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Exclusive: Union Square Ventures warned startup founders in November to diversify their deposit holdings after alarm over Silicon Valley Bank
12 days ago | By Business Insider
Union Square Ventures co-founder Fred Wilson Noam Galai/Getty Images for TechCrunch
Union Square Ventures warned portfolio companies in November to diversify their bank deposits.
The warning, which has not been previously reported, never specifically mentioned SVB.
But it came after a senior partner became alarmed after reading SVB's financial statements.
When a senior Union Square Ventures partner was studying Silicon Valley Bank's financial statements last November he became so alarmed by the bank's financial condition that he issued an urgent plea to his partners: Alert every one of the...
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Ruben Gallego slams Kyrsten Sinema for raking in Silicon Valley Bank contributions ahead of 2018 deregulation vote
12 days ago | By Business Insider
Democratic Rep. Ruben Gallego of Arizona; Independent Sen. Kyrsten Sinema of Arizona Getty Images
Rep. Ruben Gallego says Kyrsten Sinema is responsible for the Silicon Valley Bank implosion.
Gallego talked about campaign contributions Sinema got from the failed lender on Tuesday in Tempe.
"Sinema is in the pocket of Wall Street," he said, citing her 2018 vote to slash banking rules.
Senate hopeful Rep. Ruben Gallego accused his 2024 rival, Independent Sen. Kyrsten Sinema, of contributing to Silicon Valley Bank's demise by catering to lobbyists' demands in 2018. "The SVB collapse is a...
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Why Silicon Valley Bank collapsed, and why it matters
12 days ago | By Business Insider
Silicon Valley Bank's collapse on Friday was the second-largest bank failure in US history.
Its failure led to the collapse of Signature Bank.
The FDIC insures customers' funds in case something like this happens.
Silicon Valley Bank collapsed on Friday, resulting in the second-largest bank failure in US history. Read the original article on Business Insider
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Joe Manchin says he looks at his 2018 vote on easing bank regulations 'differently now' after Silicon Valley Bank's collapse
12 days ago | By Business Insider
Sen. Joe Manchin of West Virginia. AP Photo/J. Scott Applewhite
In 2018, Sen. Joe Manchin was one of 13 Democrats to vote for easing some banking regulations.
The rollback of those regulations meant that Silicon Valley Bank was subject to less scrutiny.
Now, Manchin says he thinks differently about his vote, but says it wasn't a mistake at the time.
Back in 2018, Senator Joe Manchin was one of 13 Democrats who voted to roll back bank regulations that likely would've set off red flags before Silicon Valley Bank's collapse. That vote has come under renewed scrutiny after the abrupt...
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Charles Schwab CEO says clients poured in $4 billion at the height of the SVB panic
12 days ago | By Business Insider
Walter Bettinger. REUTERS/Elijah Nouvelage
CEO Walter Bettinger said inflows grew significantly the day Silicon Valley Bank began to collapse.
He also told CNBC that he bought 50,000 shares of Charles Schwab on Tuesday for his personal account.
He said Charles Schwab is managed conservatively and has a different business model than regional banks.
As panic over Silicon Valley Bank's collapse was peaking in financial markets on Friday, Charles Schwab clients poured $4 billion into the firm that day, said CEO Walter Bettinger. That's double the daily inflows of about $2 billion that Schwab...
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Elizabeth Warren and Katie Porter are taking the first step in repealing the Trump-era banking law they blamed for Silicon Valley Bank's collapse
12 days ago | By Business Insider
Sen. Elizabeth Warren. Evelyn Hockstein-Pool/Getty Image
NBC first reported on Tuesday that Sen. Warren and Rep. Porter are introducing a bill to repeal a 2018 banking law.
The law rolled back provisions in the Dodd-Frank Act, weakening oversight over banks.
Warren and other Democrats blamed the rollback for Silicon Valley Bank's collapse.
Democratic lawmakers are introducing legislation intended to stop a failure like Silicon Valley Bank from happening again. NBC first reported on Tuesday that Massachusetts Sen. Elizabeth Warren and California Rep. Katie Porter are leading their...
