Tomorrow may be a bad day for the financial markets after the Friday shut down Silicon Valley Bank. US “regulators” quietly shut down yet another bank today, Signature Bank in New York. This is a crypto focused bank. The great Biden bank failure is upon us.
The banking regulators said depositors at Signature Bank will have full access to their deposits, a similar move to ensure depositors at the failed Silicon Valley Bank
will get their money back.
“All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” the regulators said.
The regulators shuttered Silicon Valley Bank on Friday and seized its deposits in the largest U.S. banking failure since the 2008 financial crisis — and the second-largest ever. The dramatic moves come just days after the tech-focused institution reported that it was struggling, triggering a run on the bank’s deposits.