Bank Executives Blame Social Media for Fueling Runs and Collapse.
TL;DR
Former CEOs of Silicon Valley Bank, Signature Bank, and First Republic Bank testified before House Financial Services subcommittees that social media played a significant role in fueling the "panic" that caused depositors to pull funds from the institutions, leading to unprecedented outflows of funds that appeared unstoppable. They warned that social media could indirectly impact or crash the U.S. banking system and called for measures to protect against it.
Topics:businessbanking#bank-runs#banking#first-republic-bank#signature-bank#silicon-valley-bank#social-media
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