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Post by sevenofnine on Mar 12, 2023 15:18:32 GMT -5
I kinda knew this was going happen I predict they merge with older bank maybe Well Fargo or Bank of America The bank, which had thousands of startups as clients, went under on Friday after a run on deposits. A possible merger with a larger bank appears to be on the cards to help shore up clients' finances. The United States federal government has no plans to bail out the collapsed Silicon Valley Bank (SVB), Treasury Secretary Janet Yellen said Sunday, but promised to help depositors whose money is stranded. "We want to make sure that the troubles that exist at one bank don't create contagion to others that are sound," Yellen said during an interview with CBS television. On Friday, US regulators pulled the plug on SVB in the largest bank failure since the 2008/9 financial crisis after a sudden run on deposits. What else did Yellen say? Yellen said the government was working with the Federal Deposit Insurance Corporation (FDIC), on a "resolution" for SVB, where approximately 96 www.dw.com/en/yellen-rules-out-bailout-for-collapsed-silicon-valley-bank/a-64961021
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