The Damage Report
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Silicon Valley Bank COLLAPSES After Catastrophic Financial Blow
Posted
March 13, 2023
Views
9,031
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760
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144
Engagement
10.01%
March 13, 2023
9,031
760
144
10.01%
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15:54Now PlayingSilicon Valley Bank crashes after a bank run from frightened investors, leaving FDIC scrambling to oversee lost funds and many questioning what the consequences will be. Francesca Fiorentini and Erin Ryan break it down on The Damage Report.
Read more here:
Investors Wiped Out As Bank Run Causes Collapse Of Silicon Valley Bank
"It’s been a crazy few days for the banking industry. Specifically, for Silicon Valley Bank and its shareholders, as it went from supposedly stable and solvent, to closed down by the regulators — in the space of just over 24 hours.
In a series of risk management oversights, macroeconomic factors and the good old fashioned rumor mill, Silicon Valley Bank (SVB) went through a liquidity crisis, causing a bank run on their deposits.
The stock crashed 60% through Thursday and was then halted Friday in pre marketing trading after falling another 69%. By midday Friday, the regulators had closed SVB down and they had officially collapsed."
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