![]() But it had a interesting side business, which is that back when it was legal to do this, it had a venture capital arm. And it didn’t grow very quickly originally. But the bank’s origins were much humbler than that. But it certainly was one of those banks that the CEO was on CNBC and it had a reputation for being associated with innovation and the future and tech bros and things like that. It’s a trendy, sort of sexy name that many people may not have heard about. The precipitator of this crisis starts with a bank in Silicon Valley called Silicon Valley Bank. So let’s start at the beginning, how we got into the mess we’re in. And the way I started out in these last 72 hours was trying to find all the ways that this wasn’t going to be like that. I was a banking reporter during the financial crisis in 2008. And I think for those of us who lived through the 2008 financial crisis, which also unfolded over a weekend, everything about this feels like deja vu, like here we go again. ![]() My colleague, Emily Flitter, explains.Įmily, it has been a truly remarkable 72 or 96 hours, depending on how you measure it, in the world of finance. Today we look at what caused the collapse of Silicon Valley Bank and why it required an emergency federal rescue plan for the entire industry. michael barbaroįrom “The New York Times” I’m Michael Barbaro. Please review the episode audio before quoting from this transcript and email with any questions. While it has been reviewed by human transcribers, it may contain errors. This transcript was created using speech recognition software. Transcript The Implosion of Silicon Valley Bank The collapse of the lender has required an emergency federal rescue plan for the entire industry.
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