The FDIC says SVB clients with deposits above $250K will get “an advance dividend within the next week”; many SVB clients need to meet their payroll on March 15
Exit Fuel 🛢️ exists because of the support of people like you. Dalmas Ngetich / NewsBTC : Long Queues Seen At Silicon Valley Bank-Owned Boston Private - A Bank Run? Tweets: Dan Primack / @danprimack : Why Silicon Valley is kinda screwed if no one buys SVB this weekend, and deposits remain frozen (or mostly frozen): 1/ Many companies need to meet payroll next Wednesday. Plus other expenses. 2/ Lines of credit tied up too. 3/ Many VC funds keep $$ in SVB, or SVB is an LP. Robyn O'Brien / @robynobrienusa : How did this happen? Silicon Valley Bank's president successfully pressured lawmakers to weaken bank risk regulations before his bank's collapse. They captured the regulator. And as a result, 93% of the bank's $161 billion in deposits are uninsured. #PolicyMatters https://twitter.com/... Sheel Mohnot / @pitdesi : The best explainer of the SVB situation, unsurprisingly from @matt_levine Also unsurprisingly, his assessment is that depositors will be made whole by the acquirer https://www.bloomberg.com/... Natasha Mascarenhas / @nmasc_ : “You can use the code BANKRUN at checkout.” Here's how founders are reacting to SVB's collapse https://techcrunch.com/... w/ @bayareawriter @DominicMadori @Kyle_L_Wiggers @kirstenkorosec Dan Primack / @danprimack : Sure it's capitalizing on a bad situation. But it also could be a lifeline for certain companies... https://twitter.com/... Christopher Mims / @mims : In worst case scenario, “tens of thousands” of employees at tech companies / startups may not get paid next week because of collapse of Silicon Valley Bank One startup founder said layoffs could result. Unclear at present if that will come to pass. https://www.bloomberg.com/... George Hammond / @georgenhammond : “There's a lot of money that flows through those bank accounts every day that suddenly is not moving. There will be big consequences for the whole ecosystem. Employees getting paid, suppliers getting paid, financing [rounds] closing.” https://www.ft.com/... Alex Fitzpatrick / @alexjamesfitz : “If payrolls are missed, the pain could spread from boardrooms to kitchen tables.” https://www.axios.com/... via @danprimack Matt Darling / @besttrousers : “But there is another, subtler, more dangerous exposure to interest rates: You are the Bank of Startups, and startups are a low-interest-rate phenomenon.” https://twitter.com/... David Wessel / @davidmwessel : Matt Levine has a good piece on SVB: One problem for Silicon Valley Bank is that its customers had too much cash, and now they don't. https://www.bloomberg.com/... via @opinion Brian Merchant / @bcmerchant : It will be rather telling if elite financiers and investors can swiftly cobble together $44 billion to wildly overpay for a beleaguered social media network at the behest of Elon Musk, but cannot find a way to stabilize a bank integral to the entire Silicon Valley economy https://twitter.com/... Steve Matthews / @stevematthews12 : Startup businesses are starting to worry about whether they will be able to keep paying employees following the failure of Silicon Valley Bank. “Expect mass layoffs later today, Monday at latest.” https://www.bloomberg.com/... via @technology Dare Obasanjo / @carnage4life : If your employer banks with SVB, it's currently unknown if there'll be money to pay you next week given the bank's failure. If anyone tells you this is FUD, then they are underplaying the impact of this crisis. https://www.axios.com/... @rabble : Yesterday was crazy.... thanks to @mercury for coming through for us. https://twitter.com/... @axios : This weekend is key to determining if Silicon Valley Bank's collapse escalates from an inconvenience to a crisis for SVB clients — most of which are businesses that need to meet payroll. https://www.axios.com/...