Silicon Valley Bank, a cornerstone of the tech and life sciences startup economy and America’s 16th largest bank, is imploding.
, after rising interest rates had sparked losses on its Treasury and mortgage-backed securities portfolios. It all felt fairly orderly.Depositors, and many of their, panicked. This led to a bank run, the exact extent of which we still don't know.
It mostly kept quiet, citing restrictions around the planned stock sale, but when Greg Becker spoke, hethat some clients are "starting to panic." Moreover, it emboldened liquidity concerns by being very slow in processing certain wire requests. It was understandable prudence — FDIC insurance only covers $250,000 of a client's deposits — but also fed the hysteria.
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