Money Talks: What went wrong at SVB?

Money Talks from The Economist

The Economist

Finance & Economics, Business News, Economy, News, Business

4.4 • 1.2K Ratings

🗓️ 16 March 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Until last week, most people beyond California and the tech world probably hadn’t heard of Silicon Valley Bank, but its swift collapse made headlines across the globe.

On this week’s podcast, hosts Alice Fulwood, Tom Lee-Devlin and Mike Bird examine what brought the bank down and to what extent the panic has been contained–or might still be spreading. Peter Conti-Brown from University of Pennsylvania’s Wharton School says incompetence was behind the bank’s collapse. And former Treasury Secretary Larry Summers tells them the US government’s decision to guarantee deposits should be enough to restore confidence in the banks and prevent fear spreading.

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Transcript

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0:00.0	Does business growth have you eyeing market expansion to North America?
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0:24.4	Visit investalberta.ca today to learn more.
0:28.2	Big, bold, Alberta.
0:33.2	Money talks from the economist is sponsored by Invest Puerto Rico.
0:38.2	More than just a Caribbean paradise, Puerto Rico is a business powerhouse.
0:43.2	This U.S. territory is a fast-growing hub for innovators.
0:47.2	Puerto Rico boasts numerous tax credits, business incentives,
0:51.2	and world-class talent that take your business to the next level.
0:55.2	Find out why at investpr.org.
0:58.2	Game changers, welcome home.
1:06.2	I found out because a friend of mine that said JP Morgan called me
1:10.2	and left me a voicemail while I was on other calls that morning.
1:14.2	On the morning of Thursday, the 9th of March, news that something was going wrong
1:20.2	with Silicon Valley Bank started to trickle through the U.S. investment community.
1:25.2	Within five minutes of receiving that call,
1:28.2	our entire firm dropped everything we were doing
1:31.2	and started paying the entire portfolio to urgently move cash out as fast as possible.
	...

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