Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Silicon Valley Bank, or SVB, collapsed on Friday, sending shock waves through the tech industry, which often turned to SVB for startup lending. It’s the largest bank collapse since 2008, though its downfall was a classic scenario: SVB was suddenly upside down on its books, investors caught wind, and a run on the bank followed….
LATEST March 10, 3:10 p.m. Rippling relied on Silicon Valley Bank to process its customers’ employee paychecks, but when the bank suddenly collapsed, the human resources startup had to quickly pivot. The firm’s CEO, Parker Conrad, posted an update Friday afternoon, saying that though SVB’s systems indicated that payments were processed, money hadn’t actually gone…
Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago. The collapse of SVB, a key player in the tech and venture capital community, leaves companies and…
Download this press release (PDF) SAN FRANCISCO – The California Department of Financial Protection and Innovation (DFPI) announced today that, pursuant to California Financial Code section 592, it has taken possession of Silicon Valley Bank, citing inadequate liquidity and insolvency. The DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank….
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The chief executive of Silicon Valley Bank SIVB, -60.41% cashed out stock and options for a $2.27 million net gain in the weeks before Friday’s collapse, public filings show. CEO Greg Becker exercised stock options — meaning he paid money to convert his options into stock — and then immediately sold the stock on Feb….
Hack the SEC A good plot for, like, an insider-trading Hollywood thriller would be if the villains hacked into the computers of the U.S. Securities and Exchange Commission. The SEC, after all, is maybe the world’s greatest repository of material information about public companies. Companies are constantly filing earnings releases, merger announcements, management changes, proxy…
Al Lord, the former chief executive of student-loan giant Sallie Mae, has a complaint about higher education: The price of college is too damn high. Paying for his grandchildren’s education in recent years, he said, left him appalled at the tuition bills that land on his desk every semester. For those who know (or in…
For my column this week, I looked at a rather odd and disturbing trend — the financialisation of the mobile home sector in the US. Big private equity and investment funds are going long on trailer parks, it turns out, buying them up and (say activists) raising rents and threatening housing security for the most…
Illustration: Art Handler One night in early April, roughly 20 of the Democratic Party’s highest-profile donors from the financial industry sat down over dinner to discuss how exactly they were feeling about the 2020 presidential race. For the most part, it wasn’t great. Convened by two veterans of liberal fund-raising — investors Steven Rattner and…