Hollywood actress Sharon Stone says she misplaced half of all of her cash within the ongoing Silicon Valley Bank collapse.
“I do know that factor that you need to get on and determine tips on how to textual content the cash is troublesome. I’m a technical fool, however I can write a f-cking verify,” she mentioned as she accepted the Courage Award in the course of the Women’s Cancer Research Fund’s fundraiser. “And proper now, that’s braveness, too, as a result of I do know what’s taking place. I simply misplaced half my cash to this banking factor, and that doesn’t imply that I’m not right here.”
SVB was based in 1983 and was the sixteenth largest U.S. financial institution earlier than its collapse. SVB Financial Group, the previous dad or mum firm of Silicon Valley Bank filed for chapter on Friday. SVB disclosed it had taken a $1.8 billion hit from a $21 billion fireplace sale of its bond holdings.
President Joe Biden advised buyers that their cash was protected: “No losses can be borne by the taxpayers,” he mentioned, including “that the banking system is protected. Your deposits can be there once you want them. Small companies throughout the nation that deposit accounts at these banks can breathe simpler figuring out they’ll be capable to pay their employees and pay their payments, and their hard-working staff can breathe simpler as properly.”