Kal Penn Covers The Silicon Valley Bank Collapse | President Joe Biden
The Daily Show: Ears Edition
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Silicon Valley Bank Collapse
SVB was the 16th largest bank in the country and favorite of tech bros, disruptors and anyone who's ever invented Uber but for weed. SVB invested a lot of their clients money on a bet that interest rates wouldn't go up. When interest rates did go up, they started losing their clients money. So of course, everyone immediately freaked out and ran to the bank to take out all their money before it collapsed.
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