Finance Mar 12, 2023

Silicon Valley Bank Collapse Raises Concerns, but No Bailout from US Treasury Secretary

US Treasury Secretary, Janet Yellen, announced that there would be no bailout for Silicon Valley Bank (SVB), which collapsed this week, raising fears of a crisis. However, the Biden administration is working closely with regulators to help depositors hit by the fall of SVB. Learn more about the SVB collapse and its potential impact on the US banking system in this article.

Africa Mar 10, 2023

BREAKING: Silicon Valley Bank Closed by Regulators

Silicon Valley Bank, which announced that it was looking to raise more than $2 billion in additional capital after suffering a $1.8 billion loss on asset sales, has been closed by regulators. The Federal Deposit Insurance Corp. has taken control of the bank’s deposits, and insured depositors will have access to their deposits no later than Monday morning. The move represents a rapid downfall for SVB, and its parent company SVB Financial Group's shares fell 60% on Thursday, and dropped another 60% in premarket trading on Friday before being halted.