One of the largest banks in the United States, Silicon Valley, went bankrupt in 2 days, CNN reported.
The report says Silicon Valley is the largest U.S. bank to fail since the 2008 global financial crisis.
The material also tells how the bank was able to go bankrupt in 2 days. On March 9, news broke of Silicon Valley’s unsuccessful operation with securities. In the future, to compensate for financial losses, the bank decided to issue additional shares in the amount of 2.25 billion dollars.
But advisory agencies that reacted to the bank’s policy advised depositors to withdraw their funds from the bank’s accounts. As a result, the bank began to rapidly lose cash, and a day later the US financial regulator declared Silicon Valley bankrupt.
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