Biden says taxpayers won't bail out Silicon Valley Bank and the people responsible for its collapse will be held accountable: 'No one is above the law'

• Taxpayer funds will not bail out Silicon Valley Bank customers, President Joe Biden said Monday.
•  Investors, on the other hand, face losses — "That's how capitalism works," he said.
• The bank’s management will be fired, Biden said, signaling calls for accountability.

When customers of collapsed Silicon Valley Bank get their deposits back, it won't be taxpayers who pick up the tab, President Joe Biden said in an address Monday morning.