Insider Finance - Business - Why Silicon Valley Bank failed

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March 13, 2023

Hello, Insiders. The markets are in chaos as the Silicon Valley Bank contagion spreads. We’re diving into that and more today. Here’s what’s on the agenda:

Why Silicon Valley Bank failed.
An Oscar nominee went viral for blocking views with a huge gown.
Can VCs stop the next pandemic?

— Nicholas Carlson

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Why SVB failed

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Wondering what the hell just happened at Silicon Valley Bank?

The California bank was closed by regulators and put under the control of the Federal Deposit Insurance Corporation. Last night, US regulators said they would bail out customers of the bank. And today, HSBC bought its UK unit for just 1 British pound.

Only a few days earlier, Greg Becker, the CEO of SVB, had been at an investor conference answering questions about what he does to relax. Yet before the week was out, he’d seen the largest bank collapse since the 2008 financial crisis.

So how did it come to this? A failed capital raise and a social media frenzy certainly didn’t help. But Matt Turner, Insider’s editor in chief of business, writes that the seeds of SVB's demise were planted months ago.

READ THE FULL STORY HERE

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This edition was curated by Nicholas Carlson, and edited by Hallam Bullock, Lisa Ryan, Dave Smith, Nathan Rennolds, and Jack Robert Stacey. Get in touch: insidertoday@insider.com.

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Federal Deposit Insurance Corporation National Transportation Safety Board First Republic Bank shares Silicon Valley Bank contagion An Oscar nominee Russian foreign ministry social media frenzy mysterious Minerva Julie Nord Stream pipelines San Jose native four different businesses actionable highvalue news Jack Robert Stacey accessory dwelling unit rough ocean passage THE LATESTBank fallout The California bank Ukraine war narrative largest bank collapse THE BIG STORYWhy World Wide Waste

Insider Finance - Business - Why Silicon Valley Bank failed

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Wall Street: Banks’ wild weekend

How Silicon Valley Bank imploded

Biggest bank failure since 2008

Silicon Valley Bank crisis

Wall Street: Tech’s scared of its own bank

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