2023-03-21
Dove into the final days of Signature Bank, the other big bank failure this month, w/ @DaveCBenoit: * After SVB's run, customer fears spread on WhatsApp * The bank lost 20% of deposits in one day * It hoped for $20B from the Fed but was turned down https://www.wsj.com/...
Reuters
The FDIC plans to sell all of Signature Bank's 40 branches to Flagstar Bank, as well as some Signature loans and deposits not in its digital banking business
Bloomberg reports: — “Signature Bank's crypto-related deposits will be returned to customers directly … Michael Farrell : I am pleased to announce that Signature Bridge Bank, N.A...
2023-03-13
It was the first bank run ever organized over Slack. Our play-by-play of how VCs and start-ups yanked an extraordinary $42 billion from SVB in one day. https://www.wsj.com/... via @WSJ
U.S. Department of the Treasury
The US Treasury, Federal Reserve, and the FDIC say all Silicon Valley Bank depositors will be “fully” protected, and their money will be available on March 13
WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen …
It was the first bank run ever organized over Slack. Our play-by-play of how VCs and start-ups yanked an extraordinary $42 billion from SVB in one day. https://www.wsj.com/... via @WSJ
Financial Times
Having perfected the art of using hype to move markets, VCs managed to hype their own rumors to collapse SVB, accidentally slaying a much loved accomplice
After more than a decade of venture capitalists insisting they provide more than just cash to their portfolio companies, the moment to prove that finally arrived.