TIPSHEET
Two Bank Failures Produce a Brutal Monday for the Financial Sector on Wall Street
Matt Vespa | March 13, 2023 4:25 PM
If you thought today would be a great market day, you’re either on crack or are so wealthy that you can absorb the losses if you were deep in financial stocks. The closure of Silicon Valley Bank and Signature Bank has many on edge since many fear a domino effect. Silicon Valley Bank, which had no risk assessment officer for eight months, collapsed over the weekend, hastened by the institution’s announcement to raise capital to cover massive losses it took with the fluctuating tech market; SVB is a go-to bank for loans for fledgling start-ups. That news triggered a panic, a run, and now California officials have taken over and given the Federal Deposit Insurance Corporation the reins. Signature Bank, which is a cryptocurrency operation, was shuttered over ‘systemic risk’ concerns (via CNBC):
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READ MORE: https://townhall.com/tipsheet/mattvespa/2023/03/13/another-bank-is-shut-down-over-concerns-about-systemic-risk-n2620550
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