To stem the damage and stave off a bigger crisis, the Fed and Treasury created an emergency program to backstop deposits at both Signature Bank and Silicon Valley Bank using the Fed’s emergency lending authority.
While depositors will have access to their money, equity and bondholders at both banks are being wiped out, a senior Treasury official said.
If you lost money in this stock you need to call your congressman and senator. No joke. It was a political attack. The bank had 3X the cash to cover deposit requests. Zero chance of insolvency. Zero. Shareholders need to be made whole. $Signature Bank(SBNY)$
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