BREAKING Banking turmoil takes hold in Europe: What you need to know about the SVB crisis from CarmichaelKevin
California’s banking regulator closed SVB Financial Group’s Silicon Valley Bank on March 10 and asked federal authorities to sell the assets amid a run on the financial institution’s deposits. It was the second-biggest bank failure in U.S. history and stirred memories of the events that preceded the Great Recession in 2008 and 2009.
Tech was a good place to be for much of the past couple of decades. But it also meant that SVB had a lot of eggs in one basket. As inflation and interest rates soared last year, investors grew less willing to get behind companies that were putting growth ahead of profits, causing a chill among a set of companies that hadn’t had to work very hard to raise money during an extended period of ultra-low interest rates. That meant SVB didn’t have as much money coming in.
In the aftermath, some commentators dismissed comparisons to the 2008-09 financial crisis, given SVB’s troubles are related to mistakes by management and its overexposure to a single industry. However, regulators in New York state on March 12 closed
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