As back then, government bureaucrats justify their ad hoc actions by appealing to a higher purpose. They’re not bailing out investors, they’re protecting depositors. They’re not saving rich investors, they’re preventing a domino effect from hurting small business owners.While there is still some confusion over exactly what happened at SVB, several things are quite clear.
Prior to this weekend, any account beyond $250,000 was not covered by FDIC deposit insurance. Now, the federal government will cover the full amount over the limit. It makes no difference whether the money comes from the FDIC fund, the Exchange Stabilization Fund, the Treasury’s general fund, or the Federal Reserve.the taxpayers, so people will end up paying for this mess no matter what.
Finally, as in the wake of the 2008 crisis, federal officials are already talking about new regulations to prevent this from happening again. But we didn’t need new regulations then and we don’t need them now.
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Source: WSJ - 🏆 98. / 63 Read more »
Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank. We need to stop bailing out banks and put these people in prison. ESG... killed the banking star....ESG killed the banking star. Too soon? Come on its a throw back to the 80s.
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Silicon Valley Bank's UK branch shut down by Bank of EnglandThe Bank of England (BoE) released a statement on Mar. 10 stating that it will be applying to the court to place Silicon Valley Bank UK branch (SVB UK) into a “Bank Insolvency Procedure.' It added that in the interim, the firm will 'stop making payments and deposits.' Funny The Bank of England stated that SVB U.K. will “stop making payments or accepting deposits,” as BoE intends to apply to the court to place SVB U.K. into a “Bank Insolvency Procedure.”
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‘Nip the bank in the bud’: Calls to rescue collapsed Silicon Valley Bank galoreTech celebrities and pundits have urged the U.S. federal government to pressure other banks to take over the defunct Silicon Valley Bank (SVB) in order to protect uninsured deposits.
Source: IntEngineering - 🏆 287. / 63 Read more »
Bank of London bids to acquire Silicon Valley Bank's UK armThe Bank of London is leading a consortium of private equity firms seeking to purchase SVB's arm in the United Kingdom. This is a good news No such thing as Bank of London! USA + UK + UAE = 🔺
Source: Cointelegraph - 🏆 562. / 51 Read more »
Silicon Valley Bank collapse: FDIC holding auction for bank, final bids due SundayThe Federal Deposit Insurance Corporation started an auction on late Saturday for Silicon Valley Bank, with all bids due by Sunday afternoon, according to people familiar with the situation.
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