NEW YORK - Some financial industry executives and investors were growing increasingly concerned on Saturday that the collapse of Silicon Valley Bank could have a domino effect on other U.S. regional banks if regulators did not find a buyer over the weekend to protect uninsured deposits.
With $209 billion in assets, the Santa Clara, California based lender was the 16th largest U.S. bank, making the list of potential buyers who could pull off a deal over a weekend relatively short, they said on condition of anonymity because the situation is in flux. The U.S. Federal Reserve and the FDIC were weighing the creation of a fund that would allow regulators to backstop more deposits at banks that run into trouble, Bloomberg reported.
SPOTLIGHT ON OTHER BANKS Some analysts and prominent investors warned that without a resolution by Monday, other banks could come under pressure if people worried about their deposits.
I hear Pelosi is looking for a new con err job.
Final offer take it or leave it 😂
Banksters 🤮
Don't joke about the economy with interest. Whether interest rates are low or high, the economy crashes and companies go bankrupt. unemployment is rising, poverty is rising. Do not rely on interest. Interest is the enemy of the economy
Let's be honest, no matter what happens to SVB, if rates are not cut, the entire financial system implodes sooner or later.
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Source: Reuters - 🏆 2. / 97 Read more »