Silicon Valley Bank closed
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So less interaction on this major topic..Might be no one knows about it...
Banks are the building blocks of the economy and if they collapse people will lose trust and eventually sell in panic and regulators will have to take stern steps
Pretty much irked by all this and don't know how Indian market will take this...one thing is for sure...selling selling selling coming 😌
FDIC Information for Silicon Valley Bank, Santa Clara, CA |
On Friday, March 10, 2023, Silicon Valley Bank, Santa Clara, CA was closed by the California Department of Financial Protection & Innovation. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. To protect the depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB) to allow depositors access to their insured deposits and time to open accounts at other insured institutions. |
SVB works with literally like half of all US VC-backed startups, If they find they've lost any significant portion of their funding then we're going to see a large wave of western start-ups wiped off by SVB collapsing.They are a huge lender and banker for several of the largest VCs in the world, and now that money is gone. Will send shockwaves through the financial sector. Large multi-billion dollar funds will have to withdraw cash from other banks to cover debt owed now to the FDIC. There is almost no way this is the only bank to fail.