"Behind the fancy facade, depositors never really know how safe their money is, and when fear starts to spread, depositors run to get their money out," London School of Economics' Jon Danielsson, Robert Macrae and Nikola Tchouparov wrote this week.
March 16, 2023 at 03:56 PM
5 minute read
The original version of this story was published on Law.com
Silicon Valley Bank failed with breathtaking speed, basically over just 48 hours, not for a reason that became familiar during the 2008 financial crisis (lax lending standards) but for a simpler one: Its customers simply lost faith in it.
The fragility of that faith is lesson No. 1 for legal chiefs and risk officers of financial businesses to consider in the wake of SVB’s collapse, but it’s not the only takeaway.
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