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Jessica Burbank Breaks Down Silicon Valley Bank's Long List Of L's
Posted
March 14, 2023
Views
9,193
Likes
601
Comments
116
Engagement
7.80%
March 14, 2023
9,193
601
116
7.80%
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10:14Now PlayingThe U.S. government seized Silicon Valley Bank, marking the secondbiggest banking collapse in history. Jayar Jackson and Jessica Burbank break it down on The Watchlist. Watch LIVE on weekdays at noon ET.
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"The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.
The announcement came amid fears that the factors that caused the Santa Clara, California-based bank to fail could spread. Regulators had worked all weekend to try to find a buyer for the bank, which was the second-largest bank failure in history. Those efforts appeared to have failed Sunday.
In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history."
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