Silicon Valley Fallout

This was a consequential week on Wall Street. SVB Financial, the parent company of Silicon Valley Bank, officially filed chapter 11. In the end, there were no buyers for the bank. Fears spread about contagion. Another bank, just up Highway 101 became the next focus. First Republic received a $30 Billion lifeline from the biggest banks on Wall Street. One could argue, the $30 Billion was merely a return of the deposits that fled the bank last week. It's been a gut-wrenching go. The US financial system is being tested again.