Silicon Valley Bank (SVB) Emergency Pod
Fintech Family Hour
00:00
FinTechSake - The FDIC Closed Silicon Valley Bank
Today the FDIC closed Silicon Valley Bank in a nearly unbelievable fast set of events. The bank was established in 1983, and over the course of the last 40 years it's become a rock of the startup world. A decision was made at the bank to lock off essentially about 50% of the balance sheet or around $90 billion in long-term data securities yielding 1.6% below. So startups and their venture capital backers were urging these startups to start withdrawing their money.
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