Silicon Valley Bank parent, CEO and CFO are sued by shareholders. Here's why
1 year, 9 months ago

Silicon Valley Bank parent, CEO and CFO are sued by shareholders. Here's why

Hindustan Times  

SVB Financial Group and two top executives were sued on Monday by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit, which failed last week, "particularly susceptible" to a bank run. It appeared to be the first of many likely lawsuits over the demise of Silicon Valley Bank, which U.S. regulators seized on March 10 following a surge of deposit withdrawals. Silicon Valley Bank had an estimated $209 billion of assets and $175.4 billion of deposits before its collapse, in the largest U.S. bank failure since the 2008 financial crisis. In Monday's lawsuit, shareholders led by Chandra Vanipenta said Santa Clara, California-based SVB failed to disclose how rising interest rates would undermine its business model, and leave it worse off than banks with different client bases.

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History of this topic

How to protect YOUR cash from banking Armageddon: Shark Tank star Kevin O'Leary warns THOUSANDS more 'radioactive' regional banks could fail like SVB - you'll be amazed how simple it is to be safe
10 months, 1 week ago

How to protect YOUR cash from banking Armageddon: Shark Tank star Kevin O'Leary warns THOUSANDS more 'radioactive' regional banks could fail like SVB - you'll be amazed how simple it is to be safe

Daily Mail  

Regional banks are doomed. BEWARE THE COMING REAL ESTATE IMPLOSION New York Community Bancorp made more headlines this week after reporting a surprise loss of $252 million on its commercial real estate loan portfolio in the fourth quarter of 2023 alone. Considering that small firms reportedly hold nearly 70 percent of $2.7 trillion in outstanding commercial real estate loans, it's …

CEOs of the nation’s biggest banks warn that new regulations could harm the economy
1 year ago

CEOs of the nation’s biggest banks warn that new regulations could harm the economy

Associated Press  

NEW YORK — The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated, warning that the new proposals could negatively impact the economy at a time of geopolitical turmoil and inflation. Whereas in previous years the bank CEOs used …

Big bank CEOs warn that new regulations may severely impact economy
1 year ago

Big bank CEOs warn that new regulations may severely impact economy

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. The CEOs of JPMorgan Chase, …

With ‘everybody else’ dead or gone, a Pasadena bank grows
1 year, 4 months ago

With ‘everybody else’ dead or gone, a Pasadena bank grows

LA Times  

Dominic Ng, Chairman and CEO of Pasadena-based East West Bancorp, speaks at a conference in 2011 in New York. From his office in Pasadena, Dominic Ng watched as California banks fell like dominoes — first crypto-friendly Silvergate Capital down near San Diego in early March, then Silicon Valley Bank up north days later, followed by San Francisco’s First Republic Bank …

Silicon Valley Bank to cut 3% of its workforce
1 year, 7 months ago

Silicon Valley Bank to cut 3% of its workforce

Live Mint  

Silicon Valley Bank, once a prominent player in the banking industry, has faced a significant setback as it succumbed to financial difficulties and subsequently went under. The CEO of First Citizens Bank, Frank Holding, clarified that these job cuts would primarily affect ‘select’ corporate roles within Silicon Valley Bank. In a subsequent turn of events, a lawsuit filed by First …

Ex-CEO of failed Silicon Valley Bank refuses to return $10 Million
1 year, 7 months ago

Ex-CEO of failed Silicon Valley Bank refuses to return $10 Million

Live Mint  

Former Silicon Valley Bank CEO Greg Becker, who has been heavily criticized for the bank's collapse, is facing backlash as he refuses to commit to returning any of the $10 million he received annually from the failed lender. Testifying before the Senate Banking Committee on Tuesday, Becker attributed the bank's March demise to unprecedented events, interest-rate hikes, and negative social …

Bank execs blame panicked depositors for Silicon Valley, Signature failures, but senators blame them
1 year, 7 months ago

