Wall Street keeps winning even in a banking crisis
"I just wanted to take a minute to reach back out, obviously with recent news at SVB," the caller said, noting that he remembered that SVB was Yoshida's"partner that you-all used for operating accounts."
Around the time Yoshida received his Bank of America call, the Federal Deposit Insurance Corporation announced that Silicon Valley BankIn the days that followed, the 4 biggest banks in the country sucked in billions of dollars in new deposits.
. Over the course of numerous phone calls on Tuesday, the three brought in FDIC Chairman Martin Gruenberg and hashed out a plan to inject deposits into the regional bank, the person and another briefed on the conversations said. While now being cast in the role of white knights, some of the largest banks benefited from SVB's distress and may have even initially sought to take advantage of it.
On Friday, as SVB tipped into receivership, those calls stopped, said the person with knowledge of them. So when SVB called Goldman in early March for help restructuring its balance sheet after ill-timed bets on long-dated Treasury securities, the tie-up made sense.
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