The collapse of Silicon Valley Bank on Friday marked the second-largest failure of a bank in U.S. history, requiring federal intervention to assure depositors of their funds. The crisis led to the failure of a second, Signature Bank, 48 hours later, and on Monday investors broadly sold off bank shares, according to the Associated Press.
In the wake of the financial fallout, some have claimed that an all-female investment team was responsible, in an attempt to suggest that diversity targets and female inclusion were detrimental to business.and start-ups, and there were many big brands with billions tied up in deposits: from gaming firm Roblox to streaming giant Roku, media outlet Buzzfeed to financial tech company Circle.
The Biden administration's pledge to cover deposits—even those exceeding the $250,000 federally insured limit—looked to limit the impact of the collapse on the wider economy. Athat without government intervention, the collapse of SVB would have precipitated the closure of potentially thousands of businesses that rely on their deposits for day-to-day business.
The Silicon Valley Bank logo is seen through a rain covered window in front of the SVB headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation.
on Saturday, in a tweet that has been viewed 35,000 times, above an image of"the investment committee" featuring Bryn Talkington, Karen Firestone, Shannon Saccocia and Jenny Harrington.Some were quick to jump to conclusions about the company's apparent all-female investment team, insinuating that it was their gender that had caused the collapse.
Why would that even matter?