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4min chapter
How Silicon Valley Bank Collapsed ft. Joseph Politano
The New Liberal Podcast
What's Your Main Takeaway?
The UK arm of Silicon Valley Bank has already been purchased by HBSC. It was sold for literally one pound, a Snickers bar, as we like to say. I think it's possible that on Friday, people were not prepared and at the FDIC saw a situation in which if someone like hypothetically JP Morgan Chase bought Silicon Valley Bank and then markets opened the next day, signature would be wiped out. So they decided to arrange the sales of both institutions in 48 hours.
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