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The Latest Breaking News from Silicon Valley

Silicon Valley councilman indicted in 49ers report leak

A Silicon Valley city councilman has been charged with perjury for allegely lying about leaking a grand jury report to the San Francisco 49ers last year that detailed a purportedly unethical relationship between the team and the city council

The Independent UK

It cost $22 billion to rescue two failed banks. Now the question is who will pay

Regulators need to decide how to recover the cost of rescuing Silicon Valley Bank and Signature Bank — and community banks across the country are warning they should not be on the hook.

WEKU

Theranos' Elizabeth Holmes loses bid to stay out of prison

Disgraced Theranos CEO Elizabeth Holmes has been rebuffed in her attempt to stay out of federal prison while she appeals her conviction for the fraud she committed while overseeing a blood-testing scam that exposed Silicon Valley’s dark side

The Independent UK

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Credit crackdown weighs on businesses

Even before the collapse of Silicon Valley Bank last month, other banks were getting stingier about making loans. That makes it harder for businesses trying to grow and raises the risk of recession.

WEKU

Apple at heart of US-China selective decoupling, Gallagher says

Apple Inc. and Walt-Disney Co. are among U.S. businesses that will face the steepest challenges in a “selective decoupling” from China, a key lawmaker said after a series of meetings with executives and experts in Hollywood and Silicon Valley this week.

Tribune News Service

I worked on Google’s layoffs during the Great Financial Crisis. Here’s what feels different about Big Tech redundancies in the era of ‘loud firing’

Silicon Valley is becoming more transactional. It’s too early to tell whether this mass experiment in efficiency over emotional intelligence was worth it.

Fortune

Office vacancies rise in Silicon Valley and balloon in San Francisco

SAN JOSE — Office vacancy rates have increased in the South Bay and have ballooned to scary heights in San Francisco amid a wobbly economy punctuated by wide-ranging job cuts in the tech and biotech sectors.

Tribune News Service

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Rents double in India’s Silicon Valley as engineers fight for flats

BENGALURU: Rents in India’s technology hub of Bengaluru have nearly doubled since the start of last year, making it the country’s hottest residential market.

The Times of India

Inside the struggles of Summit Powder Mountain and its ill-fated tech utopia

It was designed to be a haven for techies and billionaires. Instead, ten years on, it’s a “9,000-foot monument to the hubris of Silicon Valley’s big ideas.”

Fortune

Mercury Takes Aim At Replacing Silicon Valley Bank As Tech Hubs Go-To Bank And Lender

Silicon Valley Bank’s collapse has paved the way for other banking institutions to step up and meet demand for venture debt

Zenger

Silicon slump? How worried should we be about another financial crisis?

The collapse of Silicon Valley Bank has raised the spectre of another financial crisis. As the contagion appears to be spreading, Samuel Fishwick investigates how spooked we should be feeling

Evening Standard

Global crises put China at an advantage

As they say, you can't make this up. In the course of just over a week, China and Russia reaffirmed their friendship and military ties, the Iranian regime proxies lashed out with rockets at US forces in neighbouring Syria, North Korea shot off a few more missiles, France was rocked…

Bangkok Post

Biden Eyes New Regulations As Congress Dives Into Silicon Valley, Signature Bank Failures

President Joe Biden is expected to tighten regulations on banks, prompted by the biggest banking collapse since the 2008 crisis

Zenger

GOP lawmakers accuse Fed of being lax before bank failure

Republican lawmakers accused top bank regulators 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

The Independent UK

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Chicago Sun-Times

Fed official says banking rules are under review in the wake of SVB failure

Michael Barr, the nation’s top banking regulator, said Silicon Valley Bank was warned in the fall of 2021 that its interest rate model was not ‘aligned with reality.’

WEKU

5 things we learned from the Senate hearing on the Silicon Valley Bank collapse

A top federal regulator called the failure of Silicon Valley Bank a "textbook case of bank mismanagement" during a Senate hearing about what led to its spectacular collapse

Zenger

How A $700M Tech VC Firm Was Saved From SVB Collapse, And Why Its CEO Still Banks There

The collapse of Silicon Valley Bank has sounded an alarm for the entire banking sector as a VC Tech still banks there

Los Angeles Times

Commentary: How Big Tech’s predatory culture fuels failures like Silicon Valley Bank

After 20 years of what appeared to be unstoppable growth, America’s tech industry has spent the past year underperforming the rest of the economy. Product failures in new industries like virtual reality and cryptocurrency, layoffs across the board, lower stock prices, and the failure of Silicon Valley Bank create a…

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The Independent UK

Fed official: SVB itself was main cause of bank's failure

The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse

Tribune News Service

First Citizens Bank will buy Silicon Valley Bank

RALEIGH, N.C. — Raleigh’s First Citizens Bank is buying most of Silicon Valley Bank, the tech-focused financial institution which collapsed earlier this month.

Fortune

When Credit Suisse ruled the IPO game

In the '90s, Frank Quattrone put Silicon Valley—and Credit Suisse—on the map.

The Guardian - UK

Silicon Valley Bank: most of failed lender bought by First Citizens

Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators

Fortune

How Credit Suisse redefined the IPO market during the Dot-Com boom—then lost its grip and spiraled into scandal

In the glory days of Credit Suisse, investment banker Frank Quattrone helped put Silicon Valley on the map.

Los Angeles Times

Brian Merchant: Silicon Valley elites are afraid. History says they should be

It’s become a common refrain among a certain set of Silicon Valley elite: They’ve been treated so unfairly. Case in point: Even after their bank of choice collapsed spectacularly — in no small part of their own doing — and the federal government moved with dispatch to guarantee all its…

ABC News

Failing banks and mass layoffs: Is the 15-year tech boom finally over? What went wrong?

The 15-year tech boom has ended with rounds of mass layoffs and a recent series of high-profile bank collapses. So what went wrong and will Silicon Valley ever be the same?

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Ramesh ‘Sunny’ Balwani

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