SVB Latest Developments Live Blog: FDIC Auction Of Failed SVB Assets Underway.

Tyler Durden: Article

"1:15pm Update: In a throwback to the legendary "Lehman Sunday", when dozens of credit traders did an ad hoc CDS trading and novation session on the Sunday ahead of the bank's Chapter 11 filing to minimize the chaos and fallout from the coming bankruptcy, Bloomberg reports that the FDIC kicked off an auction process late Saturday for Silicon Valley Bank, with final bids due by Sunday afternoon."