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.
Trending: Chinese Invasion: Reporter says he filmed hundreds of military-age Chinese men heading toward the US in migrant groups
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.
