Canadian regulator seizes assets of Toronto branch of Silicon Valley Bank

Fearful depositors withdrew billions of dollars from the U.S. bank in a matter of hours Friday, forcing U.S. banking regulators to urgently close the California-based institution.

The statement notes Silicon's business in Canada is primarily lending to corporate clients, and that the branch does not hold any commercial or individual deposits in Canada. "I want to be clear: the Silicon Valley Bank branch in Canada does not take deposits from Canadians, and this situation is the result of circumstances particular to Silicon Valley Bank in the United States."Silicon Valley Bank served mostly technology workers and venture capital-backed companies, including some of the industry's best-known brands.

If you look at the federal reserve banking system as a whole (Modern money mechanics) this is bound to happen and will continue to happen

The worst is, that between these financial crooks and the government crooks the average person will end up being penalized and pay for their negligence. Fake it until you break it!! And make someone else pay the consequences.

Good Hopefully Canadian accounts will be protected the same way as American? JustinTrudeau ? PierrePoilievre ?

Oh so there was a branch in Toronto. Ohhhhh this isn't going to end well.

Gee, I wonder why the SVB was having problems?

The good news is their carbon footprint will soon be zero.

👀 Silicon Valley Bank served mostly technology workers and venture capital-backed companies, including some of the industry's best-known brands.

Seize those assets . Seize them so hard 😉

Biggest bailout

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