Business Moguls Warn Banking Crunch Is Far From Over
View Source | April 14, 2023 7:36 am
- Two prominent business leaders predicted that the turmoil which hit the financial sector over the past several weeks will continue as more banks face various pressures.
- The implosion of Silicon Valley Bank, where the vast majority of account balances exceeded the $250,000 threshold backed by the Federal Deposit Insurance Corporation, prompted the government-backed company to secure all accounts at the firm last month in order to prevent additional bank runs.
- Signature Bank, which also had a majority of large account holders, imploded days later and produced additional concerns over volatility in the financial system.
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