Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Jeff Bezos loves being on the move. He sits in the back of a white van, beaming as usual, surrounded by an entourage of lanky young lieutenants from Amazon.com the Web’s biggest retail store and, someday, if Bezos gets it right, Earth’s Biggest Store. The early-morning landscape of southeast Kansas hustles by: wood-frame houses, trailers,…
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…
Share Closing Bell: Overtime Bob Elliott, Unlimited CEO, joins ‘Closing Bell: Overtime’ to discuss the impact of closing Silicon Valley Bank and the impact it could have on the broader market. 04:10 Fri, Mar 10 20234:36 PM EST Source: The venture capital community basically created a run on SVB, says Unlimited CEO Bob Elliott
People gathering outside the bank following the second largest bank collapse in US history. (Source) My first thought was of the people with jobs. The regular people who, in a combination of trust and ease, placed their money and their futures into an institution of American Society that has let down its customers again. This is…
After three decades of being part of the Silicon Valley ecosystem — as a reporter, writer, entrepreneur, and investor — I thought I had seen it all. The boom-bust cycles, stock market manias, startup insanity, attack on America itself, and the most significant financial calamity in nearly a century — living through history prepares you…
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….
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…
Programming note: Money Stuff was supposed to be off today, but: bank run! SVB The lesson might be that there are some industries that are bad to bank. Imagine that it was 2021, and someone was like “do you want to start the Bank of Crypto? What about the Bank of Venture-Backed Tech Startups?”…