The 2nd Biggest Bank Failure In American History: Silicon Valley Bank Is No More
The Breakdown
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SVB Stocks Are Down 60% Overnight
SVB began the day down 60% overnight and had its stock trading almost immediately halted. The main speculated buyer has been JP Morgan who some see as having long coveted the sort of tech clients that SVB has. Former Treasury Secretary Larry Summers on Bloomberg TV said, what is absolutely imperative is that however this gets resolved, depositors be paid back and paid back in full.
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