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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Silicon Valley Bank’s Collapse Causes Strain for Young Companies – The New York Times

  Young companies raced to get their money out of the bank, which was central to the start-up industry. Some said they could not make payroll. Friday at the headquarters of Silicon Valley Bank, which has been a financial partner to start-ups and venture capital firms.Credit…Jeff Chiu/Associated Press Erin Griffith Erin Griffith reports on start-ups…

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Peter Thiel’s Founders Fund got its cash out of Silicon Valley Bank before it was shut down, report says

© Provided by Business Insider Peter Thiel was a cofounder of PayPal. Marco Bello/Getty Images Peter Thiel’s Founders Fund withdrew all its funds from Silicon Valley Bank, Bloomberg reported. His VC fund took action after encountering problems with transfers, per the report. The fund had no cash in with SVB by Thursday morning, Bloomberg reported….

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Silicon Valley Bank’s demise began with downgrade threat | Reuters

March 11 (Reuters) – In the middle of last week, Moody’s Investors Service Inc delivered alarming news to SVB Financial Group (SIVB.O), the parent of Silicon Valley Bank: the ratings firm was preparing to downgrade the bank’s credit. That phone call, described by two people familiar with the situation, began the process toward Friday’s spectacular…

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SVB Panic Spreads As European VCs Urge Founders to Pull Funds

At least 10 European VC funds have told their founders to pull funds out of Silicon Valley Bank. That follows prominent US investors telling their firms to get their money out through Thursday. The tech lender was plunged into crisis after a $21 billion firesale of its bond portfolio. Silicon Valley Bank’s woes spread overseas…

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