Re:FDIC Takes over Silicon Valley Bank
by zenmacro on Friday March 10, 2023 @12:17PM
(#35097536)
Wow, the government acted incredibly swiftly and decisively to crush the possibility of a general bank panic. The current US banking system is very different from the 2008 system.
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well they got a finger in the dam leak at least. The question is, is it the only leak or are other cracks going to appear with more leaks?
Because SVB was an actual bank with deposits that is FDIC insured. This is their job and they always acted timely in any situation, even before 2008.
Bear Stearns in 2008 was an investment bank, they were not hawking FDIC insured accounts.
Re:FDIC Takes over Silicon Valley Bank
by bigbillheck on Saturday March 11, 2023 @11:30AM
(#35109811)
There were a whole lot more banks that failed in 2008 beyond Bear Stearns.
From what I recall of the last set of bank failures this is pretty much the FDIC's SOP. They swoop in on Friday with little notice, close the bank, work through the weekend and open up for business on Monday. It apparently made for some interesting work environments.
!remindme 2 months
your last sentence is demonstrably false!