Largest US bank failure since Great Recession - as panic over tech industry slowdown spreads to Wall Street Silicon Valley Bank has been seized by financial regulators after a run on deposits tipped the bank into collapse, in the largest US bank failure since the Great Recession in 2008.
California state regulators shuttered the bank on Friday, and the Federal Deposit Insurance Corporation (FDIC) immediately took control of the bank's $209 billion in assets and $175.4 billion in deposits.
The bank based in Santa Clara, California had been the 18th largest bank in the US, and primarily catered to the tech startups and wealthy entrepreneurs of Silicon
Poster Comment:
CNBCs Jim Cramer urged viewers to buy Silicon Valley Bank stock last month
CNBC analyst Jim Cramer is once again being pilloried on social media after a clip resurfaced showing the “Mad Money” host recommending viewers buy shares of Silicon Valley Bank’s parent company, which owns the tech-driven commercial lender that swiftly collapsed on Friday.
https://nypost.com/2023/03/10/cnbcs-jim-cramer-touted-silicon-valley-bank-stock/