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User ID: 83085121 United States 03/10/2023 06:53 PM Report Abusive Post Report Copyright Violation | Game Over: FDIC Shutters Silicon Valley Bank, Appoints Receiver Update (1135ET): Game over for Silicon Valley bank. *FDIC: SVB BANK CLOSED BY CALIFORNIA REGULATOR *FDIC: SVB BANK IS FIRST INSURED INSTITUTION TO FAIL THIS YEAR *FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA *FDIC: NAMED FEDERAL DEPOSIT INSURANCE FDIC AS RECEIVER *FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA *SILICON VALLEY BANK INSURED DEPOSITORS TO HAVE ACCESS MONDAY As we noted before, while the FDIC noted that SVIB had $175BN in deposits as of Dec 31, note that some $151.5BN of these are uninsured, which means they get exactly zero although a sizable number of them likely pulled their deposits in the past few days. And just like that SVB is no more: a historic collapse which in many ways was faster than Lehman, and which has seen SIVB stock plunge from $763 to 0 in 16 months. [ link to globalintelhub.com (secure)] |