- US regulators seized control of Silicon Valley Bank on Friday after depositors pulled out their money en masse.
- Regulators prepared a package of emergency measures to quell panic among depositors and prevent contagion in the rest of the banking system.
- The US government announced it would guarantee all deposits held at SVB and crypto lender Signature Bank.
- Government officials and lawmakers were focused on finding a buyer for SVB, but efforts failed.
- The emergency package appears to have passed the most important test: as of Monday evening, no more banks had failed.
Financial Times — World — Banking crisis in the US — Us Banks — Us Financial Regulation — Us Politics & Policy
The weekend US officials hatched a plan to stave off a banking crisis
US regulators had seized control of Silicon Valley Bank, which had imploded under the strain of depositors pulling out their money en masse. Within 48 hours, regulators were preparing a package of emergency measures to quell panic among depositors and prevent contagion in the rest of the banking sys