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Silicon Valley Bank collapses after failing to raise capital
New York CNN — Silicon Valley Bank collapsed Friday early morning immediately after a stunning 48 hours in which a financial institution operate and a capital disaster led to the next-premier failure of a money establishment in US background. California regulators closed down the tech financial institution and put it below the regulate of the US Federal Deposit Insurance coverage Company. The FDIC is acting as a receiver, which usually implies it will liquidate the bank’s property to pay back back again its customers, including depositors and collectors. The FDIC, an unbiased federal government agency that insures financial institution deposits and oversees economic institutions, said all insured depositors will have…