Silicon Valley Bank, a California-based lender to technology startups, collapsed on Friday after announcing big losses earlier in the week.
The bank's failure, the largest in the United States since the Great Recession, prompted the Federal Deposit Insurance Corporation to create the National Bank of Santa Clara to protect insured depositors.
Although SVB Financial was in talks to find a buyer after attempts to raise capital failed, plans were eventually abandoned…
The FDIC announced that insured depositors will have access to their funds by Monday, March 13.
Concerns about the bank's stability caused some venture capital funds, including Peter Thiel's Founders Fund, to advise portfolio companies to withdraw funds.
In the wake of SVB's failure, other banks, including First Republic Bank, took a hit as investors and analysts considered other similar problems.
Signature Bank, a New York-based lender that was also unable to find a buyer or raise funds, was shut down by regulators just two days after SVB's collapse.
The Treasury Department announced protections for depositors at SVB and Signature Bank, but shareholders and unsecured debt holders were not covered by the plan.
A Wall Street legend has warned 8.4 million Americans to prepare immediately.
“A historic financial reset in 2023 could cause a run on the banks unlike anything we've seen in our country's history,” he says.
Marc Chaikin has already appeared on 30 different TV networks to share his warning. Even CNBC's Jim Cramer has taken notice.
But few people realize this could actually happen on U.S. soil. Or what a sizable impact it could have on your wealth, especially if you have large amounts of cash in the bank right now.
Chaikin is best known for predicting the COVID-19 crash, the 2022 sell-off, and the overnight collapse of Priceline.com during a CNBC debate. In his 50-year Wall Street career, he worked with hedge funds run by billionaires Paul Tudor Jones and George Soros.
But today, he is now urging you to move your money out of cash and popular stocks and into a new vehicle 50 years in the making.
“This is by far the best way to protect and grow your money in what will surely be a very difficult transition for most people,” Chaikin says.