WHERE'S THE MONEY?

Silicon Valley Bank's Manhattan branch calls COPS on investors trying to pull their cash out as Boston tech CEO with $10M in bank describes 'worst 18 hours of my life': Lender is SEIZED by regulators in largest US bank failure since Great Recession

 

Daily Mail 

March 10, 2023

 

Ashley Tyrner, CEO of Boston wellness firm FarmboxRx, said she had at least $10m deposited with SVB and has been frantically calling her banker. She called it 'the worst 18 hours of my life'

 

Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue as investors scrambled to get their money out in the biggest collapse since the Great Recession. 

 

The police were called when people tried to withdraw their money from the bank.

The bank failed today as depositors - mostly technology workers and venture capital-backed companies - began withdrawing their money following a shock announcement of a $1.8bn loss. 

The bank took a hammering in pre-market with its price plunging by 66 percent before trading was halted. But with investors only protected up to $250,000, there have already been horror stories. 

Ashley Tyrner (left), CEO of Boston wellness firm FarmboxRx, said she had at least $10m deposited with SVB and has been frantically calling her banker. She said it had been 'the worst 18 hours of my life.' 

With around $209bn in assets, SVB is the second-largest bank failure in US history after the 2008 collapse of Washington Mutual. It is the first FDIC-insured bank to fail in more than two years, the last being Almena State Bank in October 2020. 

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MAJOR BANK FAILURE IN CALIFORNIA

 

By Bob Walsh  

 

A worker tells people that the Silicon Valley Bank (SVB) headquarters in Santa Clara, California is closed this morning

A Brinks security truck is parked outside the Silicon Valley Bank in Santa Clara as investors line up outside after the bank shut its doors. The Federal Deposit Insurance Corporation (FDIC) seized SVB's assets today as depositors - mostly tech workers and start-up firms - began withdrawing their money following the shock announcement of a $1.8bn loss

 

There was as run today on the Silicone Valley Bank, which has roughly $175 billion in deposits.  The FDIC shut the bank down.  

The California Dept. of Financial Protection and Innovation has taken possession of the bank Friday.  The bank has about $209 billion in assets.  Practically every decent-size business in Silicone Valley does business with this bank.  It is a major supplier of venture capital.

The stock in SVB group dropped about 60% yesterday.  

The FDIC announced that individual account holders should be able to access their accounts on Monday.  If you have more than $250,000 in any one account you may have a problem as that is the max amount insured by the FDIC.  

I wonder how long it will take the Democrat-Socialists to blame Trump.