How Silicon Valley Bank Failed, And What Comes Next
Consider This from NPR
NPR
4.2 • 6.2K Ratings
🗓️ 13 March 2023
⏱️ 14 minutes
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Summary
Federal regulators said Sunday that they were taking the emergency measures to prevent contagion at other small and regional banks in the wake of Silicon Valley Bank's implosion.
NPR's David Gura reports that, despite those measures, many bank stocks plunged on Monday.
And former Congressman Barney Frank, a Democrat who sponsored new banking regulations in the wake of the 2008 financial crisis, explains what he thinks went wrong at the banks. Frank more recently also served on the board of Signature Bank.
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Transcript
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| 0:00.0 | For Kamal Kapadia, the first signs of trouble came on Thursday morning. |
| 0:11.4 | My co-founder is on some WhatsApp groups with some investors and SMI and that's where |
| 0:16.8 | the messages first started coming in. |
| 0:18.8 | Kapadia is the co-founder of a climate education startup called Terra.du and her startup was |
| 0:25.2 | a customer of Silicon Valley Bank, also known as SVB. |
| 0:30.1 | The bank is what investors on the WhatsApp group were worried about. |
| 0:33.7 | Things were not looking good and other investors had started telling their companies to |
| 0:38.7 | pull money out of the bank and so that's what our investors started advising. |
| 0:44.8 | So Kapadia and her co-founder started figuring out whether and how they could get money out |
| 0:50.2 | of SVB. |
| 0:51.6 | Their calls with the bank and their investors, they decided by Thursday evening to make |
| 0:56.8 | the move but at close of business their money was still at SVB. |
| 1:02.6 | Then came Friday. |
| 1:03.6 | A major development in the banking world. |
| 1:06.6 | The FDIC just reported the California regulator shut down Silicon Valley Bank. |
| 1:11.5 | We find out this shocking news and all our founders and our chief business officer were |
| 1:16.1 | on Zoom call and we try what we're trying to get into the bank account and we can see |
| 1:21.2 | the account but you can't do anything like that everything is frozen. |
| 1:25.4 | Because Terra.du wasn't the only company trying to get money out of Silicon Valley Bank |
| 1:30.0 | on Thursday. |
| 1:31.4 | Lots of other startups were too and that triggered a run on the bank. |
| 1:36.3 | It essentially collapsed and got taken over by the Federal Deposit Insurance Corporation, |
... |
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