What’s the 16th largest US bank collapsing mean, anyway?
The California Department of Financial Protection and Innovation said Friday that it was taking over and closing the distressed bank to protect deposits, naming the Federal Deposit Insurance Corporation as its receiver. The FDIC has formed a separate entity where all insured SVB deposits will be available by Monday morning.
The closure marks the biggest bank failure since the 2008 financial crisis and the second-largest on record after Washington Mutual collapsed during that industry-wide meltdown, according to FDIC data.
I really hope nobody took CNBC’s advice (as always) to BUY! BUY! BUY! just recently. Oh well. By the time the larger banks begin falling no one will even remember this little hiccup.
PS: If you
have had money in this Ponzi scheme institution, and if you try to get it back, well, they’re calling the cops on people like you. “MURICA!