Democratic lawmakers sent letters to 14 of the largest depositors at Silicon Valley Bank, seeking details about the lender's 'unusually cozy' relationships with its well-heeled clients.
Democratic lawmakers sent letters to 14 of the largest depositors at Silicon Valley Bank, seeking details about the lender’s “unusually cozy” relationships with its well-heeled clients. Senator Elizabeth Warren of Massachusetts and Representative Alexandria Ocasio-Cortez of New York sent the letters Sunday to executives at Roku, Roblox, Circle and BlockFi, among others, raising questions about their “white glove” treatment by SVB. Silicon Valley Bank was known to cater to the tech startup world.
SVB reportedly provided lower-interest-rate mortgages for tech start-up founders whom other banks wouldn’t lend to, according to the New York Times, while sponsoring industry ski trips, conferences, and fancy dinners, the lawmakers wrote. “Silicon Valley Bank’s unusually cozy relationship with its clients increased the threat of contagion when the bank went under,” said Senator Warren in a statement.
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