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
ba banks in this country, wellsnkco fargo, bank of americauntry,, jp morgan, morgan stanley, collectively lost more tha nne fifty billion in market value in one day. that s quite a hiat s a ht. on the other hand , those bankss still exist. and you can t see that for bank.n valley as of this morning, silicon valley bank or svp, has gone under completely.es the that makes the second biggest bank failure in the history ofef this country and the significant sub finance, nearly half of all venture backed health care and technology companies in the unite healthcai states .ant cash it also apparently held significant cash reserves, just one of the biggestrves for cryptocurrencies, and it s now gone. federal regulators have renamed it and taken it over.ov and that means an awfu l lotf m more people lost an awful lot of money and most of that money was not insured. nhat theyno matter what they t, the fdic only guarantees bank fdicdeposits up to two hundred and fifty thousand. an