Feds Take Over Silicon Valley Bank in Biggest Bank Failure Since 2007
By Joe Cunningham | 1:19 PM on March 10, 2023
Silicon Valley Bank (SVB), a financial institution that focused primarily on investing in tech start-ups, has been taken over and shut down by federal regulators in one of biggest financial failures in history, and the biggest since the Global Financial Crisis over a decade ago.
The collapse of the bank comes as the tech industry has lost a lot of profitability in recent months. Major tech firms are slashing jobs, and new start-ups are dwindling.
The stunning downfall of the bank, once a darling of the financial world, comes after it raced to find a buyer following a major reported loss, according to the Wall Street Journal.
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READ MORE: https://redstate.com/joesquire/2023/03/10/feds-take-over-silicon-valley-bank-in-biggest-bank-failure-since-2007-n714598
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