Silicon Valley Bank Failure Tanks other Banks in Domino Effect
News - Middle East: The US has pulled the plug on Silicon Valley Bank in the biggest banking failure in the country since 2008.
The bank, which has been a key lender to US startups since the 1980s, failed after depositors hurried to withdraw money over liquidity concerns.
It is the second-largest failure of a US financial institution in history.
The Silicon Valley Bank held $209 billion in assets at the time of its collapse.
Even after adjusting for inflation by assets, it trailed only Washington Mutual, which held $434 billion in assets when it failed in 2008 during the US home mortgage crisis, which triggered the world financial crisis.
Is the US headed for another financial crisis? What does the failure of this bank say about the state of the US economy?
#US #Silicon Valley Bank About 1 year-
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