SVB Collapse: Biden Says Failed-Bank Managers to Be Fired, Regulations Tightened

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The Street

By Luc Olinga U.S. regulators have unveiled an emergency plan to guarantee the deposits of two banks that they closed within 48 hours. President Joe Biden on Monday sent a message to critics of U.S. regulators’ emergency plan to avoid contagion from the collapse of Silicon Valley Bank. Biden appeared to say he heard the anger of critics who see the plan as another bank bailout after the 2008 financial crisis. All depositors of SVB and Signature Bank New York are going to receive all their money, even as the two banks were closed for liquidity problems following bad bets on bonds. The president…

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