Imprudent bankers weren’t the only ones who believed the financial waves would never recede.
In financial markets, the tide has been going out for a while and is still receding. To paraphrase Warren Buffett, we are starting to get a good look at who has been swimming naked. It isn’t pretty.
Silicon Valley Bank was suddenly and brutally exposed last week halfway up the beach, clutching to its nether regions the shrinking hand towel of a capital raise that was quickly snatched away by panicking depositors. After futile CPR efforts, the bank eventually collapsed into the arms of the regulatory lifeguards.
We are delighted that you’d like to resume your subscription.
You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service.
Please click confirm to resume now.