Cliff Notes on the News

Cliff Notes on the News

Veteran San Diego news director and reporter Cliff Albert shares his thoughts on the latest news and stories each weekday at 12 noon.Full Bio


The News About SVB and a Film About a Bank Run That Won an Oscar

The Oscars were the big news Sunday celebrating movies and awarding the film makers, but one movie, made long ago, was getting a lot of attention in the days leading up to the Academy Awards gala here in Southern California.

The interest in this old film was sparked by what happened in Northern California last week, the collapse of the Silicon Valley Bank, as layoffs and fears in the Silicon Valley tech industry led to a massive run on the bank, with lots of lots of cash being withdrawn at a rapid pace.

It’s the second largest bank failure in the United States since the 2008 financial crisis and the so-called Great Recession. 

And as Hollywood prepared for the Academy Awards, we saw clips on the news of that movie from decades ago about a fictional run on a bank, a film that won Oscars for Best Picture, Best Actor and Best Director in 1947.

The film of course, “It’s a Wonderful Life,” which became a holiday favorite.

That story about the bank crisis in the film that starred Jimmy Stewart and Donna Reed had a happy ending. But it looks like the story of Silicon Valley Bank is likely to have a very different kind of ending.

(Photo Getty Images)

SANTA CLARA, CALIFORNIA - MARCH 10: People line up outside of the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, California as Silicon Valley Bank was shut down by California regulators and was put in control of the FDIC.Photo: Getty Images

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