Silicon Valley Bank’s failure is a sign of weakness in the tech industry, and that could spell trouble for the state.
| CalMatters
California regulators seized Silicon Valley Bank — a storied cornerstone of the start-up economy, and, as of last year, the country’s 16th largest bank — declaring it to be “conducting its business in an unsafe manner” and insolvent. Now, Silicon Valley investors, start-up employers, California budget analysts and lawmakers are watching closely to see whether this is the end of a minor crisis — or just the beginning of a major oneGov. Gavin Newsom welcomed the Sunday afternoon federal intervention, saying in a statement that it will have “profoundly positive impacts on California … ensuring our innovation economy can continue to grow and move forward.
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