Expert on SVB collapse: I would advocate that all depositors get their money out of the bank
Gary Cohn says that the Silicon Valley Bank collapse is due to the fact that depositors have found it difficult to withdraw their money.
Gary Cohn, former director of the National Economic Council, under President Donald Trump, talks about the Silicon Valley Bank crash and why it has been so difficult for depositors to withdraw their funds.
Cohn stated that the bank's collapse resulted from a combination of factors including the coronavirus pandemic as well as the bank's dependence on foreign deposits.
He stated that it was difficult for depositors to withdraw their money due to the slow processing of requests by the bank and inability to provide clear information regarding the account status.
Cohn concluded his remarks by saying that the Silicon Valley Bank failure is a warning sign for banks that heavily rely on foreign deposits.