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The weekend Silicon Valley came to a crashing halt
Silicon Valley Bank (SVB) and Signature Bank were closed by the US government last month after they lost billions of dollars in deposits. SVB’s insured deposits with the Federal Deposit Insurance Corp (FDIC) stood at about $60 billion while Signature’s insured deposits amounted to $85 billion. The FDIC said SVB’s depositors could get back their…
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The Silicon Valley had a storm over the weekend
US-based Silicon Valley Bank, the second-largest US bank to fail since 2008, shut its doors on Friday with regulators seizing control of its assets and converting them to New York Community Bank for $38.4 billion. The bank has been shut down by the Federal Deposit Insurance Corporation (FDIC) in the highest-ever failure of an American…