The collapse of the Silicon Valley Bank (SVB), the bank of choice for high-risk climate change companies , has sparked fears of a looming crisis. After all, this was the largest bank failure since 2008 . SVB’s collapse was followed swiftly by a shotgun wedding between Credit Suisse , and USB, the takeover of New York’s Signature Bank , and the looming financial threats posed by San Francisco’s First Republic Bank .
Despite the 2010 passage of Dodd-Frank , a bill designed to prevent another financial meltdown, America’s banking system is in danger. One report entitled “ Monetary Tightening and US Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?” indicates that 186 U.S. banks are now at risk of failure because of increasing interest rates and the high number of uninsured deposits. Consequently, if half of the uninsured depositors withdraw their funds, almost 190 banks are in jeopardy, […]
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