California-based commercial lending giant Silicon Valley Bank had its charter revoked and was transferred into receivership on March 10 after a bank run – which occurs when too many clients try to get their money out at once. The collapse sent shockwaves rippling across the financial world. What exactly happened? And what’s next? Sputnik explains.
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in fact, whe in fact. and customers showed up at vbs branch in manhattan todaye to get their deposits back . managers called the police manah so what we have here is a nineteen twenty nine style bank run and that s not a good sign for anyone. the question is whether the people who run svp saw it coming. the ceo, a man called greg becker, apparently sold more than two million dollars in banhey saw itk stock over the two weeks. according to the site.ks unusual whales, several otheroyf high level employees of svp, including chief marketingmarkete officer michelle draper, chief operations officer phil cox,er, significant general counsel michael zucker svl sold significant amounts of diock in sbb this year. do those employees, their bank was in trouble? we don t know. and once again, where were the regulators? this was prevent this once again, we don t knowsupposed to and the business press supposed to be telling ordinary people what s happening with busin. apparently, nobody notice