Federal regulators are conducting an auction for Silicon Valley Bank, which was shut down by the Federal Deposit Insurance Corporation on Friday, according to several media outlets. Breaking News: Regulators are racing to contain fallout from Silicon Valley Bank’s collapse, putting it up for auction and weighing how to protect deposits. The FDIC created a new bank, the National Bank of Santa Clara, to hold the deposits and other assets of Silicon Valley Bank, according to the newspaper. Fifteen years later, economists and politicians are concerned that companies that have large, uninsured bank deposits might grow jittery as they watched some Silicon Valley Bank customers face losses, the Times reported. “Big buyer, small buyer, fat buyer, skinny buyer -- we need a buyer,” Sherman said.

Source: New York Times March 12, 2023 20:38 UTC