Parent company of Silicon Valley Bank files for bankruptcy

The filing from SVB Financial Group on Friday is not a surprise, with much of the company now under the control of U.S. banking regulators. During the 2008 financial crisis, the parent companies of failed banks Washington Mutual and IndyMac -- filed for bankruptcy protection in the days after their banking operations failed.

SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corporation. The bank's successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC and is not included in the Chapter 11 filing. The Wall Street Journal reported that a group of distressed debt investors -- mostly hedge funds -- bought up the bonds of Silicon Valley Bank's holding company in a bet that that there will be some proceeds for bondholders after the bankruptcy process is completed.

SVB Capital is the company's venture capital and private credit fund. SVB Securities is a regulated broker-dealer. Both continue to operate and have sources of funding, the company said.

Good i hope they all is king fuck the digital id and social credit system.

China's still cashing in on their American bonds demonetizing the American dollar.

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Canadian funds take a hit on Silicon Valley, Signature bank stocksThe collapse of the two banks will trim returns on many U.S.-based equity funds held by Canadians, but the drop in bank stocks will have a larger impact on bank-sector funds
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