FDIC Allegedly Places A Silicon Valley Bank Up For Auction

According to Bloomberg News, federal officials initiated an auction for Silicon Valley Bank over the weekend, with final bids due on Sunday. According to sources, the Federal Deposit Insurance Corporation initiated the auction on Saturday night to resolve the dilemma quickly and provide uninsured depositors a life raft. The FDIC took control of the $209 billion in assets of Silicon Valley Bank on Friday after a bank run caused the bank to fail. The FDIC did not say anything about the process. On Sunday, Treasury Secretary Janet Yellen stated that there were no plans to bail out SVB, the nation’s sixteenth-largest bank.