By Stu Kedwell, Senior Vice President & Senior Portfolio Manager, Co-Head of North American Equities
On Friday, March 10, it was announced that Silicon Valley Bank had been taken into receivership by the Federal Deposit Insurance Corporation (“FDIC”) and its share were halted with an implied price of zero. Only 36 hours prior, the company’s shares were trading over $250. Understanding the situation is evolving rapidly, this article looks to explain the events leading up to Silicon Valley Bank’s failure, and what it means for investors.
"How will you replace your current income in retirement?"™ - Jim Seyers