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March 16, 2023

Banks can now fail at internet speed

By KEN SWEET and STAN CHOE
The Associated Press

NEW YORK — A bank run conjures images of “It's a Wonderful Life,” with anxious customers crammed shoulder to shoulder, desperately pleading with a harried George Bailey to hand over their money.

The failure of Silicon Valley Bank last week had the panic but few other similarities, instead taking place on Twitter, message boards, cell phones and bank websites.


 
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