'Everyone Is Freaking Out.' What's Going On With Silicon Valley Bank? Federal Government Takes Control.
Panic spread as the financial losses of one slightly obscure California bank rippled in the stock value of banks in the U.S. — and now, the federal government has stepped in.
The government is stepping in again — just don't call it a "bailout."
After Silicon Valley Bank (SVB) went under, marking the largest bank failure since the 2008 recession, the federal government announced on Sunday that all depositors in the failed Silicon Valley Bank would be covered in full.
