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The Latest Breaking News from Silicon Valley Bank

Will the collapse of two US banks be followed by more? These banking veterans say no, for now

The sudden collapse of two U.S. banks last week left many people wondering about the safety of their own deposits, the health of the banking system and consequences down the road.

Tribune News Service

Read SVB Capital’s letter about its parent company’s bankruptcy

The funds and corresponding portfolio company holdings won’t be included in the bankruptcy proceedings.

Fortune

Life360 expects to be cashflow positive by Q2

Family social networking platform Life360 has access to its money at Silicon Valley Bank and expects to start growing its funds next quarter.

AAP

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Biden wants Congress to boost penalties for executives when mid-sized banks fail

President Biden said the current law limits his administration's power to hold executives responsible when mid-sized banks fail due to mismanagement.

WEKU

The European Central Bank seems to have got away with raising interest rates in the middle of a banking crisis – here's why

In the middle of a market panic that has felled two US banks and pushed several others to the brink, the European Central Bank (ECB) has raised interest rates by another 0.5 percentage points. The ECB’s president, Christine Lagarde, had been warning this was necessary to bring eurozone inflation back…

The Conversation

Biden to Congress: Ban execs of failed banks from the industry

Silicon Valley Bank and Signature Bank were both taken over by the FDIC in the last week.

Axios

This week in the metaverse: Yuga Labs adds to NFT game, The Sandbox opens a virtual Irish pub, and Silicon Valley Bank spooks Web3 traders

Yuga Labs builds upon Dookey Dash with a new collection, a virtual Irish pub opens in The Sandbox, and Silicon Valley Bank takes a toll on NFT traders.

Fortune

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Why did the $212bn tech-lender Silicon Valley bank abruptly collapse?

Was it the result of Trump-era regulation rollbacks, risk mismanagement at the bank, sharp interest rate rises – or a combination of all three?

The Guardian - US

Silicon Valley Bank’s parent company files for bankruptcy

SVB Financial Group files for chapter 11 protection but failed Silicon Valley Bank, now under FDIC control, is not part of bankruptcy

The Guardian - US

Near 'cliff's edge,' Credit Suisse not seen as systemic risk

Longtime troubles at Credit Suisse have come to a head this week with a record stock plunge that spread fears of a banking crisis jumping from the U.S. to Europe

The Independent UK

The Fed was too late on SVB even though it saw problem after problem

Just over a year before Silicon Valley Bank’s collapse threatened a generation of technology startups and their backers, the Federal Reserve Bank of San Francisco appointed a more senior team of examiners to assess the firm. They started calling out problem after problem.

Tribune News Service

SVB Financial goes bankrupt, buying time to repay creditors

Silicon Valley Bank’s former parent company filed for bankruptcy a week after a run on deposits prompted regulators to seize its banking unit.

Tribune News Service

New Regulations Won't Stop the Next Bank Collapse

Plus: Another campus free speech debacle, foreign cheese groups lose Gruyere trademark case, and more...

Reason

The banking crisis and what we've learned so far

It's been a week since Silicon Valley Bank collapsed. Here are the lessons so far.

Fortune

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Miami Herald

The Week Ahead: The Federal Reserve’s dual mandate balancing act with its other big responsibility

The Federal Reserve’s dual mandate for monetary policy says nothing explicit about stabilizing the banking system or shoring up Americans’ confidence in their financial institutions. The central bank has two goals when setting interest rates: maximum employment and stable prices.

The Independent UK

Silicon Valley Bank’s parent company files for bankruptcy following sudden collapse

SVB Financial Group is filing for Chapter 11 bankruptcy protection

Roll Call

Biden seeks FDIC authority to claw back bankers' compensation - Roll Call

President Biden asked Congress for FDIC authority to claw back compensation from executives at failed banks, and bar them from the industry.

The Independent UK

Parent of Silicon Valley Bank seeks bankruptcy protection

SVB Financial Group is filing for Chapter 11 bankruptcy protection

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Axios

SVB Financial files for Chapter 11 bankruptcy protection

The move aims to preserve value for the non-bank businesses

Bangkok Post

OECD raises global growth forecast but recovery 'fragile'

PARIS: The OECD raised its global economic growth forecast on Friday as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil.

Fortune

SVB's disgraced ex-CEO is now holidaying in Hawaii

Becker was pictured sporting flip-flops and sunglasses in Hawaii as SVB's new CEO sought to reassure clients.

The Independent UK

Will Americans end up footing the bill for bank failures?

The government’s response to the failure of two large banks has already involved hundreds of billions of dollars

Fortune

Big banks came to First Republic's rescue, but changing the 'psychology of depositors' may not be easy

“Founders are pretty confused at [the] moment” one venture investor said.

Salon

The "woke" wars are worse than you think

However racist you thought the "woke banks" talking point was, somehow it's even worse

The Guardian - US

Silicon Valley Bank said it was too small to need regulation. Now it’s ‘too big to fail’

Student debts and underwater mortgages are private burdens, but corporate losses are matters of urgent public interest

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