2nd Largest US Bank Failure Ever: $200 Billion In Deposits STOLEN From Customers

March 11, 2023
Jana Murray

BREAKING: SVB has just become the first FDIC-insured institution to fail this year.

*FDIC: SVB BANK CLOSED BY CALIFORNIA REGULATOR
*FDIC: NAMED FEDERAL DEPOSIT INSURANCE FDIC AS RECEIVER
*FDIC: MOVE TO PROTECT INSURED DEPOSITORS OF SILICON VALLEY BANK
— Kailey Leinz (@kaileyleinz) March 10, 2023

$SVIB – Only 2.7% of deposits fall under $250k or FDIC insured.

This means 97.3% are not insured.

The ramifications could be huge with total assets held by the bank of over $200 billion at the time of collapse!
— SpacBobby (@SpacBobby) March 10, 2023

BREAKING: FDIC APPOINTED RECEIVER OF SILICON VALLEY BANK.

We knew there were problems at SVB, but this is *exceptional* for a few reasons:

FDIC rarely, rarely fails banks during business hours. We usually see this at COB on Fridays, so this must have been extremely dire. pic.twitter.com/4EjLgagQZM
— Brendan Pedersen (@BrendanPedersen) March 10, 2023

Banks crushed today .. contagion fears ramping .. Silicon Valley Bank ($SVB) the catalyst today .. Silvergate yesterday. not a good sign. pic.twitter.com/dGZJjjcZwi
— Brian Sullivan (@SullyCNBC) March 9, 2023

One month ago @jimcramer said that:

“the fears are not justified with @SVB_Financial and it’s a compelling situation”. He was “intrigued”. #SVB pic.twitter.com/IKl9OjXOtI
— Champagne Joshi (@JoshWalkos) March 10, 2023

JP Morgan is a fortress
— Jim Cramer (@jimcramer) March 10, 2023

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A Second Bank CLOSED by FDIC: Who’s Next and What Should We Do?

Beware the banking information blackout!

Tags: bankruptcy

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