Finance
SVB Hunts for a Buyer After Tense, Dragged-Out FDIC Sale Failed
- Infighting between FDIC’s Gruenberg, regulators marred efforts
- Big banks cut out of process, burned by memories of 2008
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The effort to wind down Silicon Valley Bank was marred by an unmotivated seller, infighting between regulators and, ultimately, a failed auction.
It’s left a mess that government officials, banking agencies and potential bidders are still trying to work out as they also navigate a deal for Signature Bank and try to bolster First Republic Bank.