Government scrambles to calm customers in wake of Silicon Valley Bank collapse

The federal government announced that regulators will create a backstop for uninsured deposits at Silicon Valley Bank to calm fears that other banks would fail soon. Secretary of Treasury Janet Yellen indicated there would be no government bailout following the financial collapse of 2008. New outrage comes as CNBC reports that SVB employees received their bonuses just hours before the bank went under.

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#SiliconValleyBank #Markets #Finance

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