The Silicon Valley Bank (SVB) paid out annual bonuses to eligible American employees on Friday (March 10), just hours before the bank was seized by the Joe Biden administration.

Silicon Valley Bank paid out annual bonuses to US employees just hours before seizure: Report

In what comes as the largest US bank failure since the 2008 financial crisis, Santa Clara-headquartered Silicon Valley Bank (SVB) collapsed on Friday. The expedited nature of its collapse has raised serious concerns with many accusing the company of hoodwinking the depositors, despite knowing that its inevitable fall was around.

Did Silicon Valley Bank hoodwink everyone before its collapse?

Wall Street stocks crashed for a second day on Friday down nearly 1,000 points, diving 3.8 per cent in early trade sinking 11 per cent in the last two days as the coronavirus affected world markets.

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