Is this an omen of things to come or is this a singular failure due to factors or symptoms affecting specifically this bank? Will there be a domino effect or vicious cycle?
And then a bank with such a name like Silicon Valley headquartered in Santa Clara, CA.
With a senile and demented 46th President and his largely incompetent administration this is no fun! With a California Governor Newsom whose hair gel famously interferes with his brain function!
Earlier there were reports that the bank's stock price fell like 60% ("YTD Change. -45.95%. 12 Month Change. -76.95% ; Day Range · 52 Wk Range 138.06 - 597.16")!
"The FDIC assumed control of the bank, and Nasdaq halted trading of its shares. The troubles deepened a selloff in U.S. stocks and worried bank investors. This morning, parent company SVB Financial Group raced to find a buyer after nixing a planned $2.25 billion share sale. It had announced earlier this week a big loss on its bondholdings and plans to shore up its balance sheet, which tanked its stock and sparked a run on customer deposits. The bank is the 16th largest in the U.S., with $209 billion in assets as of Dec. 31, according to the Fed."
The Wall Street Journal What's news
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