WTF Is Up With the Silicon Valley Bank Bailout?

CYBER

VICE

Tech News, News & Politics, Technology, News

4 • 645 Ratings

🗓️ 14 March 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Collapse. It’s the word on everybody’s lips. Silicon Valley Bank and Signature are no more. The banks, folks, they’ve collapsed. But don’t worry, these aren’t your typical banks. SVB and Signature were not the kinds of places working class folks were holding checking accounts. These were massive institutions that propped up America’s ailing tech sector. If you’ve been hustled by an NFT startup in the past year, there’s a good chance it had deposits at SVB.

But now they’re gone and, after some panic, it looks like America’s blessed institutions are working as intended. The Federal Deposit Insurance Corporation is gonna clean all this up. But should they?

On this episode of Cyber, Motherboard Managing Editor Jordan Pearson sits down to answer the question.

Stories discussed in this episode:

How Silicon Valley's Bank Imploded

Are Failing Banks About to Destroy the Economy?

OK, WTF Is Up With the Government Bailing Out the Tech Industry?

WSJ Wonders: Did Silicon Valley Bank Die Because One Black Person Was on Its Board?

We’re recording CYBER live on Twitch and YouTube. Watch live during the week. Follow us there to get alerts when we go live. We take questions from the audience and yours might just end up on the show.

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Transcript

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0:00.0	Tadden, it's got the code it's going to launch.
0:10.2	It's a unit system.
0:12.6	I know this.
0:14.6	It's how all the files of the whole park.
0:16.8	It tells her everything.
0:18.5	Sir, he's uploading the virus.
0:21.3	Eagle 1. The package is being delivered.
0:24.2	Hello out there on the internet.
0:26.8	I am Matthew Galt, and this is Cyber Collapse.
0:30.5	It's the word on everybody's lips.
0:32.3	Silicon Valley Bank and signature, they are no more.
0:36.2	The banks, folks, they have collapsed.
0:39.6	But don't worry, these aren't your typical local banks.
0:43.2	SVB and signature were not the kinds of places that working class folks were holding checking accounts.
0:49.1	These were massive institutions that propped up America's ailing tech sector.
0:53.7	And if you've been hustled by an NFT startup in the past year,
0:56.7	well, there's a good chance it had deposits at SVB.
1:00.7	But now they're gone, and after some panic,
1:03.1	it looks like America's blessed institutions are working as intended.
1:07.0	The Federal Deposit Insurance Corporation, it's going to clean all this up.
1:10.8	But should they? Well, with's going to clean all this up.
1:11.7	But should they?
	...

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