The implosion of #WashingtonMutual, as well as the investment #banks #LehmanBrothers and #BearStearns, was followed by a systemwide failure. From 2008 to 2015, more than 500 federally insured #banks failed.

#SVB #SiliconValleyBank on Friday became the biggest American #bank to fail since the collapse of #WashingtonMutual in 2008, at the height of the GFC,
chart @nytimes https://cutt.ly/H851sRU

FDIC Creates Bridge Banks for Failed Silicon Valley Bank and Signature Bank Clients to Access Funds - The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients o... - https://news.bitcoin.com/fdic-creates-bridge-banks-for-failed-silicon-valley-bank-and-signature-bank-clients-to-access-funds/ #fdic-operatedbanks #financialstability #depositprotection #full-servicebanks #newyorkregulators #orderlyresolution #siliconvalleybank #bankingcustomers #washingtonmutual #news

I’m not an economist, nor do I pretend to be one.

But with all the #news talk of #SVB & #WashingtonMutual #bank, I thought I’d look into #WaMu’s undoing

I stumbled upon this article from The Street. (I’m unfamiliar with the site.) Having been written in 2012, it seems prescient

I’m sure the #laws in place have changed since then, but I have no idea to what end
https://www.thestreet.com/investing/stocks/4-ways-washington-mutuals-bankruptcy-still-matters-11425619
@mmasnick

The largest #BankRun in #history #SiliconValleyBank #customers withdrew $42 billion from their accounts on Thurs. That's $4.2 B an hour, or more than $1 million per second for 10 hours straight. To put that in context, the previous largest bank run in modern U.S. history took place at #WashingtonMutual bank in 2008, and totaled $16.7 billion over the course of 10 days. That's a mere trickle in comparison to what was seen at SVB, #FinancialStability #FinancialCrisis. https://www.axios.com/2023/03/11/the-largest-bank-run-in-history?

La Federal Deposit Insurance Corporation ha sequestrato i beni della #SiliconValleyBank venerdì, segnando il più grande fallimento bancario dai tempi di #WashingtonMutual durante l’apice della #crisifinanziaria del 2008.
Mio articolo
https://www.corrierepl.it/2023/03/10/la-silicon-valley-bank-collassa-sequestrata-dalla-fdic/