Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
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?”…
https://sfstandard.com/housing-development/silicon-valley-bank-collapse-san-franciscos-affordable-housing-limbo/ Affordable housing projects in San Francisco could be in peril after the sudden collapse of Silicon Valley Bank, which not only counts tech startups among its clientele but also manages assets for many low-income housing developers in the region. A high-ranking City Hall official told The Standard that at least two affordable housing projects…
Payroll service provider Rippling facing processing delays ‘Tens of thousands of people’ may not get paid next week The Impact of SVB on the VC Industry March 10, 2023, 7:23 PM UTCUpdated onMarch 11, 2023, 2:42 AM UTC Startup founders are beginning to worry about whether they’ll be able to keep paying employees following the…
Silicon Valley Bank has been closed by regulators, which are now in charge of the bank’s deposits, according to a release sent out by the Federal Deposit Insurance Corporation on Friday. While banking activities in SVB’s 17 branches are closed today, SVB’s operations will resume on Monday — this time, with the FDIC in charge….
Engineers at Polymath Robotics were working late Wednesday night on multiple projects when co-founder and CEO Stefan Seltz-Axmacher noticed chatter about Silicon Valley Bank in a YC founder WhatsApp group. The conversation was related to an article published that day about SVB’s plan to launch a $2.25 billion share sale and an agreement by General…
Hi folks, Kylie Robison from the tech team here. I’m at ground zero for tech-branded apparel, also known as South by Southwest (SXSW). Just as the party is getting started here in Austin, Texas, the toast hit the floor, marmalade-side down. Silicon Valley Bank, one of the most prominent lenders and banks in the private…
Data: Yahoo Finance. Chart: Axios Visuals Silicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value. Driving the news: Several top venture capital firms, including Coatue and Founders Fund, have…
The FDIC took over after SVB’s efforts to raise around $2 billion from investors failed. The lender has been hit by both a drop in deposits and a fall in the value of $91 billion in bonds it bought at the worst possible moment, just before interest rates began rising. It sold a chunk this…
At least 10 European VC funds have told their founders to pull funds out of Silicon Valley Bank. That follows prominent US investors telling their firms to get their money out through Thursday. The tech lender was plunged into crisis after a $21 billion firesale of its bond portfolio. Silicon Valley Bank’s woes spread overseas…