Is it starting -
The 16th Biggest Bank in the USA is in trouble -
Regulators seize and close Silicon Valley Bank - a bank which floats many start-ups in the Tech Industry...
Is this a one off, or they testing the waters, or are they stalling companies in an effort to put them out of business.
A version of how the bank collapsed...
List of Businesses / Companies with known relationship to SVB -
Quite a few large start-ups and established businesses - including Vimeo.
I hope something is done to protect depositors - though there seems to be some things in the works.
https://www.finder.com/list-of-companies-affected-by-svb-collapse
Robert Kiyosaki warns 3rd U.S. bank to crash, Peter Schiff says ‘bigger collapse’ ahead
The United States financial system has been rattled by the collapse of Silicon Valley Bank (SBV) and Silvergate Bank within 48 hours as economic uncertainty prevails. Therefore, some financial sector players project that the situation will likely worsen in the coming days.
In particular, Robert Kiyosaki, the author of the best-selling personal finance book “Rich Dad Poor Dad,” has warned that a third lender will likely follow suit. He stressed that the situation would positively impact precious metals in a tweet on March 10.
According to Kiyosaki, his prediction aligns with a 2008 forecast of the collapse of the Lehman Brothers. Notably, the failure deepened the 2008 financial crisis, and the incident was considered a defining moment.
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Signature Bank Closure
https://nypost.com/2023/03/12/regulators-close-signature-bank-second-shuttered-by-feds-after-svb-disaster/
The federal government Sunday announced the failure of a second bank with deep ties to the tech industry — as regulators rushed to try to stem the losses caused by last week’s collapse of Silicon Valley Bank.
Manhattan-based Signature Bank — a key financial institution for the cryptocurrency industry — was shut down over a “similar systemic risk exception,” according to a joint statement from the heads of the US Treasury, Federal Reserve and Federal Deposit Insurance Corp.
Silicon and Signature depositors will be made whole, but the banks’ shareholders and unsecured debtors will not be protected, officials said.
Patrick Bett Davis and Tom Ellsworth on the Bank Closures