Business Maverick: SVB depositors will get all their money after frantic weekend

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 84%

Business News News

Business Business Latest News,Business Business Headlines

Silicon Valley Bank customers have spent three tense days wondering if millions of dollars they entrusted to the now-failed bank were lost. They got their answer Sunday night: All their funds – even amounts not insured by the Federal Deposit Insurance ...

“Depositors will have access to all of their money starting Monday, March 13,” the Treasury Department and FDIC said in a joint. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”

With Friday’s Fed takeover, the tech startups that didn’t move their money out fast enough raised alarms that they would be unable to make payroll, and panic was building in Silicon Valley.The FDIC first tried to arrange a sale of the bank, and requested bids from potential buyers.

SVB shareholders and certain unsecured debt holders won’t be protected under the agreement, according to the statement. “Building a culture of government intervention does nothing to stop future institutions from relying on the government to swoop in after taking excessive risks,” Scott said, adding there needs to be accountability from the banks and regulators. “We deserve to know what exactly happened and why.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Got to keep all those Democrat voters whole 🙄🤯

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK races to minimise damage from Silicon Valley Bank collapse | BusinessBritish finance minister Jeremy Hunt said on Sunday he was working with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to 'avoid or minimise damage' resulting from the chaos engulfing the UK arm of Silicon Valley Bank.
Source: News24 - 🏆 4. / 80 Read more »