Yellen: No bailout for Silicon Valley Bank shareholders

By RIA JOSEPH THE CENTER SQUARE CONTRIBUTOR

the storm. Leave now.”

By DAVE MASON NEWS-PRESS MANAGING EDITOR

San Antonio Creek overflowed a crossing Tuesday at Tucker’s Grove Park near Santa Barbara as rain pounded the South Coast.

On Tuesday morning, Santa Barbara County issued evacuation orders for the Alisal Fire, Cave Fire and Thomas Fire burn areas.

The county Office of Emergency Management didn’t mince words at readysbc.org: “Flooding and debris flow hazards exist due to

But as of 5:30 p.m., the county canceled those orders with Raquel Zick, the public information officer for the Santa Barbara County Sheriff’s Office, noting, “Be aware the flooding and debris may be still present in the area.”

A flood advisory was scheduled to end by 10 p.m. Tuesday in Santa Barbara, Ventura and San Luis Obispo counties.

Between 4 p.m. Monday and 4 p.m. Tuesday, a little over 2 inches of rain fell in Goleta. More than

2 inches of rain was reported in Santa Barbara.

“So far the storm has been underwhelming locally as the first impulse has moved through much faster than anticipated across San Luis Obispo and Santa Barbara counties,” the National Weather Service said Tuesday afternoon.

“Rain rates around a half inch per hour have been observed, but only for short durations, which has significantly cut into rainfall totals there.”

During the same 24-hour period, the National Weather Service reported 1.22 inch of rain fell in Santa Maria and 1.18 inch in Lompoc. Things were drier in New Cuyama, which experienced 0.52 inch of rain and Santa Ynez, which saw 0.24 inch.

Heavy amounts of water were seen flowing at Montecito Creek, and California Conservation Corps members filled sandbags at Lower Manning Park in Montecito.

(The Center Square) — Just one day after U.S. Treasury Secretary Janet Yellen told Margaret Brennan on CBS’ “Face the Nation” that “investors and owners of systemic large banks” will not be bailed out of the Silicon Valley Bank failure, she made good on her statement. “We’re not going to do that again, but we are concerned about depositors and are focused on trying to meet their needs,” Secretary Yellen stated.

In a joint statement released by the Federal Reserve on Sunday, Secretary Yellen, Federal Reserve Board Chair Jerome H. Powell and FDIC Chairman Martin J. Gruenberg announced: “Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer … Shareholders and certain unsecured debt holders will not be protected. Senior management has also