Surveillance: Bank Turmoil with KBW's Michaud
Bloomberg Surveillance
00:00
The Impact of the Credit Tightening on the Economy
The major banks put together money that would go into First Republic as deposits. Jamie Diamond, although he's working with Janet Yellen, has taken the lead on this case. Some banks had a lot of securities which become worth a lot less when interest rates go up. That produced a credit hole obviously in Silicon Valley Bank and probably in some other banks.
Play episode from 29:52
Transcript
