Silicon Valley Bank shut down, second-biggest bank collapse in U.S. history | LiveNOW from FOX
The Federal Deposit Insurance Corporation (FDIC) says it has seized control of Silicon Valley Bank (SVB), confirming the lender was shut down by California regulators amid a run on the bank.
The FDIC said in a press release that SVB was closed on Friday by the California Department of Financial Protection and Innovation, which in turn appointed FDIC as the receiver of all insured deposits of the bank.
Tech investor Zain Jaffer joins LiveNOW's Andrew Craft to discuss what SVB's collapse means for the industry and for the people who banked there.
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