The collapse of Silicon Valley Bank (SVB) was the fault of US President Joe Biden’s administration, Donald Trump has claimed, warning it could lead to a new Great Depression in the United States.
Home Depot co-founder Bernie Marcus believes the collapse of Silicon Valley Bank "will finally wake up" Americans to "understand that we’re living in very tough times."
New York-based Signature Bank, with $110.36 billion in assets, has become the third largest bank failure in US history, following the recent collapse of Silicon Valley Bank, but depositors of both banks will be made whole and no losses will be borne by the taxpayer.
HSBC has agreed to acquire the UK arm of Silicon Valley Bank for a nominal fee of £1, following the collapse of the bank due to its specialization in lending to technology companies.
Shalanda Young, Biden’s director of the Office of Management and Budget, assured Americans that the banking system was “resilient” amid the collapse of the Silicon Valley Bank (SVP).
The Federal Deposit Insurance Corp. (FDIC) and Federal Reserve are discussing creating a fund to backstop deposits if more banks fail following the collapse of Silicon Valley Bank.
Home Depot co-founder Bernie Marcus discussed the devastating collapse of Silicon Valley Bank, urging Americans to "wake up" and understand that the U.S. economy is in "tough times."
