Posted BY: A.F. Cronin
On March 3, 2023, the Federal Deposit Insurance Corporation (FDIC) chairman, Martin Gruenberg, concluded his talk to the Institute of International Bankers with this statement: “My purpose today has been to emphasize that, while banks continue to report strong performance and problem banks and failures are few, risks remain on the horizon.”
Mr. Gruenberg wasn’t joking.
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Seven days after his speech Silicon Valley Bank (SVB) was closed by regulators. A few days later, Signature Bank and Credit Suisse failed, and First Republic Bank required a massive infusion of cash in order to avert collapse.