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When the “Best” Ranked Bank Collapses within Days

When the “Best” Ranked Bank Collapses within Days

I maintain that I should be included in the list of Richest Africans by Forbes. The reason that has not happened is because Forbes has not considered that my source of wealth – diversified education – is HUGE. And not just that, I am wholly leveraged. For many Nigerians and Africans, many think those rankings have absolute value. Nothing like that.

A case study: just four days ago, SVB was ranked one of America’s Best Banks! Today, that bank collapsed! If Forbes rewards me as a $billionaire, considering my diversified writing and leveraged commentary, I will accept it!

Silicon Valley Bank was shut down by U.S. regulators Friday as the troubled lender struggled to stabilize its finances amid a rush of withdrawals. The Federal Deposit Insurance Corporation took over SVB and transferred the lender’s assets to a newly created bank, the Deposit Insurance National Bank of Santa Clara. Insured depositors will have access to their accounts from Monday morning. SVB — which lends heavily to venture-backed tech startups — spiraled rapidly after announcing Wednesday it had sold a chunk of its portfolio at a $1.8 billion loss and was trying to raise more capital.


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