Bank execs blame panicked depositors for Silicon Valley, Signature failures, but senators blame them

Associated Press  

NEW YORK — Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, instead using their time to assign blame to events they said were largely out of their control. Greg Becker, Silicon Valley Bank’s former CEO, took the brunt of the criticism from committee members, although …

Heads of failed banks refuse to accept blame, defend their pay and bonuses
1 year, 7 months ago

Heads of failed banks refuse to accept blame, defend their pay and bonuses

LA Times  

Gregory Becker, left, former CEO of Silicon Valley Bank, testifies with Scott Shay, former chairman and co-founder of Signature Bank, and Eric Howell, former president of Signature Bank, during a Senate hearing on Capitol Hill on Tuesday. Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, …

Former SVB CEO Greg Becker to Apologize for Bank Collapse
1 year, 7 months ago

Former SVB CEO Greg Becker to Apologize for Bank Collapse

Live Mint  

Former Silicon Valley Bank chief executive Greg Becker plans to tell a Senate committee on Tuesday that no bank could have survived the unprecedented deposit run that led to his institution’s failure in March. Mr. Becker hasn’t spoken publicly since regulators seized SVB two months ago, after a failed capital raise and historic deposit run doomed the startup- and technology-focused …

California bank regulator finds own faults in bank’s demise
1 year, 7 months ago

California bank regulator finds own faults in bank’s demise

Associated Press  

NEW YORK — California’s bank regulator said Monday that it was too slow to see the growing risks at Silicon Valley Bank and did not act forcefully enough to get the bank to fix its problems. A report from the California Department of Financial Protection and Innovation echoed similar findings in a Federal Reserve report looking at its own supervision …

California regulator cites social media, digital banking as key factors in Silicon Valley Bank’s failure
1 year, 7 months ago

California regulator cites social media, digital banking as key factors in Silicon Valley Bank’s failure

LA Times  

California’s chief banking regulator took its fair share of blame Monday for Silicon Valley Bank’s collapse, admitting that the department was slow to demand fixes at the troubled institution — too slow for an era in which social media and mobile banking could combine to drive an unprecedented run on the bank’s deposits. “While many internal factors made Silicon Valley …

US authorities investigate Goldman Sachs over Silicon Valley Bank collapse
1 year, 7 months ago

US authorities investigate Goldman Sachs over Silicon Valley Bank collapse

Live Mint  

Goldman Sachs' is facing the scrutiny of US authorities over its work with Silicon Valley Bank and its connection with the events that led to the collapse of the California bank. Goldman Sachs is fully cooperating with the ongoing investigation by US authorities and providing all the required information various government bodies, the financial institution said in its stock exchange …

Former CEOs of failed banks to testify before Senate panel
1 year, 7 months ago

Former CEOs of failed banks to testify before Senate panel

Associated Press  

WASHINGTON — The former top executives of two failed banks will testify before Congress this month as lawmakers dig into what caused a series of collapses at mid-sized financial institutions. The Senate Banking Committee indicated Tuesday that it will hold a hearing May 16 with Silicon Valley Bank’s former CEO, Gregory Becker, as well as Signature Bank’s former chairman and …

First Republic Bank sold to JPMorgan Chase: What you need to know
1 year, 7 months ago

First Republic Bank sold to JPMorgan Chase: What you need to know

Firstpost  

The federal government seized First Republic Bank and sold it to JPMorgan Chase on Monday, ending the lender’s six-week-long free fall and reassuring depositors that their money is safe. First Republic Bank’s failure had much the same roots as the collapses of Silicon Valley Bank and Signature Bank — spooked depositors and investors pulling their money and selling their shares …

The three banks that have failed this year are bigger than the 25 that crumbled in 2008
1 year, 7 months ago

The three banks that have failed this year are bigger than the 25 that crumbled in 2008

