SVB's Mismanagement and Rapid Withdrawals Cause Implosion, Says Fed Official.
TL;DR Summary
Silicon Valley Bank experienced a rapid and unprecedented run on deposits, with $42 billion withdrawn in just hours, leaving the bank with a negative cash balance of $958 million. Federal Reserve Chairman Jerome Powell has called for possible regulatory and supervisory changes to keep up with the speed of such events. Fed Vice Chair Michael Barr has criticized the bank's management, calling its failure a "textbook case of mismanagement." First Citizens Bank has acquired SVB's assets at a discount of $16.5 billion.
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- This is why SVB imploded, says top Fed official CNN
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