Why regulators seized Signature Bank in 3rd-most important financial institution failure in U.S. historical past

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On Friday, Signature Financial institution prospects spooked by the sudden collapse of Silicon Valley Financial institution withdrew additional than $10 billion in deposits, a board member informed CNBC.
That operate on deposits quickly led to the third-biggest bank failure in U.S. record. Regulators declared late Sunday that Signature was remaining taken above to safeguard its depositors and the security of the U.S. economic technique.
“I assume aspect of what transpired was that regulators needed to mail a extremely sturdy anti-crypto information,” claimed board member and previous congressman Barney Frank.

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