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Business Moguls Warn Banking Crunch is Far From Over
by Ben Zeisloft Daily Wire
Two prominent business leaders predicted that the turmoil which hit the financial sector over the past several weeks will continue as more banks face various pressures.
The implosion of Silicon Valley Bank, where the vast majority of account balances exceeded the $250,000 threshold backed by the Federal Deposit Insurance Corporation, prompted the government-backed company to secure all accounts at the firm last month in order to prevent additional bank runs. Signature Bank, which also had a majority of large account holders, imploded days later and produced additional concerns over volatility in the financial system.