Federal Reserve Chairman Jerome Powell said Wednesday the management of Silicon Valley Bank 'failed badly' by exposing the firm to substantial risks from its bond holdings and deposit base.
criticized the management of Silicon Valley Bank for failing to manage the bank’s exposure to interest-rate risk and uninsured deposits.
Federal Reserve Chairman Jerome Powell said Silicon Valley Bank's management"failed badly" by exposing it to risks posed by rising interest rates and large amounts of uninsured deposits. Based on its regulatory filings, about 93.8% of SVB’s deposits were uninsured as of the end of 2022, meaning they were in excess of the $250,000 cap on deposit insurance provided by the Federal Deposit Insurance Corporation .
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Opinion | After Silicon Valley Bank failure, American start-ups still need a bankOpinion by Steve Case: At a moment when America’s lead in the global race for innovation is at risk of shrinking — China’s top-down system is gaining steam on our bottom-up approach — we can’t let SVB’s unique role supporting new companies go unfilled.
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Silicon Valley Bank’s Focus on Startups Was a Double-Edged SwordSilicon Valley Bank focused on the startup sector, and that’s part of the story of why it failed. Lack of diversification means more risk. But SVB’s focus has real benefits as well: It allowed the bank to build up a tremendous amount of tacit knowledge about how startups and venture capital worked. The best result would be for a big bank to buy SVB whole, so that that knowledge doesn’t get lost.
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Silicon Valley Bank's collapse looms over Fed interest rate decisionSilicon Valley Bank's collapse is looming over the Fed as it makes the next move in its war on inflation this week
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Silicon Valley Bank’s collapse is not a 2008 moment – UBSThe collapse of Silicon Valley Bank has created turmoil in the US banking system, prompting comparisons with the global financial crisis. Economists a
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Evaluating demise of Silicon Valley Bank and role of ‘regulators’Opinion | Evaluating demise of Silicon Valley Bank and role of ‘regulators’ WashTimesOpEd
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Silicon Valley Bank collapse was 'Lehman moment for technology,' top Goldman Sachs dealmaker saysThe collapse of Silicon Valley Bank was 'a little bit like the Lehman moment for technology,' a top Goldman Sachs dealmaker told CNBC.
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