California Regulators CLOSE Silicon Valley Bank, FDIC Named Receiver; CEO Allegedly Sold $3.5 Million in Stock in Last Two Weeks

California Regulators CLOSE Silicon Valley Bank, FDIC Named Receiver; CEO Allegedly Sold $3.5 Million in Stock in Last Two Weeks | 10 March 2023 | California regulators closed Silicon Valley Bank on Friday. The FDIC was named receiver. Via Market Watch: "Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (FDIC) has been appointed receiver, becoming the first FDIC-backed institution to fail this year. The news comes amid a crisis at parent SVB Financial Group, which lost a record 60% of its value on Thursday, after it disclosed large losses from securities sales and announced a dilutive stock offering along with a profit warning. The FDIC said all insured [up to $250,000] depositors will have full access to their accounts no later than Monday morning..." The bank reportedly holds $173 billion in deposits. The crash could cause a recession.