After a relatively mild start to 2023, it was starting to seem that all the talking heads predictions of an imminent recession were way overblown. Until Friday, that is. That’s when this happened. Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history. California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation. The FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to […]
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