Israeli Firms Transferred $1 Billion Out of Silicon Valley Bank to Israel Before Seizure by FedsChris Menahan
Mar. 13, 2023
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Israeli firms managed to transfer $1 billion out of Silicon Valley Bank to accounts in Israel just before the bank was seized by the feds, the Times of Israel reports.
From The Times of Israel (via If Americans Knew:):
Israel's two largest banks, Bank Leumi and Bank Hapoalim, set up a situation room that has been operating around the clock to help firms transfer their money from SVB — before it was seized — to accounts in Israel. Over the past few days, teams at LeumiTech, the high-tech banking arm of Bank Leumi, have been able to help their Israeli clients transfer about $1 billion to Israel, the bank said.If Americans Knew has more:
Israel's Ha'aretz newspaper reports that "a good many Israeli companies had been able to get their money out in time, but that it was clearly not the case for everyone" and that "companies whose deposits are now locked will seek to conceal this, concerned that any rumors might drive away customers, suppliers and employees."How nice of Treasury Secretary Janet Yellen to look the other way while these funds were transferred out.
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