Sen. Mark Warner (D-VA) argued that the best remedy for the Silicon Valley Bank collapse would be an acquisition.
Stopping short of ruling out support for a bailout, Warner underscored the importance of SVB depositors receiving their money back and emphasized the speed with which SVB's collapse came about."The best outcome will be – can they find a buyer for this SVB bank today, before the markets open in Asia later in the day. That would be the best," Warner told ABC's This Week host Martha Raddatz.
SVB was the 16th largest federally insured bank and the largest to plunge into turmoil since Washington Mutual crashed during the 2008 financial crisis. Warner, who sits on the Senate Committee on Banking, Housing, and Urban Affairs, noted the timeline of its demise. During the Trump administration, Warner was one of 17 Democrats who backed a mid-sized bank rollback in Dodd-Frank, a comprehensive banking regulation package passed in the aftermath of the 2008 financial crisis. Warner helped author the original Dodd-Frank bill.Federal Deposit Insurance Corporation policy dictates that bank deposits are insured up to $250,000, but the vast majority of SVB's deposits were worth over $250,000.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
Les mer »
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Les mer »
Silicon Valley Bank collapse: Mark Cuban says Fed should 'immediately' take this actionMark Cuban raised questions about how regulators had allowed Silicon Valley Bank to end up in such a vulnerable position, and demanded that the Federal Reserve take immediate action.
Les mer »
Mark Cuban calls on Federal Reserve to buy Silicon Valley Bank debtInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Les mer »
Silicon Valley Bank Closed by Regulators After Bank RunRegulators shut down tech lender Silicon Valley Bank (SVB) on Friday after a bank run. See potential bias and similarities in coverage from CNNBusiness, WSJ and nypost: SVB SiliconValleyBank
Les mer »
What to know about Silicon Valley Bank and bank runsBank runs are triggered by fear, and fear is bad for business.
Les mer »