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Small-businesses owners who had money in SVB can prepare for a financial crisis by doing these 3 things
12 days ago | By Business Insider
Experts advise diversifying your bank accounts in the event of a bank failure. shapecharge/Getty
Entrepreneurs who had money tied up in the Silicon Valley Bank fallout are rethinking finances.
Yale professor Song Ma and CEO Casey Clark said to start by diversifying banks and relationships.
This protects both your money and your access to experts, they said.
While much of the fallout from Silicon Valley Bank's collapse has disrupted venture capital-backed startups , some small-business owners with money in the bank could also feel the effects. To be sure, there's no data that shows how many...
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From using multiple banks to managing VC relationships, these are the 5 lessons every founder should have learned from the Silicon Valley Bank nightmare
12 days ago | By Business Insider
Popup on Camp's website advertising its 40% off sale after SVB collapse. Camp.com
The Silicon Valley Bank crisis has deescalated and depositors will not lose their money.
Now is the time for founders to change things to be better prepared for next time.
Here are the 5 top lessons every founder should have learned.
With the most immediate crises from the Silicon Valley Bank run averted in as elegant a way as possible, founders can wipe the sweat from their brow and focus on what they learned that will protect them in the future. To recap: On Friday, the bank that famously served the tech...
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Americans broadly support Biden bailing out Silicon Valley Bank even if Washington can't agree if it was a bailout: poll
12 days ago | By Business Insider
Silicon Valley Bank was shut down by regulators on Friday. Getty Images
Americans broadly support bailing out Silicon Valley Bank, according to early polling.
YouGov's findings also suggest that for now there is no major partisan split on the issue.
Biden has stressed that taxpayer money was not used and the broader banking system is stable.
Early polling shows Americans broadly support the Biden administration's decision to bail out Silicon Valley Bank even if the White House and parts of Washington bristles at the use of the b-word amid lingering resentment from the 2008 financial...
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SVB's collapse completely screwed things up for companies with bad credit
12 days ago | By Business Insider
Silicon Valley Bank was shut down by regulators on Friday. Getty Images The SVB collapse is going to make it a lot more expensive for companies with bad credit to raise capital. The spread on junk-rated bonds relative to US Treasuries has surged to the widest level since December 30. SVB's fall also eliminates a key source of funding for start-ups that would typically be denied by traditional banks. The dust has yet to settle from the sudden collapse of Silicon Valley Bank , but one thing is for sure: the chaotic event has made it a lot more expensive for companies with bad credit to raise...
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The Silicon Valley Bank rescue means regulators have guaranteed deposits for the entire US financial system, Evercore founder Roger Altman says
12 days ago | By Business Insider
Roger Altman David Orrell/CNBC/NBCU Photo Bank via Getty Images
The federal rescue of SVB depositors means all bank deposits are guaranteed, Roger Altman said.
If that's the case, "should the taxpayer allow the shareholders to realize the benefit of that?"
He also told CNBC that SVB's demise signals fragility in finance as well as out-of-date policies.
The federal government's decision to guarantee all Silicon Valley Bank deposits indicates such backing will extend to the rest of the industry, Evercore founder Roger Altman said. The bank's collapse demonstrated the "fragility" of finance...
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Billionaire investor Ray Dalio says the Silicon Valley Bank failure marks a 'canary in the coal mine' that will have repercussions beyond the VC world
12 days ago | By Business Insider
Ray Dalio. Eoin Noonan/Web Summit via Getty Images
Ray Dalio said the Silicon Valley Bank failure is a "canary in the coal mine" for what's to come.
Dalio wrote Tuesday that this is part of the classic "bubble-bursting part" of the short-term debt cycle.
He explained how it fits into broader historical trends and debt cycles.
Billionaire investing veteran Ray Dalio said the Silicon Valley Bank failure marks a "canary in the coal mine" moment that will spark steep repercussions across the financial world. In his newsletter Tuesday, the Bridgewater Associates founder called the bank turmoil...
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