FACT CHECK: Did A WEF Insider Admit The Silicon Valley Bank Crash Is A ‘Great Reset Scam?’

Christine Sellers | Fact Check Reporter

A post shared on Facebook purports a World Economic Forum (WEF) insider allegedly admitted the Silicon Valley Bank crash is a “Great Reset scam.”

Verdict: False

The claim stems from an article published on “NewsPunch,” a website that is known for spreading misinformation. There is no evidence suggesting a WEF insider allegedly made the purported remark.

Fact Check:

Former Treasury Secretary Larry Summers said Silicon Valley Bank made “one of the most elementary errors in banking [by] borrowing money in the short term and investing in the long term,” according to Fox Business. The bank collapsed Mar. 10, sparking fears of a potential banking crisis, Reuters reported.

The Facebook post purports a WEF insider allegedly admitted the Silicon Valley Bank crash is a “Great Reset scam.” An attached article hones in on the bank’s Chief Administrative Officer, Joseph Gentile, who previously worked at Lehman Brothers’ Global Investment Bank, while suggesting his connections to both SVB and Lehman are not coincidental.

“It wasn’t rocket scìence. That was the first thing on my mind when it happened,” the post’s caption reads.

The claim is false. There are no credible news reports suggesting a WEF insider allegedly admitted the Silicon Valley Bank crash is a “Great Reset scam.” Likewise, the claim is neither mentioned on the WEF’s website nor on its verified social media accounts. In addition, Silicon Valley Bank has not publicly addressed the purported claim via its official website.

A keyword search reveals the claim stems from a Mar. 13 article published by the website, “NewsPunch.” A “Liability Disclaimer” included on the site’s “Terms of Use” page indicates it “makes no representations about the suitability, reliability, availability, timeliness, and accuracy of the information, software, products, services and related graphics contained on the site for any purpose.”

The site, which was previously known as “YourNewsWire,” is described as “one of the most well-known purveyors of fake news online,” according to a 2019 article from Mashable. (RELATED: No, The World Economic Forum Did Not Declare That ‘God Is Dead.’)

Check Your Fact has contacted both the WEF and Silicon Valley Bank for comment and will update this piece accordingly if one is received.

Christine Sellers

Fact Check Reporter


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