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Yahoo Finance Live's Dave Briggs and Seana Smith look back a several of Wednesday's leading headlines.
Nellie Liang, the U.S. Treasury Department's undersecretary for domestic finance, doesn’t believe that the digital assets sector should be blamed for the runs on Silicon Valley Bank (SVB) and Signature Bank that led to their quick demise earlier this month.
One of the crowning ironies of the collapse of Silicon Valley Bank is that it was, by and large, doing what we want banks to do — lending to productive industries and managing its asset portfolio prudently. SVB lent to promising start-up companies, while investing its non-loan holdings in the safest assets there are: US Treasury securities. For well over 50 years now, US Treasuries have been the “gold standard” in both the American and global financial markets.