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OFFICIAL Financial Collapse Gayme Thread
pawz
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WASHINGTON—Regulators are planning to take another crack at auctioning failed Silicon Valley Bank, according to people familiar with the matter, after they were unable to find a buyer for the firm over the weekend.
Officials from the Federal Deposit Insurance Corp. told Senate Republicans on Monday that they had additional flexibility to sell the firm now that regulators had declared its failure a threat to the financial system, according to people familiar with the briefing and notes on the discussion reviewed by The Wall Street Journal.
By declaring the firm systemic, regulators have more flexibility to cover all depositors at the failed bank, including those with deposits above a typical $250,000 insurance cap. The move also gives regulators the ability to offer would-be buyers deal sweeteners such as loss-sharing agreements, according to former regulators.
While none of the largest U.S. banks bid on SVB during a failed auction on Sunday, at least one offer was made by another institution, but it was declined by the FDIC, officials told lawmakers on Monday. The timetable for the second auction was unclear.
The FDIC seized Silicon Valley Bank on Friday after a run on deposits doomed its efforts to raise fresh capital and shore up its finances.
https://www.usnews.com/news/articles/2017-06-27/janet-yellen-i-dont-see-a-financial-crisis-in-our-lifetimes