Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. It was the largest failure of a US bank since Washington Mutual in 2008. Here’s what we know about the bank’s downfall, and what might come next. What is SVB? Founded in 1983, SVB specialized in banking for tech startups. It provided financing for almost half of US venture-backed technology and health care companies.
That triggered a panic among key venture capital firms, who reportedly advised companies to withdraw their money from the bank. The bank’s stock began plummeting Thursday morning and by the afternoon it was dragging other bank shares down with it as investors began to fear a repeat of the 2007-2008 financial crisis. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to quickly raise capital or find a buyer.
Did any democrat politicians like Pelosi, Newsom, Schiff, Swalwell, Waters have money in SVB or remove money recently?
Who are largest uninsured (more than $250K in bank) and how much is their loss?
TRUMPonomics responsible for this! -J. Biden
I think Joe should take the taxpayers money without their consent and bail out these companies and their multimillionaire executives Might be worth a few votes
SuttonBStracke It should be illegal for the directors to sell off their shares in the days b4 this and pay out bonuses on Friday. They knew it was coming and profited off not telling the folks with their money there. Shameful.
Save this article. CNN will be wrong about this, too. Recession has been delayed, despite the definition, for 5 quarters. The pressure cooker is about to blow. Biden is merely a puppet pushing policies for stupid, woke people. But at least we have diversity and $200B to Nazis.
Don't need a whole article to say 'they spent more money than they had'. Tried to get as many people in debt to them as possible but, people were smart enough to take their money out of a failing buisness model.
Federal Auditors.
Did the Democrats show their true colors or what in their attacks on journalists Matt Taibbi and Michael Shellenberger. They really don’t believe in the first amendment anymore!
Don’t put all your money in venture funds.
This is the second time biden has been apart of a banking collapse
But Biden’s economy is the strongest the nation has ever been! (Depression enters chat)
And what about all those go green solar companies that have subsidiaries part of a credit facility where SVB serves as a lender.
It takes years it is just hidden well
reminds me of RBS scandal..!!!
Elon You Rock!!!
For those with uninsured deposits at the Silicon Valley Bank – basically anything above the FDIC limit of $250,000 – they may or may not receive back the rest of their money:
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