The parent of the failed Silicon Valley Bank (SVB), Silicon Valley Bank Financial Group, said that the Goldman Sachs Group (GSG) was responsible for buying SVB’s bond portfolio that booked $1.8 billion loss, setting off a calamitous bank run.
SVB Financial said the transaction by Goldman Sachs set in motion SVB’s collapse, causing the bank to be taken over by the Federal Deposit Insurance Corporation (FDIC) on Mar. 10, reported Reuters.
