News Punch – Montecito residents Prince Harry and Meghan Markle “lost everything” when the Silicon Valley Bank collapsed on Friday, according to reports that suggest Harry has “screwed up royally.”

Silicon Valley Bank collapsed after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.

Banking regulators have taken over and closed the Silicon Valley Bank, known as a fashionable bank for celebrities in California, in the biggest US bank failure since Washington Mutual during the global financial crisis in 2008. Continue reading →