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The 72-hour scramble to save the United States from a banking crisis

By Jeff Stein

15 Mar 2023 · 9 min read

informed Summary


It seemed like a simple question: Did the treasury secretary have any concerns about the economic risks posed by Silicon Valley Bank?

It was Friday morning, and a wave of public panic had started to spread about one of the tech industry's leading financial institutions. Seated at the witness stand for a roughly three-hour grilling on Capitol Hill, Janet L. Yellen replied with a calm nod and a glance at her notes: "There are recent developments that concern a few banks that I'm monitoring very carefully," she said.

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