Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
The seizure of Silicon Valley Bank by regulators Friday morning shows how brittle financial institutions can be in the digital age. The downfall of the Valley institution, which has been called “the backbone of the startup economy,” was caused by a good old-fashioned bank run, but one that ran at internet speed. The run began…
“When you’re not working, what do you do to de-stress?” That was the last question Greg Becker, CEO of Silicon Valley Bank, fielded at an investor conference on Tuesday this week. “Cycling is my advice,” he replied. “Living in Northern California and being on the peninsula. That’s just—I think it’s the best bike-riding cycling in…
Treasury Secretary Janet Yellen said on Sunday that the U.S. government would not bail out Silicon Valley Bank, but is concerned about depositors reeling from what is the worst bank failure since the 2008 financial crisis and will try to help them. The sudden collapse of Silicon Valley Bank, the lifeblood of young tech firms,…
WILMINGTON, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money. The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank…
After successfully lobbying for the rollback of new rules applied to Wall Street in the wake of the financial crisis, lobbyists for Silicon Valley Bank immediately began pressing their case further to the federal authority that insures bank deposits in the event of another crisis, according to lobbying disclosures reviewed by The Intercept. The lobbying effort managed…
Young companies raced to get their money out of the bank, which was central to the start-up industry. Some said they could not make payroll. Friday at the headquarters of Silicon Valley Bank, which has been a financial partner to start-ups and venture capital firms.Credit…Jeff Chiu/Associated Press Erin Griffith Erin Griffith reports on start-ups…
© Provided by Business Insider Peter Thiel was a cofounder of PayPal. Marco Bello/Getty Images Peter Thiel’s Founders Fund withdrew all its funds from Silicon Valley Bank, Bloomberg reported. His VC fund took action after encountering problems with transfers, per the report. The fund had no cash in with SVB by Thursday morning, Bloomberg reported….
The workers at eBay-owned TCGplayer, a marketplace for trading card games such as Magic: The Gathering, have voted in favor of joining a union. eBay purchased the company in 2022 for a deal valued up to $295 million, but the website continues to operate independently. Now that all 272 non-supervisory workers at the company’s authentication…
NEW YORK, March 10 (Reuters) – SVB Financial Group Inc’s (SIVB.O) shutdown and takeover by banking regulators on Friday can be traced to the U.S. Federal Reserve raising interest rates and souring the risk appetite of investors. Here is the sequence of events that led to Silicon Valley Bank’s failure: FEDERAL RESERVE RAISES RATES The…
March 11 (Reuters) – In the middle of last week, Moody’s Investors Service Inc delivered alarming news to SVB Financial Group (SIVB.O), the parent of Silicon Valley Bank: the ratings firm was preparing to downgrade the bank’s credit. That phone call, described by two people familiar with the situation, began the process toward Friday’s spectacular…