CNBC's Jim Cramer defended the potential of Silicon Valley Bank mere weeks before the institution had a collapse of historic proportions.
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!"
CNBC's Jim Cramer of "Mad Money" talking about Silicon Valley Bank.
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Writer Jordan Schachtel shared the clip and a series of quotes, "Jim Cramer last month on Silicon Valley Bank: ‘Fears not justified’ ‘Stock is still cheap’ at $320 ‘Oversold position’ Considered stock price at ‘artificially low levels’ Rugged."
Fox Business' Andrea Vacchiano contributed to this report.
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