Silicon Valley Bank collapse under investigation
by Justice Department
Posted By: cThree, 3/14/2023 12:24:44 PM
The Biden administration is gearing up to investigate the collapse of Silicon Valley Bank, which was the 16th-largest bank in the United States before it went under after a run on the bank last week. The Justice Department is in the early stages of investigating SVB's failure, Fox News has confirmed. The news was first reported by the Wall Street Journal, which said the Securities and Exchange Commission is also investigating. These inquiries may or may not lead to charges or allegations of wrongdoing and are typical of the government's response after a big company reports massive, unexpected losses. CORRECTION*
*Source corrected.
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The Biden administration is gearing up to investigate the collapse of Silicon Valley Bank, which was the 16th-largest bank in the United States before it went under after a run on the bank last week. The Justice Department is in the early stages of investigating SVB's failure, Fox News has confirmed. The news was first reported by the Wall Street Journal, which said the Securities and Exchange Commission is also investigating. These inquiries may or may not lead to charges or allegations of wrongdoing and are typical of the government's response after a big company reports massive, unexpected losses. CORRECTION*
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Comments:
Teams of investigators may be heading to Mar-a-Lago even as we speak.