Daily Mail  

The three American banks that have failed so far this year are bigger than the 25 that collapsed in 2008, data shows. Officials announced Monday that they have closed San Francisco-based First Republic Bank, making it the third major US bank to collapse in the past two months after Silicon Valley Bank and Signature Bank crumbled in March. Officials announced …

Here's what you need to know about bank failures
1 year, 7 months ago

Here's what you need to know about bank failures

Hindustan Times  

Recent turmoil in the banking industry may have you worried about your money. If you have over $250,000 in individual accounts at one bank, which most people don't, the amount over $250,000 is considered uninsured and experts recommend that you move the remainder of your money to a different financial institution, said Caleb Silver, editor in chief of Investopedia, a …

US Regulators Seize Assets Of First Republic Bank, To Be Sold To JPMorgan
1 year, 7 months ago

US Regulators Seize Assets Of First Republic Bank, To Be Sold To JPMorgan

ABP News  

First Republic Bank's assets were taken over by the US regulators and will be acquired by JPMorgan Chase after rescue efforts failed to undo the damage from wrong-way investments and depositor runs that have roiled regional lenders, news agency Bloomberg reported on Monday. BREAKING: First Republic Bank has officially been closed by regulators, making it the second biggest bank failure …

Regulators seize First Republic Bank, sell to JPMorgan Chase
1 year, 7 months ago

Regulators seize First Republic Bank, sell to JPMorgan Chase

The Hindu  

Regulators seized troubled First Republic Bank early on May 1 and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S. San Francisco-based First Republic is the third midsize bank to fail in two months. The Federal Deposit Insurance Corporation said early on May …

First Republic: Cheap, interest-only jumbo mortgages to Silicon Valley’s elite fueled the bank’s failure
1 year, 7 months ago

First Republic: Cheap, interest-only jumbo mortgages to Silicon Valley’s elite fueled the bank’s failure

LA Times  

Jumbo mortgages on Silicon Valley homes compounded the troubles of First Republic Bank, which regulators seized. The seeds of First Republic Bank’s downfall were sown in the jumbo mortgages of Silicon Valley, where a unique strategy to loan wealthy individuals extraordinary sums of money blew up in spectacular fashion. On March 16, as panic spread across regional banks in the …

Fed faults Silicon Valley Bank execs, itself in bank failure
1 year, 7 months ago

Fed faults Silicon Valley Bank execs, itself in bank failure

Associated Press  

WASHINGTON — The Federal Reserve blamed last month’s collapse of Silicon Valley Bank on poor management, watered-down regulations and lax oversight by its own staffers, and said the industry needs stricter policing on multiple fronts to prevent future bank failures. “While higher supervisory and regulatory requirements may not have prevented the firm’s failure, they would likely have bolstered the resilience …

Silicon Valley Bank: US Fed calls for tougher bank rules after SVB collapse
1 year, 7 months ago

Silicon Valley Bank: US Fed calls for tougher bank rules after SVB collapse

Live Mint  

The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank last month. "Following Silicon Valley Bank's failure, we must strengthen the Federal Reserve's supervision and regulation based on what we have learned," Federal Reserve vice chair for supervision Michael Barr wrote in …

Fed Admits to Failures in Oversight of Silicon Valley Bank Collapse in New Report
1 year, 7 months ago

Fed Admits to Failures in Oversight of Silicon Valley Bank Collapse in New Report

News 18  

The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank last month. “Following Silicon Valley Bank’s failure, we must strengthen the Federal Reserve’s supervision and regulation based on what we have learned,” Federal Reserve vice chair for supervision Michael Barr wrote in …

Congress Helped Set Stage For Silicon Valley Bank’s Failure, Federal Reserve Says
1 year, 7 months ago

Congress Helped Set Stage For Silicon Valley Bank’s Failure, Federal Reserve Says

