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The Latest Breaking News from Silicon Valley Bank

‘It was frantic’: the scramble to save SVB UK and avert a banking crisis

A small army worked through the weekend to ensure 3,500 UK customers – largely tech firms – still had cash on Monday

The Guardian - UK

FDIC official warned 4 years ago that uninsured regional bank deposits were an ‘underappreciated risk.’ No one listened, and we’re now paying the price

Regional banks “pose very significant challenges” for regulators, an FDIC board member wrote in 2019, long before Silicon Valley Bank’s failure.

Fortune

Sam Altman personally gave loans to stranded startup founders while taking shots at D.C.

The OpenAI founder called for more banking regulations and called SVB a “badly mismanaged bank.”

Fortune

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Is it contagious? US regulators scramble after Silicon Valley Bank failure

Are banks going bad again? Markets are scrambling to contain the shockwaves from the collapse of Silicon Valley Bank, a California lending institution favoured by tech startups. Its seemingly safe bet on government bonds proved a bust, triggering an old-fashioned run on the bank. Is it contagious? The bank's failure…

France 24

Hedge Fund Manager Calls For Government Intervention As Elon Musk Open To The Idea Of Buying SVB

Bill Ackman calls on the federal government to step in to solve the failed bank as Elon Musk is open to buying the bank

Zenger

Will Silicon Valley Bank's collapse spark a US recession with ripple effects across the globe?

Based in California and with about $US200 billion in assets, Silicon Valley Bank (SVB) was the 16th-largest in America, making it the biggest bank failure since the global financial crisis of 2008. The implications for financial markets and the global economy are big.

ABC News

Dante Disparte on Circle, stablecoins and Silicon Valley Bank’s lessons for policymakers - Roll Call

Circle’s Chief Strategy Officer Dante Disparte offers perspectives on the most harrowing week since the 2008 financial crisis.

Roll Call

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Avoiding the ‘B-word’: is the US response to SVB’s collapse a bailout?

Given the antipathy towards Wall Street bailouts in the 2008 crisis, Biden is at pains to stress that ‘no losses’ will be borne by taxpayers

The Guardian - US

Feds backstop all deposits of failed Silicon Valley Bank, second Bay Area bank plunges

SANTA CLARA, California — Federal officials moved to insure all deposits at failed Silicon Valley Bank, hoping to inoculate the banking system against contagion, but shares of another Bay Area regional bank plunged on Monday.

Tribune News Service

What happens to your money if your bank fails, plus expert tips on protecting your money

With more than $110 billion in assets, Signature Bank just became the third-largest bank failure in U.S. history. Here’s what consumers need to know about bank failures and protecting their money.

Fortune

Big tech has long thought itself above the state. Silicon Valley Bank’s meltdown is stark proof that it isn’t

In the US, the Federal Reserve has stepped in to guarantee deposits. The tech sector should realise it can’t go it alone, says James Ball, of The Bureau of Investigative Journalism

The Guardian - UK

Post-mortems begin on Silicon Valley Bank failure - Roll Call

Biden's comments about SVB added to scrutiny of a 2018 law that eased banking requirements, but it's not clear that's what cause the failure

Roll Call

A hastily assembled WhatsApp group, then relief: UK tech firms react to SVB

Rescue of Silicon Valley Bank’s British arm followed fears sector would be plunged into crisis

The Guardian - UK

Top economist Mohamed El-Erian says unlimited deposit guarantee is hard to reverse after SVB fallout: ‘We are now in a different world’

The economist also said that the Fed will likely now “retreat” on interest rate hikes.

Fortune

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Fortune

Elizabeth Warren knows exactly why Silicon Valley Bank failed—and who should pay

SVB CEO Greg Becker himself was one of many voices advocating for Dodd-Frank to be loosened. Oops.

The Independent UK

Silicon Valley Bank collapse: What you need to know

Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe

Evening Standard

OPINION - The Leader podcast: HSBC buys collapsed Silicon Valley Bank for £1

Conference call of doom & cash run as start-ups’ bank implodes

Salon

GOP: "Woke" ideology caused SVB collapse

Trump-era Dodd-Frank rollback contributed to Silicon Valley Bank's downfall

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Fortune

SVB collapse: Startup ecosystem may have more trouble finding loans

The likes of HSBC may be less amenable to out-there ideas.

Fortune

Silicon Valley Bank fallout drags in a bank with a similar name after ‘baseless rumors and mischief-mongering’

SVC Bank threatened to take legal action against ‘mischief mongers’ who were alleging it had ties to collapsed SVB.

Axios

How the Fed's rate hike campaign broke things

The pain from monetary tightening has only just begun.

Fortune

How Fed shrapnel killed Silicon Valley Bank

Continuing to tighten monetary policy in this environment of bank blowups and declining consumer and business confidence is a surefire recipe for disaster.

The Guardian - UK

Relief in the UK over Silicon Valley Bank. Panic in the US

Sale of SVB’s British subsidiary to HSBC is a satisfactory fix but Fed emerges with less of a worthy halo

Al Jazeera

Biden offers assurances after major US banks collapse

President says banking system is ‘safe’ but will seek accountability after second largest failure in US history.

Tribune News Service

Paul J. Davies: A full banking crisis isn’t apparent in the SVB wreckage

The market still appears to be hunting for weakness among some smaller U.S. banks and even across Europe after U.S. authorities stepped in to guarantee deposits at Silicon Valley Bank. This makes little sense: There should be no snowballing of runs on banks. But profit expectations could be trimmed at…

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