Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Banking unit was biggest to enter FDIC receivership since 2008 Prominent VC firms advised portfolio companies to pull cash Why the Silicon Valley Bank Collapse Matters March 17, 2023, 12:08 PM UTCUpdated onMarch 17, 2023, 1:01 PM UTC Silicon Valley Bank’s former parent company filed for bankruptcy a week after a run on deposits…
Remind me why, exactly, these guys have so much control over technological innovation? Photo illustration by Slate. Photos by Liu Guanguan/China News Service/VCG via Getty Images, gpointstudio/iStock/Getty Images Plus, and francescoch/iStock/Getty Images Plus. If the technological innovation coming out of Silicon Valley is as important as venture capitalists insist, the past few days suggest they…
Did Silicon Valley Bank implode because one (1) of its 11 board members is Black? Or because one (1) of those 11 board members is LGBTQ+? One of the nation’s most prominent economic columnists is wondering. In a column for the Wall Street Journal, Andy Kessler writes: “SVB notes that besides 91 percent of their…
(Reuters) – BuzzFeed Inc said on Monday that most of its cash and cash equivalents were held at Silicon Valley Bank, which was shut down last week. The digital media firm said it had about $56 million in cash and cash equivalents at the end of 2022. Startup-focused lender SVB Financial Group last week became…
Silicon Valley Bank Is Gone. We Know Who Is Responsible. Credit…Justin Sullivan/Getty Images Elizabeth Warren Senator Warren is a Democrat from Massachusetts. No one should be mistaken about what unfolded over the past few days in the U.S. banking system: These recent bank failures are the direct result of leaders in Washington weakening the…
The Biden administration announced Sunday night that all depositors at the failed Silicon Valley Bank would have access to all their money on Monday morning, approving an extraordinary intervention aimed at averting a crisis in the financial markets. Authorities said they were also extending protection to depositors of a second bank, Signature Bank of New…
Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, just hours before the bank was seized by the U.S. government, Axios has learned from multiple sources. What to know: The bonuses were for work done during 2022, and were previously scheduled to be disbursed on March 10. That date ultimately coincided…
For release at 6:15 p.m. EDT Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This…
Eight years before the second-largest bank failure in American history occurred this week, the bank’s president personally pressed Congress to reduce scrutiny of his financial institution, citing the “low risk profile of our activities and business model,” according to federal records reviewed by The Lever. Three years later — after the bank spent more than…
SVB’s former CRO stepped down in April 2022, and the next CRO was appointed earlier this year, according to the bank’s regulatory filings. The prominent private bank was closed on Friday. Justin Sullivan—Getty Images Silicon Valley Bank, a lender that was a fixture in the venture capital space for decades, collapsed on Friday. The California…