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Ex SVB head says social media 'fueled' run on doomed bank
Ex SVB head says social media 'fueled' run on doomed bank
Business and Economy
by  AFP

The former head of Silicon Valley Bank blamed the lender's sudden collapse on a "social media fueled run" on it, according to congressional testimony released Monday. "Silvergate's failure and the link to SVB caused rumors and misconceptions to spread quickly online, leading to the start of what would become an unprecedented bank run," Becker said in his testimony.

Biden and McCarthy to reconvene Tuesday for debt limit talks
Biden and McCarthy to reconvene Tuesday for debt limit talks
Business and Economy
by  AFP

President Joe Biden will reconvene crunch debt talks Tuesday with senior Republican leaders including House Speaker Kevin McCarthy in another attempt to avert a costly US default. President Biden has rebuffed many of these proposals, accusing Republicans of "holding the economy hostage" to further their political objectives.