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Silicon Valley Bank Collapses in Second-Biggest Bank Failure in US History
Silicon Valley Bank (SVB) has failed in the second-largest US bank collapse since the 2008 financial crisis. The bank, which had $209bn in assets, collapsed after customers withdrew $42bn on Thursday alone, leaving it with a negative cash balance of almost $1bn. Regulators closed the bank hours after it scrapped a planned $2.25bn share sale. All deposits have been transferred to the Deposit Insurance National Bank of Santa Clara, a new entity created by the Federal Deposit Insurance Corporation. Insured depositors will have access to funds by Monday, but customers with funds exceeding insurance caps will receive receivership certificates for their uninsured balances.
On our radar
The House Judiciary Select Subcommittee on the Weaponization of the Federal Government held a hearing to examine the Twitter Files, which show that several branches of the federal government pressured social media platforms to limit speech. Independent journalists Matt Taibbi and Michael Shellenberger were invited to present their reporting to Congress on this issue. The hearing was marked by a contentious exchange between the journalists and some members of Congress, who questioned their credibility and motives. The discussion centered on the nature of misinformation and disinformation and whether truthful speech can be considered disinformation. The countering-disinformation industry, which receives significant public funding, has been criticized for potentially infringing on Americans' speech rights and the First Amendment. Full video follows.
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