This is CBS, I'm the World, I'm John Batser, a bank run, a panic, Santa Clara, California,

Silicon Valley Bank collapsed Friday in the second biggest bank failure in U.S. history

after a run on deposits doom the tech focused lenders plans to raise fresh capital.

This report from the Wall Street Journal.

The Federal Deposit Insurance Corporation said it has taken control of the bank by a new

entity it created called the Deposit Insurance National Bank of Santa Clara.

All of the banks deposits have been transferred to the new bank.

The regulator said, what does this mean?

Brett Arons of Market Watches here, this is Break the Glass Brett Arons, the second biggest

failure in U.S. history since the 2008 crisis which was the originator of the Break the Glass

metaphor.

Brett, break the glass, you've done another wonderful job of breaking the glass all over

the floor.

I'm hearing the crunching as I'm walking around my studio.

What failed at the Silicon Valley Bank because at the end of December 31st of 2022, which

is 30 minutes ago, it had over $200 billion of deposits.

Good evening to you, Brett.

Good evening, good evening.

Your listeners must be sighing for their 401k's whenever they hear my voice.

Oh God, the market's still.

Yes, this is hilarious.

I actually got a very interesting text from a very well connected guy here in Boston who

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