More about the ongoing wide spread banking crisis:
Silicon Valley Bank, the nation’s 16th largest bank, collapsed on Friday, forcing a government takeover and calling into question the fate of almost $175 billion in customer deposits.
Signature Bank, the 29th-largest bank in the U.S., also closed its doors, suggesting the financial panic had spread.
Many bank stocks plummeted in early trading. First Republic Bank dropped 65% before trading was halted; Western Alliance Bancorp fell almost 60%. Charles Schwab, the eight-largest U.S. bank, dropped nearly 10%.
The extent of the crisis:
Silicon Valley Bank’s failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.
The real cause of Silicon Valley Bank Collapse:
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