E119: Silicon Valley Bank implodes: startup extinction event, contagion risk, culpability, and more

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California.

Message to Stakeholders Regarding Recent Strategic Actions Taken by SVB.

Strategic Actions/Q1’23. Mid-Quarter Update. March 8, 2023.

This is an *extinction level event* for startups and will set startups and innovation back by 10 years or more. BIG TECH will not care about this. They have cash elsewhere. All little startups, tomorrow's Google's and Facebooks, will be extinguished if we don't find a fix.

SVB Financial Group (NASDAQ: SIVB) is the holding company for Silicon Valley Bank. The company has carved out a niche for itself as a leading commercial bank servicing technology and life science, many of which are early stage.

Markets update: whipsaw macro picture, big tech, startup mass extinction event, VC reckoning

Treasury Secretary Janet Yellen made a surprise trip to Ukraine to underscore the U.S. commitment to backing Kyiv as the war with Russia enters its second year, meeting with Ukrainian President Volodymyr Zelenskyy one week after President Biden did the same.

Our banking partner has acknowledged an operational delay in posting outgoing payments and has told us payments are being processed today by end of day PST. We are monitoring this closely.

The Troubled Asset Relief Program ( TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President George W. Bush.

Investors dumped shares of SVB Financial Group and a swath of U.S. banks after the tech-focused lender said it lost nearly $2 billion selling assets following a larger-than-expected decline in deposits. The four biggest U.S. banks lost $52 billion in market value Thursday.

The Commissioner of Financial Protection and Innovation (“Commissioner”) finds: 1. Silicon Valley Bank Silicon Valley Bank (the “Bank”) is, and was at all times mentioned in these Findings of Fact, a corporation organized under the laws of the State of California and authorized by the Commissioner to transact commercial banking business in the State of California.

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