A lot of drama over the Silicon Valley Bank bank run played out over the weekend. But in the end the depositors won't lose their money and the startups will survive.
Hundreds of startups face an 'extinction-level event' if no one buys Silicon Valley Bank by Monday
Startup accelerator Y Combinator's CEO Garry Tan said 30% of his companies that banked with SVB wouldn't be able to pay their staff in 30 days.
Startup Bank Had a Startup Bank Run
One problem for Silicon Valley Bank is that its customers had too much cash, and now they don’t.
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
FDIC will make all SVB depositors whole
All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
SVB CEO lobbied the government to relax Dodd-Frank provisions on regional lenders
When Trump took office, he pushed through lighter regulations for regional lenders.
The release of GPT-4 is imminent, as Microsoft Germany CTO Andreas Braun mentioned at an AI kickoff event on 9 March 2023.
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See the First Complete Map of an Insect's Brain
Over 12 years, scientists charted more than 3,000 neurons and the nearly 550,000 connections between them in a larval fruit fly.