When SVB collapsed, entrepreneurs who feared losing everything spent nerve-wracking days crafting backup plans, seeking new funds, and pleading with politicians. This was The Weekend Silicon Valley Stared Into the Abyss.
10, Mike Wheeler, president and chief legal officer of payroll startup Patriot Software, was on a five-day cruise off the coast of Florida celebrating his brother’s wedding.
By that point, Allie Egan, founder and CEO of Veracity Selfcare in New York, had experienced a full 24 hours of panic. Venture capital firms including Andreessen Horowitz and Peter Thiel’s Founders Fundto diversify away from SVB, and Egan’s investors had joined the chorus on Thursday amid the bank run. But the agreement for Veracity’s seed funding stipulated that the money had to stay at the bank.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
These companies had billions of dollars at risk in Silicon Valley BankSee the billions of dollars of unprotected deposits and other holdings that companies had at Silicon Valley Bank, before federal financial regulators stepped in to secure the deposits likely averting a meltdown in the U.S. banking sector.
Lire la suite »
Biden's claim that Silicon Valley Bank bailout wouldn't cost taxpayers contradicts fiscal reality: economistThe Biden administration has insisted taxpayers will not be on the hook for the recent bailout of SVB, but a Heritage economist says that 'doesn't pass the smell test.'
Lire la suite »
Bankers put focus on woke causes; Clinton, Pelosi campaign donors filled Silicon Valley board seatsThe woke philosophy of Silicon Valley Bank didn’t directly cause the cash crunch that led to its rapid failure, but analysts say the bank’s management paid more attention to its climate and social justice mission than its financial health.
Lire la suite »
Yellen tells Congress that U.S. banking system still ‘sound’ after collapse of Silicon Valley BankTreasury Secretary Janet Yellen told lawmakers Thursday that the nation’s banking system “remains sound” and that Americans shouldn’t worry about their deposits, a week after the second-largest bank collapse in U.S. history.
Lire la suite »
Silicon Valley Bank’s implosion leaves a gaping hole for start-upsThe tech world relied on Silicon Valley Bank for everything from mortgages to credit cards. Its implosion has left them reeling.
Lire la suite »