“(The narrative is) this is a rich people, Silicon Valley issue, which is not the case,” JumpStart Ventures managing partner Hardik Desai said. “This affects hundreds of thousands of people in multiple ways across the country.”
CLEVELAND, Ohio - Silicon Valley Bank’s collapse on Friday put millions of dollars deposited by Cleveland-area startups at risk, leading to a long and often sleepless weekend for founders, investors and everyone else tied to startup companies in the area.are still playing out, but one thing is clear: When the FDIC stepped in and said it would cover all of the deposits, it avoided the scariest scenario.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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Utah’s Zions Bank shares plummet in wake of Silicon Valley Bank collapseShares in Utah-based Zions Bancorp plunged Monday as effects of the collapse of two other large banks rippled through the U.S. financial system. Zions' CEO, though, said the institution’s financial position “remains strong.”
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