SVB Financial accuses FDIC of 'improper actions' to block the firm from accessing $2 billion of its cash

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SVB
Police officers outside SVB's headquarters in Santa Clara, California on Friday.

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This banking crisis is different from the 2008-2009 financial crisis in 4 ways, Moody's chief economist Zandi says

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Mark Zandi
Mark Zandi, chief economist of Moody's Analytics, outlined four key differences between the banking crisis now and during the Global Financial Crisis.

REUTERS/Brendan McDermid

Citadel boss Ken Griffin thinks SVB's rescue package shows US capitalism 'breaking down before our eyes'

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FILE PHOTO: Ken Griffin, Founder and CEO, Citadel, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S., April 30, 2019. REUTERS/Mike Blake
Ken Griffin, Founder and CEO, Citadel, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California

Reuters

Billionaire Charles Schwab's wealth plunged nearly $3 billion after his brokerage's shares were hammered amid the banking crisis

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Charles Schwab, the founder and chairman of Charles Schwab.
Billionaire Charles Schwab lost nearly $3 billion after shares of the brokerage he founded were hammered amid the banking crisis.

REUTERS/Jim Young

Silicon Valley Bank's UK unit has been sold to HSBC for $1.21

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Startup founders scrambled to get their funds out of Silicon Valley Bank after its collapse.
Startup founders scrambled to get their funds out of Silicon Valley Bank after its collapse.

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Some Silicon Valley Bank customers are selling their deposits at big discounts to raise cash quickly, reports say

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A worker (C) tells people that the Silicon Valley Bank (SVB) headquarters is closed on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the US Federal Deposit Insurance Corporation.
Regulators shut down Silicon Valley Bank on Friday.

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Silicon Valley Bank's collapse means startups and VCs face billions in losses

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A man stands outside Silicon Valley Bank
Silicon Valley Bank was shut down Friday by regulators.

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Hundreds of startups face a crippling cash crunch and an 'extinction-level event' if no one buys Silicon Valley Bank by Monday

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SVB HQ
Silicon Valley Bank's HQ in Santa Clara, California

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Silicon Valley Bank imploded in a single day. It could be just the tip of the iceberg.

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Iceberg
A boat steers slowly through floating ice, and around icebergs, all shed from the Greenland ice sheet, outside Ilulissat, Greenland.

AP/Brennan Linsley

Paul Krugman says Silicon Valley Bank could've been called the 'Schmoozing and Vibes Bank,' but it's probably not another 'Lehman moment'

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Paul Krugman
Paul Krugman said it appeared "at most like a fairly narrow sectoral crisis."

Brendan McDermid/Reuters

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