03.13.23 SPECIAL EDITION - The Failure of Silicon Valley Bank

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 4.9K Ratings

🗓️ 13 March 2023

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

SPECIAL EDITION - The Failure of Silicon Valley Bank Clark discusses this week’s SVB failure including the strength and scope of this bank, how much of the deposits were insured & the security of funds generally, the impact on businesses and how the federal government has had to step in. Clark also answers initial questions for what will be his ongoing coverage of this event as needed moving forward. Mentioned on the show Deposit Insurance - FDIC Certificate of Deposit Account Registry Service - Wikipedia SIPC - Securities Investor Protection Corporation Roku Warns of Potential Losses From SVB Failure SVB Rocks California as Rich Founders Join Napa Vintners in Fear NYTimes: Silicon Valley Bank Fails After Run by Venture Capital Customers SVB Is First FDIC-Insured Institution to Fail in 2023 NYTimes.com: The Second-Biggest Bank Failure [The Washington Post] Here’s how much of your bank deposits are FDIC protected NYTimes.com: Silicon Valley Bank Collapse Sets Off Blame Game in Tech Industry Clark.com resources Episode transcripts Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's my pleasure to welcome you to a special edition of the Clark Howard Show where our
0:10.0	mission is to serve you and empower you to make smart financial decisions in your life.
0:16.9	We're recording this special edition Sunday night March 12.
0:22.6	And we're doing it to give you the latest on the failure of Silicon Valley Bank, another
0:29.0	smaller bank in these coast and give you the latest updates on how you will be affected
0:38.8	by this failure.
0:40.7	The impact on you, the impact on your fellow Americans, and most important, the impact
0:46.4	on business owners because they're the ones that are so heavily exposed in the potential
0:53.8	contagion of the banking sector in the United States.
0:57.4	Not individual consumers in this case, it is small business owners, mid-size business
1:03.2	owners that are the ones that have the most vulnerability here.
1:08.4	So you've sent so many questions in already.
1:12.6	We're going to answer many of those questions in just a few minutes.
1:16.3	As you can see, I'm not in our podcast studio.
1:20.6	Krista will join me in a few minutes from our podcast studio is I am out of town right
1:27.6	now, but wanted to make sure that I could address for you what is going on with the bank
1:34.4	failure and actually failures at this point.
1:39.0	And answer as many of your questions to explain the situation.
1:42.9	So let's start with this.
1:45.6	Silicon Valley bank was depending on how you measure the 16th or 18th largest bank in
1:52.1	the United States when it failed.
1:55.3	Typical measurement, they had a third of a trillion dollars in deposits, made them a very
	...

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