Good morning contrarians! It is Monday, March 13. What a weekend!
Bank regulators and the US Treasury Department yesterday announced they were closing Signature Bank (SBNY 0.00%↑). This came about 48 hours after Silicon Valley Bank (SIVB 0.00%↑) was shut down. Equity and bondholders will be wiped out. All depositors will be made whole, even those with more than $250,000 with the banks.
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