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Silicon Valley Bank is largest failure since financial crisis, billions stranded

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California banking regulators close Silicon Valley Bank and appoint the Federal Deposit Insurance Corporation as receiver for later disposition of its assets.

by ending the era of cheap money is exposing vulnerabilities in the market. The worries walloped the banking sector.

Some analysts forecast more pain for the sector as the episode spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money. The White House on Friday said it had faith and confidence in US financial regulators, when asked about the failure of SVB. Cecilia Rouse, who chairs the Council of Economic Advisers, said the US banking system was fundamentally stronger than it was during the 2008 financial crisis.

 

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