What Next: Why Silicon Valley Bank Collapsed

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Slate Podcasts

News, News Commentary, Politics

4.6 • 6K Ratings

🗓️ 15 March 2023

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

The downfall of Silicon Valley Bank marks the second largest bank collapse in American history. Why and how did SVBgo under? Where were the regulators? And how do we stop this from happening again? Guest: Annie Lowery,staff writer at The Atlantic and the author of Give People Money. If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get benefits like zero ads on any Slate podcast, bonus episodes of shows like Slow Burn and Amicus—and you’ll be supporting the work we do here on What Next. Sign up now at slate.com/whatnextplus to help support our work. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, everyone.
0:02.3	There is some unbleaped language in this episode.
0:05.8	You've been warned.
0:12.7	Annie Lowry writes for the Atlantic, and she lives in the spiritual home of the tech
0:16.9	industry, San Francisco.
0:19.5	That means this past weekend was a strange one for her.
0:23.0	It's been really, really, unusually rainy, so it's been dumping snow in the Sierra Nevada's
0:29.5	villages, and the weekend was just pouring the entire time.
0:34.2	And people were just sitting inside on Twitter.
0:38.5	I was just texting with people who were like, oh my gosh, my corporate card doesn't work.
0:48.6	These corporate credit cards were offline, because a lot of them were linked to Silicon Valley
0:53.1	Bank, the regional lender that you've probably heard about by now.
0:56.6	The storms on Wall Street continued today after regulators seized the assets of Silicon
1:01.9	Valley Bank.
1:02.9	SVB, the 16th largest bank in the US with $175 billion in deposits, is now the biggest
1:10.1	American bank to fail since the 2008 financial crisis.
1:16.3	This bank held the assets of name-brand tech companies like Roku, Etsy, and Roblox,
1:22.4	along with regular old checking accounts and home loans.
1:25.7	As a Friday, it had gone totally bust.
1:28.4	I was on the phone with a lot of people who were trying to figure out what's happening,
1:33.9	because normally when a bank fails in the American system, ideally what happens is the FDIC
1:40.1	goes in over the weekend, they create these kind of arranged sales, these forced marriages.
	...

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