Feds seize Silicon Valley Bank [yellerdawg 64460.1]

Economics & Environment - Feds seize Silicon Valley Bank (80 views)

From:	Marci (marcinmin)	Mar-10 5:57 PM
To:	All	(1 of 4)

64460.1

Fox is pretty sure it is Biden's fault and it will get worse!

NEW YORK (AP) — The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.

The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.

Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation.

The FDIC ordered the closure of Silicon Valley Bank and immediately took possession of all deposits at the bank Friday. The bank had $209 billion in assets and $175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the $250,000 insurance limit at the moment.

From:	BlueMoon67	Mar-10 6:23 PM
To:	Marci (marcinmin)	(2 of 4)

64460.2 in reply to 64460.1

I wonder if it had something to do with all the layoffs.

From:	Marci (marcinmin)	Mar-10 10:41 PM
To:	BlueMoon67	(3 of 4)

64460.3 in reply to 64460.2

don't know. There were a lot of layoffs in Silicon Valley

Click Below for my Forums:

From:	Marci (marcinmin)	Mar-12 10:53 AM
To:	All	(4 of 4)

64460.4 in reply to 64460.1

coincidence or ????

CNBC:

Silicon Valley Bank

employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments.

The Santa Clara, California-based bank has historically paid employee bonuses on the second Friday of March, said the people, who declined to be identified speaking about the awards. The payments were for work done in 2022 and had been in process days before the bank’s collapse, the sources said.

This year, bonus day happened to fall on SVB’s final day of independence. The institution, in the throes of a bank run triggered by panicked venture capital investors and startup founders, was seized by the Federal Deposit Insurance Corporation (FDIC) around midday Friday.

On Friday, SVB CEO Greg Becker addressed workers in a two-minute video in which he said that he no longer made decisions at the 40-year-old bank, according to the people.

The size of the payouts couldn’t be determined, but SVB bonuses range from about $12,000 for associates to $140,000 for managing directors, according to Glassdoor.com.

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