The former bosses of two US banks that collapsed in March, sparking global fears over the state of the financial industry, say the failures were caused by “unprecedented” circumstances. The remarks come in testimony prepared for a hearing in Washington on Tuesday. Lawmakers are examining the episode amid debate over what should have been done […]
Tag: Silicon Valley Bank
Fed admits it screwed up on SVB failure
The US central bank has said it failed to act with “sufficient force and urgency” in its oversight of Silicon Valley Bank, which collapsed last month in the country’s biggest bank failure since 2008. The conclusion is one of the main findings from the Federal Reserve’s investigation of the episode. It sparked global fears about […]
Biden to America: Tax the rich but bail them out
Suddenly, no one is all that certain about the financial health of regional banks in the United States. Over the course of the weekend, the collapse of Silicon Valley Bank went from a big financial story that might warrant an explainer in this newsletter to a big national story with potentially far-reaching ramifications for the […]
Meet SVB’s ‘Woke’ board of directors
One is a Hillary Clinton mega-donor who went to a Shinto shrine to pray after Donald Trump won the White House. Another worked for President Obama before her own political career spectacularly failed. A third is a prolific contributor to Democrats, including Nancy Pelosi — who owns a Napa Valley vineyard just 15 minutes from […]
White House to U.S.-‘Don’t call it a Bailout’
After Silicon Valley Bank careened off a cliff last week, jittery venture capitalists and tech startup leaders pleaded with the Biden administration for help, but they made one point clear: “We are not asking for a bank bailout,” more than 5,000 tech CEOs and founders begged. On the same day the U.S. government announced extraordinary […]
‘Bank run’ collapses Silicon Valley lender
A bank that caters to many of the world’s most powerful tech investors collapsed on Friday and was taken over by federal regulators, becoming one of the largest lenders to fail since the 2008 Global Financial Crisis. California’s banking regulators shut down Silicon Valley Bank and put it into receivership under the Federal Deposit Insurance […]