Failed Silicon Valley Bank up for auction; deposit protection debated

An auction for control of the failed Silicon Valley Bank is now underway and federal officials are seeking ways to protect all deposits, according toThe Federal Deposit Insurance Corp is expected to accept bids until Sunday afternoon, after opening the process on Saturday in an effort to find a buyer to help protect depositors, sources close to the matter told.

Meanwhile, three government officials told the Washington Post they are considering the unprecedented move of fully protecting uninsured deposits in the bank following the bank's Friday collapse. The move would serve as a potential alternative if an auction fails to go through, the Post reported.

US financial regulators are launching a new lending program with funding from the Treasury Dept. in an effort to reassure depositors that their money is secure. This helps people and businesses in these difficult times while enhancing the reputation of the US financial system.

Oprah made a call

BS we just bailed that shit out.. we own it now!

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