Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Silicon Valley Bank Is Gone. We Know Who Is Responsible. Credit…Justin Sullivan/Getty Images Elizabeth Warren Senator Warren is a Democrat from Massachusetts. No one should be mistaken about what unfolded over the past few days in the U.S. banking system: These recent bank failures are the direct result of leaders in Washington weakening the…
A lot of the—and I can’t believe I need to use this term, but there really is no other way to phrase it—critics of privacy have this tendency to see privacy only through the lens of ‘threat’. As the threat has built and they can’t reconcile their self-image with popular and consistent interest in privacy…
The subject of online anonymity came up at a house party a few weeks back. One of the people there—a friend I’d known for years—said he couldn’t get over the fact that a privacy reporter like me would use their full name on any social site. I told him that hiding behind an online…
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…
Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, just hours before the bank was seized by the U.S. government, Axios has learned from multiple sources. What to know: The bonuses were for work done during 2022, and were previously scheduled to be disbursed on March 10. That date ultimately coincided…
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…
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…
SVB’s former CRO stepped down in April 2022, and the next CRO was appointed earlier this year, according to the bank’s regulatory filings. The prominent private bank was closed on Friday. Justin Sullivan—Getty Images Silicon Valley Bank, a lender that was a fixture in the venture capital space for decades, collapsed on Friday. The California…
Share Closing Bell: Overtime Bob Elliott, Unlimited CEO, joins ‘Closing Bell: Overtime’ to discuss the impact of closing Silicon Valley Bank and the impact it could have on the broader market. 04:10 Fri, Mar 10 20234:36 PM EST Source: The venture capital community basically created a run on SVB, says Unlimited CEO Bob Elliott
People gathering outside the bank following the second largest bank collapse in US history. (Source) My first thought was of the people with jobs. The regular people who, in a combination of trust and ease, placed their money and their futures into an institution of American Society that has let down its customers again. This is…