Silicon Valley Bank’s failure, the government’s depositor rescue, and venture capitalists’ incredible tantrum.

Remind me why, exactly, these guys have so much control over technological innovation? Photo illustration by Slate. Photos by Liu Guanguan/China News Service/VCG via Getty Images, gpointstudio/iStock/Getty Images Plus, and francescoch/iStock/Getty Images Plus. If the technological innovation coming out of Silicon Valley is as important as venture capitalists insist, the past few days suggest they…

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U.S. officials move to protect all deposits at Silicon Valley Bank – The Washington Post

The Biden administration announced Sunday night that all depositors at the failed Silicon Valley Bank would have access to all their money on Monday morning, approving an extraordinary intervention aimed at averting a crisis in the financial markets. Authorities said they were also extending protection to depositors of a second bank, Signature Bank of New…

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Federal Reserve Board – Joint Statement by Treasury, Federal Reserve, and FDIC

For release at 6:15 p.m. EDT Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This…

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SVB Chief Pressed Lawmakers To Weaken Bank Risk Regs

Eight years before the second-largest bank failure in American history occurred this week, the bank’s president personally pressed Congress to reduce scrutiny of his financial institution, citing the “low risk profile of our activities and business model,” according to federal records reviewed by The Lever. Three years later — after the bank spent more than…

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