Control of Silicon Valley Bank up for auction as federal officials weigh protect...
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Control of Silicon Valley Bank up for auction as federal officials weigh protecting uninsured deposits after collapse
An auction of Silicon Valley Bank is underway as feds rush to save the collapsed financial institution.
Officials told the Washington Post the government is considering protecting all uninsured depositors.
Bids are expected to continue until Sunday afternoon.
An auction for control of the failed Silicon Valley Bank is now underway and federal officials are seeking ways to protect all deposits, according to the Washington Post.
The Federal Deposit Insurance Corp is expected to accept bids until Sunday afternoon, after opening the process on Saturday in an effort to find a buyer to help protect depositors, sources close to the matter told Bloomberg on Sunday. The goal is to select a winning bid as quickly as possible ahead of market open in Asia, but its possible the bank won't find a buyer, per Bloomberg.
Meanwhile, three government officials told the Washington Post they are considering the unprecedented move of fully protecting uninsured deposits in the bank following the bank's Friday collapse. The move would serve as a potential alternative if an auction fails to go through, the Post reported.
The once-trusted bank used by tech executives and startup founders was shut down by regulators on Friday, after a bank run triggered by falling stock and skyrocketing interest rates. Its collapse became the second-biggest bank failure since the 2008 financial crisis.
Treasury Secretary Janet Yellen told CBS News on Sunday she'd been working with regulators all weekend after hearing from depositors to "design appropriate policies to address the situation," without giving further details. She said investors will not receive a government bailout.
"Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out," Yellen said on Sunday.
Read the original article on Business Insider
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