Silicon Valley Bank’s collapse rattled the tech industry, leaving many entrepreneurs shell-shocked. TinaMGiuliano spoke to some Tucsonans who run Etsy shops online to learn how the bank collapse has impacted their business. Full story at 6pm only .
Silicon Valley Bank’s collapse rattled the technology industry that had been the bank's backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation.
The crisis “has forced every company to reassess their banking arrangements and the companies that they work with,” said Rajeeb Dey, CEO of London-based startup Learnerbly, a platform for workplace learning. Silicon Valley quickly established itself as the “go-to” spot for venture capitalists looking for financial partners more open to unconventional business proposals than its bigger, more established peers who still didn’t have a good grasp of technology.
Bob Ackerman, founder and managing director of venture funder AllegisCyber Capital, likened last week's flood of withdrawal demands from Silicon Valley Bank to a self-inflicted wound by “a circular firing squad” intent on “shooting your best friend."
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Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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First Mover Asia: Silicon Valley Bank Failure Highlights Small Banks’ Vulnerability; Bitcoin Soars Past $22.5KGood morning Asia, here's what's making news today: 1. Bitcoin rebounds above $22.5K after Federal regulators vow to protect Silicon Valley Bank customers. 2. SIVB's collapse shows the weaknesses of small US banks. TheSamReynolds and JPRubin23 report
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More banks will fail like Silicon Valley Bank, former FDIC chair predictsAnother former FDIC chair added that the failure of SVB should be 'a wake-up call' to other banks about the risks they face.
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Opinion | Why the Silicon Valley Bank rescue hasn’t calmed other banks’ customersExecutives at some of the other banks watching their stocks plummet didn’t necessarily do anything wrong. But in this current paranoid landscape, that’s not enough.
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Founders share their new banks following the collapse of Silicon Valley Bank9 startup founders who banked with Silicon Valley Bank share where they're moving their money: 'We will not get caught like this again'
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