Huff Post  

LOADING ERROR LOADING WASHINGTON ― After the failure of Silicon Valley Bank in March, Senate Banking Committee member Sen. John Kennedy asked on the Senate floor, “Where were the regulators?” On Friday, the regulators responded ― with a reminder that Kennedy and other lawmakers told them to go easy on institutions like Silicon Valley Bank. In a lengthy and highly …

Fed blames itself for Silicon Valley Bank collapse
1 year, 7 months ago

Fed blames itself for Silicon Valley Bank collapse

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Silicon Valley Bank failed …

US Federal Reserve admits faults and calls for stronger banking oversight after Silicon Valley Bank collapse
1 year, 7 months ago

US Federal Reserve admits faults and calls for stronger banking oversight after Silicon Valley Bank collapse

Hindustan Times  

The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank last month. US Federal Reserve admits to failings in Silicon Valley Bank oversight "Following Silicon Valley Bank's failure, we must strengthen the Federal Reserve's supervision and regulation based on what we have …

The Surprising Risk That Turbocharged a $142 Billion Bank Run
1 year, 7 months ago

The Surprising Risk That Turbocharged a $142 Billion Bank Run

Live Mint  

Tony Cookson didn’t know much about Silicon Valley Bank before Silicon Valley Bank collapsed. Their buzzy new working paper presents compelling evidence that social media like Twitter didn’t simply expose the risks of a bank run. Of course, not every bank’s depositors include startup founders and venture capitalists with sizable online followings, and social media wasn’t the only risk that …

Regulators to Publish Postmortems on Silicon Valley Bank, Signature Failures
1 year, 7 months ago

Regulators to Publish Postmortems on Silicon Valley Bank, Signature Failures

Live Mint  

Washington regulators plan to release postmortems of their oversight of Silicon Valley Bank and Signature Bank before they abruptly collapsed last month, potentially highlighting missteps by both banks’ management and their federal supervisors. FDIC Chairman Martin Gruenberg recently said that banks with large amounts of uninsured deposits face challenges, “particularly in today’s environment where money can flow out of institutions …

Shares of First Republic Bank continue to slide
1 year, 7 months ago

Shares of First Republic Bank continue to slide

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

First Republic may not survive, even after two multibillion-dollar bailouts
1 year, 7 months ago

First Republic may not survive, even after two multibillion-dollar bailouts

CNN  

New York CNN — First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. Investors who are buying First Republic stock are clinging to the hope “that a bailout package spearheaded by the largest US banks will leave something left …

Column: Love it or hate it, the Silicon Valley Bank bailout won’t cost taxpayers a cent
1 year, 8 months ago

Column: Love it or hate it, the Silicon Valley Bank bailout won’t cost taxpayers a cent

LA Times  

The collapse of Silicon Valley Bank raised questions anew about how and whether to bail out failed financial institutions. As investment manager and financial commentator Barry Ritholtz observed in his 2009 book “Bailout Nation,” the proper solution to the banking crisis was obvious: “Put the insolvent banks into FDIC receivership, fire management. “First,” he wrote, “there is something inherently unjust …

Insider Q&A: Lindsey Johnson of the Consumer Bankers Assoc.
1 year, 8 months ago

Insider Q&A: Lindsey Johnson of the Consumer Bankers Assoc.

Associated Press  

NEW YORK — Lindsey Johnson became president of the Consumer Bankers Association in 2022, representing the trade and lobbying organization for the nation’s big retail banks like Bank of America, Wells Fargo, US Bank, PNC and others. She spoke to The Associated Press during the CBA’s annual conference in Las Vegas, the first industry-wide gathering since the collapse of Silicon …

How the failure of Silicon Valley Bank might have affected the entire financial system
1 year, 8 months ago

How the failure of Silicon Valley Bank might have affected the entire financial system

Firstpost  

Research suggests that a run-on deposits at Silicon Valley Bank and Signature Bank could have set off a cascading series of bank failures, crippling small businesses and economic activity across wide parts of the country Washington: The federal government’s rescue of two failed banks last month has drawn criticism from some lawmakers and investors, who accuse the Biden administration and …

