Mastodawn

Since today #jpmorganchase acquired a troubled bank, a throwback to their acquisition of #washingtonmutual , which led to a threat to the public art and architecture of the #Millardsheets studio, this 2009 blog post, and my second book in 2018: https://edgeofthewest.wordpress.com/2009/04/24/saving-the-banks%e2%80%99-artistic-assets/ which became https://utpress.utexas.edu/9781477315293

The Edge of the American West

The implosion of #WashingtonMutual, as well as the investment #banks #LehmanBrothers and #BearStearns, was followed by a systemwide failure. From 2008 to 2015, more than 500 federally insured #banks failed.

#SVB #SiliconValleyBank on Friday became the biggest American #bank to fail since the collapse of #WashingtonMutual in 2008, at the height of the GFC,
chart @nytimes https://cutt.ly/H851sRU

The swift collapse of Silicon Valley Bank on Friday was the second-largest bank failure in U.S. history.

The New York Times

I’m not an economist, nor do I pretend to be one.

But with all the #news talk of #SVB & #WashingtonMutual #bank, I thought I’d look into #WaMu’s undoing

I stumbled upon this article from The Street. (I’m unfamiliar with the site.) Having been written in 2012, it seems prescient

The largest #BankRun in #history #SiliconValleyBank #customers withdrew $42 billion from their accounts on Thurs. That's $4.2 B an hour, or more than $1 million per second for 10 hours straight. To put that in context, the previous largest bank run in modern US history took place at #WashingtonMutual bank in 2008, & totaled $16.7 billion over course of 10 days. That's a mere trickle in comparison to what was seen at SVB, #FinancialStability #FinancialCrisis #StressTest https://www.axios.com/2023/03/11/the-largest-bank-run-in-history?

Silicon Valley Bank's customers withdrew $42 billion from their accounts on Thursday.

Axios

Remembering the #Econolypse ... http://problembanklist.com/?s=Washington+Mutual #Washington_Mutual

Reminder to #USDOJ that I never did see any of their CxO types in orange jump suits and leg irons.