A group of Republicans in the House of Representatives are sending a letter to President Biden demanding an investigation into the Chinese Communist Party’s position in the recently-collapsed Silicon Valley Bank. The GOP lawmakers are seeking to clarify how federal efforts to restructure the bank could benefit CCP-backed companies with taxpayer funds, according to the … Read more
Bloomberg Businessweek Columnist and author of “The Contrarian: Peter Thiel and Silicon Valley’s Pursuit of Power” Max Chafkin tells “Nightcap’s” Jon Sarlin how tech leaders and VCs “behaved in a panicked herd mentality” when SVB started having problems. For more, watch the full Nightcap episode here. Source link
FOX Business host Charles Payne joined “Life, Liberty & Levin” to analyze the collapse of Silicon Valley Bank and the ensuing bailout of sorts from the Biden administration to its depositors via the FDIC. Payne rejected the theory former President Donald Trump’s actions toward slackening regulations to relieve pressure on community banks had anything to … Read more
The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection. SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn’t disclose the risks that future interest rate increases would have … Read more
Has hypocrisy in Silicon Valley been exposed? And are password managers really safe? Bloomberg Businessweek’s Max Chafkin tells “Nightcap’s” Jon Sarlin that the run on Silicon Valley Bank suggests venture capitalists are not as smart as they think they are. Plus, crypto podcaster Jacob Silverman discusses why the collapse of two crypto banks is a … Read more
The collapse of Silicon Valley Bank (SVB) — a unique startup-oriented bank — last week caused nervousness globally. There was a panic among startups, VCs and fund managers that have exposure to the SVB. However, the intervention of the US government and the FDIC (Federal Deposit Insurance Corporation) averted a major crisis. The FDIC announced that all depositors … Read more
Senate Majority Leader Chuck Schumer and Rep. Maxine Waters (D-Calif.) said they’re ridding themselves of campaign contributions related to Silicon Valley Bank following the financial institution’s collapse. Schumer has donated all SVB-related political contributions to charity, spokesperson Allison Biasott told CNBC. Recipients include organizations based in Schumer’s home state, an unnamed source told the network. … Read more
The tech titans are looking like a bunch of whiny bros. They view themselves as daring, risk-taking entrepreneurs, who thrive without the heavy hand of government – that is, until there’s a bank failure. Then they beg the feds to step in and save their money – even those who had millions in Silicon Valley … Read more
CNN examines how the second-largest bank failure in US history could impact other financial institutions and their customers across the US. Watch “Bank Bust: What’s Next for America’s Money” Wednesday, March 15 at 9 p.m. ET. If you are unable to see the form above, click here. Source link
Democratic California Gov. Gavin Newsom praised the Biden administration’s decision to bail out Silicon Valley Bank (SVB), but he failed to mention his ties to the now-defunct institution, which holds at least three of his wine companies and reportedly has other financial connections to his family. “The Biden Administration has acted swiftly and decisively to … Read more