The Rise and Fall of Silicon Valley Bank: A Cautionary Tale.
TL;DR Summary
Silicon Valley Bank, the go-to financial institution for tech companies, collapsed in March 2023 due to a bank run caused by a cash crunch and billions in investment losses. The bank had been operating without a risk manager for most of the previous year and had kept too much money in long-term bonds, which it had to sell at a loss. Customers withdrew $42 billion in 24 hours, leading to regulators seizing the bank and the FDIC taking control. The bank's collapse caused panic in the tech community, with VCs advising founders to pull their money out.
- VCs and Founders Caused Silicon Valley Bank to Meltdown. After the FDIC Took Control, Silicon Valley Is Back to Supporting the Bank. Business Insider
- FACT FOCUS: Claims blame 'woke' policies on bank's demise The Associated Press
- The Fear Mongers, Charlatans, And Meanies In The Silicon Valley Bank Collapse Forbes
- CT resident serves on board for failed Silicon Valley Bank CT Insider
- Impacts of Silicon Valley Bank collapse 9NEWS
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