Biden says taxpayers won't bail out Silicon Valley Bank and the people responsible for its collapse will be held accountable: 'No one is above the law'

Tech Insider : Politics
President Joe Biden
President Joe Biden delivers remarks on Monday over Silicon Valley Bank's collapse.

Evelyn Hockstein/Reuters.

Silicon Valley Bank's spectacular implosion shows how digital banking can decimate a lender in 24 hours

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SVB
Regulators shut down Silicon Valley Bank on Friday.

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OpenAI's GPT-4 upgrade will let you turn text into video, Microsoft exec says ahead of upcoming release

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Microsoft's Bing logo next to ChatGPT maker OpenAI's logo.
Microsoft's "New Bing" is powered by OpenAI's technology, but differs from ChatGPT.

Getty/contributor NurPhoto

Millennial men – with lots of money – are leading the way on buying electric cars

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EV charging
Millennial men – with lots of money – are leading the way on electric-vehicle purchases.

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A Silicon Valley Bank VP, whose grandmother and aunt also worked at the bank, said he's 'heartbroken' for startups affected by its implosion

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Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California.
JP Giannini, a vice president at Silicon Valley Bank, said he's "hoping" everything works out for startups affected by the collapse.

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Sellers on eBay are trying to auction off Silicon Valley Bank-branded merch, including a cardboard box for $201 and a wine cooler for $42

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SVB-branded tumbler and cardboard box listed on eBay for auction.
A wine tumbler and cardboard box featuring the SVB logo were listed on eBay.

eBay

Silicon Valley Bank depositors are saved at the last minute

Tech Insider

What a weekend that was, reader. 

By now, you've probably heard a lot about the sudden, bank run-driven collapse of Silicon Valley Bank, one of the tech industry's most stalwart and trusted institutions. There's a lot to catch up on, so buckle up. 

Gen Zers are bookworms but say they're shunning e-books because of eye strain, digital detoxing, and their love for libraries

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Customer reads book at bookstore.
Gen Z is choosing to read paperback books over e-books, data and interviews indicate.

Luis Alvarez/Getty Images

The hardest job in America right now? Middle management.

Tech Insider : Economy
A drawing of a business man is shown, being erased in the middle by a large hand holding an eraser.
Tech companies like Meta and Twitter are laying off middle managers and "flattening" their structure. That's going to cost them in the long run.

iStock; Robyn Phelps/Insider

Getting rid of them is a big mistake

US banks have well over $1 trillion of uninsured deposits. Signature Bank was among the most exposed.

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American flag over US money
American flag over US money

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