The FDIC Retains BlackRock Unit for Signature Bank and Silicon Valley Bank Securities

The FDIC has retained BlackRock to sell securities portfolios. It kept in receivership after the collapse of Signature Bank and Silicon Valley Bank. These are big banks, they're top 30 banks as we mentioned last week. Remember when the Fed expanded balance sheet under cover of pandemic, it hired BlackRock to just help it pick which assets to buy. Now here BlackRock is picking up the pieces after it's all blown up.