Signature Bank is a big cryptocurrency lender in New York. On Sunday, the Federal Deposit Insurance Corporation (FDIC) took over its assets worth more than $110 billion and more than 88 billion in deposits.
On Friday, the second largest bank to go belly up sent shockwaves from California.
Silicon Valley Bank , which catered to the tech industry started selling assets last Wednesday to balance its books. Instead, panic took over as customers and investors demanded their money. The FDIC had to step in to contain the fire. Early Monday, the UK Treasury and the Bank of England announced they had facilitated the sale of SVB UK to HSBC, Europe's biggest bank, ensuring the security of 6.7 billion pounds of deposits.On Sunday, U.S. Treasury Secretary Janet Yellen was adamant that banks are not going to be rescued again by taxpayers, as they were in 2008.
"During the financial crisis, there were investors and owners of systemic large banks that were bailed out. We're not going to do that again," said Yellen.Lindsey Michaelides runs a small business in Ohio. "It's really easy to think that the impact of this is very limited to Silicon Valley in the Bay Area and it couldn't be further from the truth," Michaelides said.48 hours later Signature collapsed.
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