The Silicon Valley Bank was woke and went broke. It was obsessed with arbitrary equity and diversity in its people, not so much its portfolio. A message that has not landed on deaf ears.
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Silicon Valley Bank
Silicon Valley Bank: What Happened…
Silicon Valley Bank took in deposits from businesses and households. It then loaned out some of the deposits. When a bank loans out deposits, it earns a return (profit), because the bank charges “interest” on the loans. All banks do this. But SVB made a big mistake.
Bank Collapses, Employees Cash Bonus Checks
Silicon Valley Bank, a regional bank in California, was placed in receivership on Friday by the Federal Deposit Insurance Company (FDIC). This takeover was in reaction to a run on the bank by unsettled depositors in fear of the safety of their cash. Silicon Valley Bank (SVB) specializes in tech start-ups. In the last week, … Read more