How Silicon Valley Bank failed

Marketplace

Business, News

4.6 • 8.5K Ratings

🗓️ 10 March 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Silicon Valley Bank, where many startups got their funding, is now in the hands of the FDIC after a collapse. On today’s program, we’ll take a closer look at the factors that spelled disaster for the bank and if other financial institutions are at risk. Also on the program: demystifying Federal Reserve Chair Jerome Powell’s congressional testimony in the Weekly Wrap and a silver lining in an unemployment uptick.

Transcript

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0:00.0	Hey, everybody. It's Kai. It is hard to believe that three years ago, we were thrown into so much uncertainty due to COVID through it
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0:22.3	Monso business banking. It just works. So you can too. Join businesses like Target to Wishing by opening a Monso business account.
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0:55.6	Yeah you heard that right. A bank failure from American public media. This is marketplace.
1:11.6	In Los Angeles I'm Kyle Rizal. It is Friday today. The 10th of March good as always to have you along everybody.
1:17.9	So what if there was a bank that maybe you would never heard of and what if that bank was maybe a key piece of a big part of this economy.
1:27.2	And what if that bank kind of out of nowhere failed that would bring you to today right now in a bank called Silicon Valley bank which this morning
1:37.3	became the first bank backed by the federal deposit insurance corporation to fail since 2020.
1:43.4	The FDIC has taken it over, taken its assets and is sorting it through the mess. The question of course is
1:51.6	now what market place is a pre-benish or gets it going. Silicon Valley bank is not a regular bank.
1:57.6	A lot of its depositors are startups and investors. It's just where all our money sits.
2:02.2	Revenue investment. How I pay out the employees.
2:05.4	Nadine L. Ashkar is CEO of Lillo. We're a marketplace for hotels to do other procurement in one place.
2:13.0	Lennon's uniforms food drink all that stuff.
2:15.3	L. Ashkar is on a group chat with other startup CEOs and yesterday it blew up.
	...

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