SVB Crash: ‘Need a President With Experience of Multiple Bankruptcies’ (Video)

thewrap.com:

the bank told investors it needed to raise just over $2 billion to offset $1.8 billion in losses, leading to a number of high-profile venture capital clients pulling their assets from the bank, totaling a staggering $42 billion.

As a result SVB was left with a negative cash balance of $958 million. So, on Friday morning, regulators shut the bank down and seized its assets.“Silicon Valley Bank knew they were in trouble when they saw themselves in the Oscars in memoriam,” Fallon said of the fallout. “On the bright side, it was refreshing to hear about a crash that had nothing to do with the self-driving Tesla, don’t you think?”Biden has since come out to insist to the American public that the banking system is safe, which the “Tonight Show” host found reassuring.“In response to the crash today, President Biden delivered a speech and assured Americans they can have confidence that the banking system is safe,” Fallon said. “Hearing from Biden actually did make me feel better because you know if it were really bad he’d be like, ‘Kamala, you take this one.'”Fallon then ribbed the president’s age: “Biden tried to put everyone at ease.

He said, ‘Don’t worry, I got through the first Great Depression, I’ll get through this one.'”The SVB portion of his monologue wrapped with a Trump impression:“Meanwhile in response, Trump said, ‘It’s times like these where we need a president with experience of multiple bankruptcies,” Fallon said.