How is the government responding to the Silicon Valley Bank failure? Here's what we know.
RELATED: Biden on Silicon Valley Bank collapse: 'That's how capitalism works'
It's been a tumultuous few days for banks since the now-shuttered Silicon Valley Bank announced Wednesday it had suffered a $1.8 billion after-tax loss and urgently needed to raise more capital to quell depositors' concerns.
By Friday, SVB's chances of getting access to more funding appeared paper thin. That led the Federal Deposit Insurance Corporation to take over the bank after failed attempts to sell it to healthier banks.
The FDIC announced Friday afternoon that customers who had up to $250,000 per account deposited with SVB, which was the nation's 16th-largest bank, would have access to their funds by Monday morning. But it wasn't known at the time what would happen to deposits that exceeded $250,000, the limit the FDIC insures in the event of a bank failure.
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Strange but true.
Two things in this world takes faith to make it work… money and God. Money is just made of paper that has no value in itself, people have to believe in it to give it monetary value. God, on the other hand talks about how we should live together to keep from destroying ourselves (“do unto others as would have done unto ourselves”). Money gives us things to play with God gives us purpose in what we do. When we die money will buy us a tombstone to put over our grave, on the other hand, God will give us a soul so we can keep on living, self evidence in God actually lives in the Constitution of some countries… Which one do you believe has more value?
PS. How can banks be the holy grail if the people who manage them can’t keep their religion right.
You forgot Silvergate Capital Corp.
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