NOTHING TO SEE HERE, MOVE ALONG: Signature Bank fails, closed by regulators.
But: SVB, Signature Bank Depositors to Get All Their Money as Fed Moves to Stem Crisis. “Officials took the extraordinary step of designating SVB and Signature Bank as a systemic risk to the financial system, which gives regulators flexibility to guarantee uninsured deposits. Officials said that depositors at SVB will have access to all of their money on Monday.”
UPDATE: In the comments, people point out that SVB is a techbro bank, and they’re Dem donors, while Signature has Barney Frank on its board. You people are so cynical.
And, also from the comments: “The government spent all weekend so they could bail out rich politically connected investors. Compare this to East Palestine Ohio where it took the government 3 weeks to even pretend to give a damn. Seriously the government worked over a weekend to just help out rich tech investors. Contrast that with 3 weeks before the feds did anything to even pretend to help out a community dealing with a massive chemical spill.”
Well, to be fair, those were deplorables.