The entity that once owned the poor, beleaguered Silicon Valley Bank, the main banking house for numerous tech-focused firms and venture capitalists, is officially holding up a white flag as it suddenly declared bankruptcy.
Silicon Valley Bank and Signature Bank failed with enormous speed – so quickly that they could be textbook cases of classic bank runs, in which too many depositors withdraw their funds from a bank at the same time.
Another bank fails, and the anti-regulation apologists are quick to follow. Tech startup darling Silicon Valley Bank’s utter collapse this past week and the U.S. government’s quick bailout was one for the record books, but one Wall Street Journal writer seems to think that SVB was “distracted” by having a board with…
President Joe Biden is striving to reassure Silicon Valley companies that their money is secured after the Silicon Valley Bank (SVB) crashed last week.
