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TIMELINE OF SILICON VALLEY BANK, $SIVB, COLLAPSE:
1. SVB begins to face run on bank as $91 billion in bonds face interest rate risk
2. Firesale of $21 billion bond portfolio is announced
3. Over $1.8 billion is lost during firesale
4. SVB announces $2.3 billion share sale to cover bond losses
5. Credit agencies cut SVB's credit ratings
6. SVB fails to raise capital as investors panic
7. U.S. banking sector loses nearly $100 billion in market cap in 24 hours
8. SVB announces intention to sell the company
9. Regulators and FDIC take control of SVB
10. Second largest bank collapse in US history seemingly happens overnight
Currently, 93% of all deposits at SVB are ABOVE the $250,000 FDIC insurance limit.
This can't end well.
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