Feds backstop all deposits of failed Silicon Valley Bank, second Bay Area bank plunges

SANTA CLARA — Federal officials moved to insure all deposits at failed Silicon Valley Bank, hoping to inoculate the banking system against contagion, but shares of another Bay Area regional bank plunged on Monday.

The U.S. Treasury Department, the Federal Reserve Bank and the Federal Deposit Insurance Corp. teamed up to lead the quest against a banking system contagion in the wake of the collapse and takeover by the FDIC of the insolvent Silicon Valley Bank. Signs quickly emerged on Monday, however, that Wall Street and big investors were skeptical about the federal actions in the case of Santa Clara-based Silicon Valley Bank.

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How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge Biden’s America. Are we having fun yet? bank crooks with silicon valley tech libs. boo hoo The money in SVB most are richest's and oversea dirty money from CCP families. Let it fail.
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