and titans many charged with being woke, but the fact of the matter was, it was a bank that made the wrong bet on treasuries at the wrong time and bought tens of billions of those, the price of treasuries went down and flat-footed while people wanted their money. now it s in receivership and run by the federal deposit insurance corporation. it s a dramatic played out amidst talk there could be other problems out there. kelly o grady has more from los angeles. kelly. good morning to you, neil. yes, it s the second biggest banking collapse in u.s. history. the first major one since 2008 and it all happened in the span of 48 hours, what started this is svb found its self short on cash. the stock was plummeting. invests warned they might not be able to raise money and a bank run and loss of clients and simultaneously tried to withdraw fund. and the regulators have taken over it and insured depositors will gain access by monday. fallout could be dire. roughly 50% of venture capi
they said we couldn t do it, we have to go. going other places. neil: what do your customers do? i m sure they love your service, well regarded in the community and customers are lawyer and give you high marks, but a good many are scared to leave their car there for service, for fear it might be stolen. and i can t believe cars overnight, i have to put cars in the shop. only six cars because it s so small. sorry, you can t, don t leave them here because i can t be responsible for them. and we ve had people steal stuff out of cars and vans that get left here, they break in and steal all kind of stuff out of them. they vandalize them and sometimes just vandalize, don t get nothing out of them. it s just sad. they broke in my shop three weeks ago and didn t get anything, but my briefcase and that was all kinds of important shop stuff in it. took me forever to get it.
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