Regulators shut down tech lender Silicon Valley Bank (SVB) on Friday after a bank run. See potential bias and similarities in coverage from CNNBusiness, WSJ and nypost: SVB SiliconValleyBank
The FDIC said it was taking control of SVB’s deposits and that insured depositors would have access to their deposits no later than Monday morning.Timeline:
On Wednesday, SVB said it sought over $2 million in capital after selling assets at a $1.8 billion loss to make up for an unexpected decline in deposits. Unable to raise funds, SVB sought a buyer but was unsuccessful. SVB’s stock price dropped 60% on Thursday, triggering a selloff that led the nation’s four largest banks — JPMorgan Chase, Citigroup, Wells Fargo, and Bank of America — to lose $52 billion in market value.
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