We will be live-updating this story as new developments emerge.
Watch for updated details from our news team and social media throughout the weekend and into next week.
The latest
The story has moved quickly today, as The Federal Reserve announced that it is creating a new lending facility for the nation’s banks to buttress against financial risks from the collapse of Silicon Valley Bank.
As of Sunday, March 12 at 4:30 p.m., the lead angle to this story is the Washington Post exclusive on a potential plan for regulators to guarantee all deposits at SVB.
Live
This may or may not be accurate, but I laughed.
This time is NOT different! pic.twitter.com/UrVmDQM6aq
— Kevin | Walk You To Wealth, LLC (@walkyoutowealth) March 13, 2023
Lloyd Blankfein on the context around the bank shutdowns.
A few banks may have issues like SVB, but only a few. Govt actions removed reasons for bank runs. Biggest banks have much tougher regulation and stress testing. Anxiety and volatility high, but sharply lower interest rates, fed likely on hold, are strong positives for markets.
— Lloyd Blankfein (@lloydblankfein) March 13, 2023
Chris Skinner tweeted about Innovate Finance.
Good announcement from @Innfin re SVB helpers
FinTechs that can support your company if you have been affected by the collapse of Silicon Valley Bankhttps://t.co/QDF1N3gHXu
— Chris Skinner (@Chris_Skinner) March 13, 2023
The HustleFund reminds all to beware of fraud around the SVB story.
Warning to founders and VC, from our CFO: beware of fraud. Take extra caution while moving money, this is an opportunity for hackers to take advantage of this moment.
Not to our LPs: don't worry, we are safe!
— Hustle Fund ??? (@HustleFundVC) March 13, 2023
Bloomberg has a feature on the light shed on the systemic risk of tech’s money machine.
Forbes’ latest suggests greater regulatory scrutiny awaits.
The Washington Post looks at the political fallout of the SVB crisis.
The WSJ also looked at ways to protect your deposits.
The Wall Street Journal says bank stocks are not in favor this morning.
The New York Times has the latest from President Biden.