Profits at big US banks show few signs of industry distress
1 year, 8 months ago

Profits at big US banks show few signs of industry distress

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Despite a pair of historical …

Profits at big US banks show few signs of industry distress
1 year, 8 months ago

Profits at big US banks show few signs of industry distress

Associated Press  

NEW YORK — The nation’s largest banks appear to be weathering the current turmoil in their industry just fine. Despite a pair of historical failures last month that put the nation’s banking industry into crisis mode, the nation’s biggest banks posted strong profits last quarter, helped by higher interest rates and a U.S. economy that keeps growing and adding jobs …

Biden calls to revive bank regulations that Trump weakened
1 year, 8 months ago

Biden calls to revive bank regulations that Trump weakened

Associated Press  

WASHINGTON — Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law without additional steps taken by Congress. The recommended changes outlined by the White House try to put a clear blame on the Trump administration for …

White House skirts Congress to push new regional bank rules
1 year, 8 months ago

White House skirts Congress to push new regional bank rules

Daily Mail  

The Biden administration proposed a list of new bank measures Thursday that it says can be done without the help of Congress and will reverse some of the regulatory rollbacks made during the Trump-era. The White House said it would like to see midsized banks hold more liquid assets, increase their capital, submit to regular stress tests and write 'living …

GOP lawmakers accuse Fed of being lax before bank failure
1 year, 8 months ago

GOP lawmakers accuse Fed of being lax before bank failure

Associated Press  

WASHINGTON — Republican lawmakers accused top bank regulators Wednesday of dawdling as Silicon Valley Bank hurtled toward the second-largest bank failure in U.S. history and questioned whether tougher regulations would have made a difference. “That doesn’t sound like a very urgent supervisory process,” Rep. French Hill, an Arkansas Republican, said at Wednesday’s hearing of the House Financial Services Committee into …

Data | The Collapse of Silicon Valley Bank and Signature Bank Amid Rising Interest Rates and Asset Losses
1 year, 8 months ago

Data | The Collapse of Silicon Valley Bank and Signature Bank Amid Rising Interest Rates and Asset Losses

The Hindu  

Silicon Valley Bank has gone belly-up as has the Signature Bank in the U.S. in the last few weeks. Click to remove AMP mode Charts 1A and 1B show the extent of the unrealised losses that Silicon Valley Bank and First Republic Bank have been making of late as a result of a dramatic fall in bond values. In fact, …

US backstops Silicon Valley Bank sale to First Citizens
1 year, 8 months ago

US backstops Silicon Valley Bank sale to First Citizens

Live Mint  

U.S. regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund. First Citizens will assume Silicon Valley Bank's assets of $110 billion, deposits of $56 billion and loans of $72 billion as part of the deal. First Citizens …

Deal to buy Silicon Valley Bank calms bank fears, for now
1 year, 8 months ago

Deal to buy Silicon Valley Bank calms bank fears, for now

Associated Press  

NEW YORK — First Citizens Bank is buying much of Silicon Valley Bank, the tech-focused financial institution whose failure this month set off a chain reaction that helped rattle faith in banks around the world. “But losses are substantial: $20 billion is real money, even in Washington.” That $20 billion is referring to the loss the FDIC says its deposit …

Collapsed Silicon Valley Bank sold to US rival First Citizens
1 year, 8 months ago

Collapsed Silicon Valley Bank sold to US rival First Citizens

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy First Citizens Bank has bought …

First Citizens acquires bankrupt Silicon Valley Bank: 5 key things to know
1 year, 8 months ago

First Citizens acquires bankrupt Silicon Valley Bank: 5 key things to know

Live Mint  

The US-based First Citizens BancShares Inc. has reached an agreement to acquire Silicon Valley Bank, which was taken over by regulators after a wave of withdrawals from the lender. The acquisition will expand First Citizens' presence in the technology and innovation hub of Silicon Valley, and will make it one of the largest banks in the US. Earlier this month, …

