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.
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The Morning Mail – March 13th, 2023 (Special Silicon Valley Bank Links Edition!)
On this day in 1677, Massachusetts gained title to Maine for $6,000. The Uncle Sam cartoon figure debuted in the New York Lantern weekly (1852). And the US Senate began Andrew Johnson’s impeachment trial (1868).