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The entity that once owned the poor, beleaguered Silicon Valley Bank, the main banking house for numerous tech-focused firms and venture capitalists, is officially holding up a white flag as it suddenly declared bankruptcy.
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Silicon Valley Bank and Signature Bank failed with enormous speed – so quickly that they could be textbook cases of classic bank runs, in which too many depositors withdraw their funds from a bank at the same time.
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The U.S. government swooped in on Sunday to save the tech industry’s favorite bank, announcing that it would ensure all depositors in Silicon Valley Bank had full access to their money by Monday. Silicon Valley Bank is the second-largest bank to fail in U.S. history.
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