“Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury. Everyone is working with FDIC to stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy.”
https://www.gov.ca.gov/2023/03/11/governor-newsom-issues-statement-on-silicon-valley-bank/
Silicon Valley Bank’s China venture in doubt as start-ups struggle to access US funds
https://www.ft.com/content/716b793e-d650-4e23-9e6f-600c1e4dc760
Collapse of Silicon Valley Bank rocks China’s tech start-ups, venture capital industry
As of Sunday afternoon, topics related to the collapse of the bank, including “SVB bankruptcy has spread to multiple countries” and “SVB bankruptcy affects Chinese entrepreneurs”, were trending on Chinese microblogging site Weibo, with posts receiving hundreds of millions of views.
“Is the 2008 Financial Crisis happening again?” said a Weibo user with the handle MaxC.
https://www.scmp.com/tech/big-tech/article/3213259/collapse-silicon-valley-bank-rocks-chinas-tech-start-ups-venture-capital-industry
Nancy Pelosi At SXSW: Former House Speaker Hopes Silicon Valley Bank Will Be Bought By Rival Bank; Talks About “Cult” & “Thug” Republican Party
“I don’t think there’s an appetite in the country for bailing out a bank. But we have to honor the depositers,” said Pelosi at the LINE Hotel ballroom today.
“Many of the small businesses have accounts at that bank, they have money there, so that they can pay the payroll,” explained Pelosi, “So, if this bank fails, we’re concerned about the payroll of the workers in these companies.”
“If they can’t pay the payroll or utility bill, this all literally goes down the drain. There are lots of reasons we should be selectively approaching this. We do not want contagion,” said Pelosi, meaning a domino effect where other banks in the U.S. start going under.
“We don’t want this to be systemic, because that would be harmful to the economy and the rest,” said the House Rep from California’s 11th congressional district.
https://www.yahoo.com/lifestyle/nancy-pelosi-sxsw-former-house-160417646.html
My understanding is that many accounts had millions of dollars/euros, etc in holdings. That loss will be felt by the taxpayer in some form.
Breaking news: Federal authorities are seriously considering safeguarding all uninsured deposits at Silicon Valley Bank, according to three people with knowledge of the matter, who spoke on the condition of anonymity to describe private deliberations.
https://twitter.com/washingtonpost/status/1634986466274312192
Checked quad trips.
Don't get me wrong it's the Democracy Died in our Darkness WaPo, but I'll run with it and offer these Questions.
Who was the winning bidder?
Was China able to buy the Bank?
Since the paper noted that the auction was finished before the Chinese Markets opened, was that a factor?