Number theory: Understanding the new American banking crisis
1 year, 8 months ago

Number theory: Understanding the new American banking crisis

Hindustan Times  

After hiking the benchmark interest rate, US Federal Reserve chairman Jerome Powell signalled that they were on the verge of pausing further rate hikes to limit its impact on the ongoing financial turmoil in the banking industry. Bank failures have become a rather common phenomenon in America Latest data from the Federal Deposit Insurance Corporation shows that 563 banks have …

First Citizens Bank will buy SVB’s deposits, loans from FDIC
1 year, 8 months ago

First Citizens Bank will buy SVB’s deposits, loans from FDIC

Live Mint  

First Citizens BancShares Inc said on Monday it will acquire Silicon Valley Bank's deposits and loans as well as certain other assets from the Federal Deposit Insurance Corporation. The FDIC said in separate statement it has received equity appreciation rights in First Citizens BancShares stock with a potential value of up to $500 million as part of the deal. First …

Good News for SBV customers! First Citizens to acquire troubled Silicon Valley Bank
1 year, 8 months ago

Good News for SBV customers! First Citizens to acquire troubled Silicon Valley Bank

India TV News  

SBV Crisis: North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world. Shares in mid-sized San Francisco-based First Republic Bank, which serves a similar clientele as Silicon Valley Bank and had appeared to be facing a similar crisis, surged 24.3% in …

Army of lobbyists helped water down banking regulations
1 year, 9 months ago

Army of lobbyists helped water down banking regulations

Associated Press  

WASHINGTON — It seemed like a good idea at the time: Red-state Democrats facing grim reelection prospects would join forces with Republicans to slash bank regulations — demonstrating a willingness to work with President Donald Trump while bucking many in their party. But the measure also included provisions sought by midsize banks that drastically curtailed oversight once the Trump Fed …

Silicon Valley Bank's parent company cut off from bank's records
1 year, 9 months ago

Silicon Valley Bank's parent company cut off from bank's records

Firstpost  

SVB Financial, the bankrupt parent company of Silicon Valley Bank, has lost access to its financial records after the bank was placed into receivership by the Federal Deposit Insurance Corporation, according to court documents filed in Manhattan on Sunday. But its Chapter 11 bankruptcy has gotten off to a “challenging” start due to a breakdown in cooperation with the bridge …

FDIC said to move toward breakup plan for Silicon Valley Bank
1 year, 9 months ago

FDIC said to move toward breakup plan for Silicon Valley Bank

Live Mint  

US regulators are moving toward a breakup solution for Silicon Valley Bank after failing to line up a suitable buyer for the entire company, according to people familiar with the matter. The Federal Deposit Insurance Corp. is now seeking to sell the failed bank in at least two parts, said the people, who asked to not be identified because the …

Silicon Valley Bank’s demise animates early days of California’s 2024 U.S. Senate contest
1 year, 9 months ago

Silicon Valley Bank’s demise animates early days of California’s 2024 U.S. Senate contest

LA Times  

With a mirror slightly askew in the background, Rep. Katie Porter sat in her Irvine bedroom and flipped on Instagram live as several regional banks teetered on collapse, with depositors frantically seeking to pull money from their accounts. For the record: An earlier version of this story misquoted Rep. Adam Schiff saying, “The economic issues and the democracy issues are …

Why No One Cried for Silicon Valley Bank’s Customers
1 year, 9 months ago

Why No One Cried for Silicon Valley Bank’s Customers

Slate  

This article is from Big Technology, a newsletter by Alex Kantrowitz. In the early 2010s, hundreds of technologists would pack New York University’s Skirball Center for the monthly New York Tech Meetup. After the government saved Silicon Valley Bank depositors last weekend, many within the tech industry were surprised at the public’s unenthusiastic reaction. “My main learning from the SVB …

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