Silicon Valley Bank: a very modern bank run

More or Less: Behind the Stats

BBC

Business, Mathematics, Science, News Commentary, News

4.6 • 3.5K Ratings

🗓️ 18 March 2023

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

After the collapse of Silicon Valley Bank sent jitters through the financial system, Duncan Weldon explains how it’s just the latest in the long history of bank runs. He talks to financial analyst and former banking regulator Dan Davies - author of ‘Lying for Money’ - to understand how bank runs happen, and what the repercussions of this very modern bank run might be for the global financial system. Presenter: Duncan Weldon Producer: Nathan Gower Editor: Richard Vadon Programme Coordinators: Helena Warwick-Cross Sound Engineer: Neva Missirian (Photo credit: Reuters)

Transcript

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0:00.0	The attacker had very good knowledge of banking systems.
0:04.2	$2.1 billion in stolen funds.
0:06.4	Money laundering operations.
0:07.7	The cyber-criminal group.
0:08.8	He's a smart guy.
0:09.9	From the BBC World Service, the Lazarus Heist is back for a brand new season.
0:14.1	Catch up with season one of the podcast now by searching for the Lazarus Heist,
0:18.4	wherever you get your BBC podcasts.
0:20.7	And get ready for season two coming next week.
0:26.7	Hello.
0:27.6	I'm welcome to more or less your weekly
0:29.9	guide to the numbers in the news and in life.
0:32.1	Thank you for downloading the more or less podcast.
0:34.9	I'm Duncan Walden.
0:39.2	And today I'm going to tell you what sounds like a very modern story,
0:42.6	but is really a very old one.
0:45.5	Last week, Silicon Valley Bank, a California-based institution
0:50.1	with a balance sheet worth around $200 billion, effectively collapsed.
0:54.8	Triggering a rescue package from the US authorities
0:57.5	and turbulence on the global financial markets.
1:00.9	The name, Silicon Valley, Sandsall-Shinyan Modern,
1:04.7	and it was indeed at the centre of the US tech industry,
	...

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