![]() In January 2020, SVB had $55 billion in deposits, which swelled to $186 billion by the end of 2022. It was one of the biggest beneficiaries of the post-Covid funding boom in the startup space. It was the banking partner for around half of US venture capital-backed tech and life sciences startups, and a key hub of the private equity industry. Silicon Valley Bank took the first two words in its name very seriously. With over $200 billion in assets, Silicon Valley Bank was the second-largest bank failure in US history (after that of Washington Mutual in 2008). On March 10, America’s 16th largest bank collapsed. Silicon Valley Bank: Too much virtue is a vice ![]() Because it does not have to make any sense. Which is why reality is the most widespread fiction. If you had submitted this manuscript to a publisher, it would have been rejected for being too outlandish. The markets lurched lower, but immediately went on a tear. A Swiss knight in a shining armour swooped in. While the entire world was transfixed by the escapades in the US, a European titan swooned. Regulators bared their fangs, and then laid out a safety net. Other financial institutions appeared to be perched on eggshells. Its avant-garde clientele, which was on a mission to disrupt multiple industries, practically disrupted itself. It's just been one such week for the financial world.Ī high-flying bank collapsed in a matter of hours. There are years when nothing happens, and then there are weeks when everything, everywhere all at once starts to crumble.
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