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This is CBS Eye on the World.

Here's John Batchler.

Bank failure is second biggest in US history.

Reports to Wall Street Journal.

Silicon Valley Bank collapses following run on deposits.

I welcome Jim McTay, former Washington Editor of Baron's magazine.

A man whose career included reporting on bank runs in Texas in the 20th century.

Included being a broker himself and watching people panic when you don't know what is coming next.

That is certainly the case for Silicon Valley Bank.

24 hours ago it was troubled and then decision was made to get out.

Everybody tried to get out one door at the same time.

Sometimes during the trading day, regulators from the federal government moved in and took control of the bank.

It is now in control of the FDIC and the rules of the FDIC deposits matter.

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