Customers withdrew $42 billion in a single day last week from Silicon Valley Bank, leaving the bank with $1 billion in negative cash balance, the company said in a regulatory filing. The staggering withdrawals unfolded at a speed enabled by digital banking and were likely fueled in part by viral panic spreading on social media platforms and, reportedly, in private chat groups.
“What made the Silicon Valley Bank run unique was the ease with which its customers could execute withdrawals and the speed with which news of Silicon Valley Bank’s impending demise spread,” Ben Thompson, an analyst who tracks the tech industry, wrote in a post on Monday. “It was the speed, fueled by zero distribution costs for both rumors and withdrawals, that was so destabilizing.” Silicon Valley Bank was arguably uniquely susceptible to those factors given its tech-focused customer base.
So they are blaming 3 banks collapsed within a few days on an app? Very secure banking system you got there...🤭
Dems blame game is always on point....🤔 Must be all the practice
Smells like corruption, and Joe Biden is bailing out all the people that had money in there even if it was over $250,000 Joe Biden administration is a disgrace
raise alarms or cause a run on the bank? We should be looking at Peter Thiel and other bad actors. Including the GOPClownShow and some DINOS who voted for rolling back bank regs. SVBCollapse
They knew about it for months and said nothing, and now they act like heroes. 😬 Crooks in suits. Grrrrr 😡
This is disgusting. The bank FAILED, don’t blame Twitter
These boners are never gonna blame themselves
Are you suggesting that someone shouldn't be allowed to use Twitter to disseminate factual information This explains a lot about CNN's content on this app, tbh.
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US regulators bail out SVB customers, who can access all their money Monday | CNN BusinessBiden administration says depositors will have access to their money Monday after SVB's collapse as a second regional bank in New York failed Sunday. Socialism for the rich, rugged individualism for everyone else. So I assume forgiving all student debt & medical debt should be no problem now, right? 'Good news, folks! Your money is safe and sound...until the next regional bank decides to go belly up.'
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US regulators say SVB customers will be made whole as second bank fails | CNN BusinessIn an extraordinary action to restore confidence in America's banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday. Wanna have a real laugh - ask the “stars” of the Trump-Christo-Fascist GOP House to recap in detail what’s going on with SVB, what issues led to its collapse, what actions should be taken now to resolve those issues and to prevent similar future collapses. I’ll wait. Robbery for 🇺🇸 Just another bureaucratic bailout from the woke left saving their collective asses.
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Chinese companies and founders rush to calm investors after SVB collapse | CNN BusinessThe collapse of Silicon Valley Bank (SVB), which courted Chinese start-ups, has caused widespread concern in China, where a string of founders and companies rushed to appease investors by saying their exposure was insignificant or nonexistent. Why? The Chinese government routinely rescue insolvent banks and bankrupt property companies.
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Asian markets tumble as SVB fallout fears rattle banking sector | CNN BusinessAsian stocks fell broadly on Tuesday, dragged down by banking shares, as fears over the fallout of Silicon Valley Bank's collapse gripped the market despite US government efforts to stabilize the financial system. Stagflation is defined as a continuation of high inflation rates, “prices” & purchasing power of the local currency over consecutive years, often for 3 years or more, accompanied by a decline in growth rates to counter these increases Regards Mr. Jaafar Qafisheh Will more banks join SVB on BFA (Bank Failure Alley)? The Bank of Silicon Valley A new resident on Bank Failure Alley Sixteenth in the nation And now devastation Will more banks be joining this tally? markets always plunge must faster and easier than they rise
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