We will be live-updating this story as new developments emerge.
The latest
Tuesday, March 14, 2023
Earlier today, newly appointed CEO Tim Mayopoulus sent an email to customers assuring the bank was doing everything to “rebuild, win back confidence, and continue supporting the innovation economy.”
The Department of Justice announced they are formally investigating the Silicon Valley Bank collapse.
Monday, March 13, 2023
The story has moved quickly, 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.
Sunday, March 12, 2023
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.
David Sacks got a bigger shovel.
His lawyers need to take his phone away. pic.twitter.com/IWzlGGvjQj
— Alex Johnson (@AlexH_Johnson) March 14, 2023
Alloy.com looks at preventing another meltdown.
How banks and fintechs can prepare for more fraud amid Silicon Valley Bank shutdown https://t.co/eKqNFD2nxC
— Laura Spiekerman (@lauraspiekerman) March 14, 2023
When are community banks not community banks?
Nothing like Twitter ooze.
The last few days felt like all the hot magna bubbling beneath the crust after boiling from the pandemic, the range of outcomes from monetary policies, and general disenfranchisement—it all broke through the surface & oozed out over Twitter.
— Semil (@semil) March 14, 2023
Bloomberg Crypto reports Anchorage Digital to cut staff.
Anchorage Digital cited the uncertain US crypto regulatory landscape while cutting 20% of its staff https://t.co/4amE6w5YrF
— Bloomberg Crypto (@crypto) March 14, 2023
The Washington Post has more on the emerging investigation.
Wall Street Journal: The vultures are circling the corpse.
Mid-sized bank shares saw a bounceback Tuesday.
Steve Schlafman says founders going the VC route may have second thoughts.
Something that I’m hearing more of these days:
Founders wishing they spent more time thinking through the full range of options before starting a company and raising venture capital.
Becoming a VC-backed founder became a “default path” for many. I sense that’s going to change.
— Steve Schlafman (@schlaf) March 14, 2023
Samir Kaji posted an excellent thread.
1/ Latest on the banking situations, as things are definitely much less panicked. First, on the public market side, FRB, Western Alliance, Pacwest all up 50-60% today on the subsiding fear of continued severe runs
— samir kaji (@Samirkaji) March 14, 2023
