https://www.zerohedge.com/markets/silicon-valley-bank-crashes-65-halted-pending-news*FDIC: SVB BANK CLOSED BY CALIFORNIA REGULATOR
*FDIC: SVB BANK IS FIRST INSURED INSTITUTION TO FAIL THIS YEAR
*FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA
*FDIC: NAMED FEDERAL DEPOSIT INSURANCE FDIC AS RECEIVER
*FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA
*SILICON VALLEY BANK INSURED DEPOSITORS TO HAVE ACCESS MONDAY
As we noted before, while the FDIC noted that SVIB had $175BN in deposits as of Dec 31, note that some $151.5BN of these are uninsured, which means they get exactly zero although a sizable number of them likely pulled their deposits in the past few days.
And just like that SVB is no more:
a historic collapse which in many ways was faster than Lehman, and which has seen SIVB stock plunge from $763 to 0 in 16 months.
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Epic comment from ZH:
"The FDIC cannot, was never intended to, insure against a massive, FED engineered, fractional reserve banking, ponzi, free money, wealth through debt, "monetary policy".
