Goldman Sachs bought the SVB bonds whose $1.8 billion loss set off the startup lender's meltdown
Silicon Valley Bank revealed Tuesday that Goldman Sachs bought the bond portfolio on which the startup lender booked a multi-billion-dollar loss, setting off the biggest bank failure since 2008.
The debt holdings, originally valued at $23.97 billion, ended up being sold at a negotiated price of $21.45 billion,The huge shortfall spurred the bank to attempt raising more capital by selling shares – a plan that ended up in the dumps and sparked an old-fashioned bank run that would lead to its rapid meltdown.
On Friday, the lender was shut down by regulators and put under the control of the Financial Deposit Insurance Corporation, marking the biggest bank failure since Washington Mutual folded up 15 years ago. Not long after,
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