The Justice Department and the Securities and Exchange Commission have launched investigations into the collapse of Silicon Valley Bank.
The Justice Department and the Securities and Exchange Commission have launched investigations into the collapse of Silicon Valley Bank, two people familiar with the matter told The Associated Press on Wednesday.
The Justice Department's investigation involves federal prosecutors in California, along with prosecutors involved in fraud cases, the people said. The collapse of Silicon Valley Bank on Friday - the largest bank failure since the financial crisis of 2008 - andhave rattled markets as investors seek the safety of bonds amid renewed concerns about problems in the banking sector. On Wednesday, Credit Suisse, which has been beset by problems long before Silicon Valley Bank's demise, saw its shares hit their lowest level ever as the bank's largest shareholder declined to offer further support.
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