- Jim Costa
Fed Panics- Signature Bank Suddenly Shuttered; Fed, TSY, FDIC Announce Another Bank System Bailout.
BY TYLER DURDEN Article
6:20pm ET Update: Panic is finally here.
On Friday, we said that the Fed will have to make an announcement before the Monday open, and we didn't have to wait that long: in fact, the Fed waited just 15 minutes after futures opened for trading to announce the new bailout, alongside even more shocking news: the Treasury announced that New York State regulators are shuttering Signature Bank - a major New York bank - adding that all depositors both at Signature Bank, and also the now insolvent Silicon Valley Bank, will have access to their money on Monday.