😵‍💫 A surreal weekend for Silicon Valley

Plus: How Silicon Valley Turned on Silicon Valley Bank, HSBC acquires Silicon Valley Bank UK, and more…

Today’s pick

Silicon Valley's surreal weekend. As Silicon Valley Bank collapsed before our eyes on Thursday, a founder told me that the world felt like it did when COVID-19 first bared its teeth. I scoffed at his analogy at first: are we really using… (Natasha Mascarenhas / TechCrunch)

natasha mascarenhas @nmasc_

i wrote about silicon valley's surreal weekend

techcrunch.comSilicon Valley’s surreal weekendSilicon Valley let out a collective exhale with the news that SVB depositors will be covered by regulators. Now for the rebuilding.

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Joint Statement by Treasury, Federal Reserve, and FDIC. Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. ( The Fed)

Federal Reserve @federalreserve

@federalreserve @USTreasury @FDICgov issue statement on actions to protect the U.S. economy by strengthening public confidence in our banking system, ensuring depositors' savings remain safe:

federalreserve.govJoint Statement by Treasury, Federal Reserve, and FDICWashington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Cha

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How Silicon Valley Turned on Silicon Valley Bank. This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at… (Ben Foldy, Rachel Luise Ensign & Justin Baer / Wall Street Journal)

Rachel Louise Ensign @RachelEnsignWSJ

It was the first bank run ever organized over Slack. Our play-by-play of how VCs and start-ups yanked an extraordinary $42 billion from SVB in one day. wsj.com/articles/how-s… via @WSJ

wsj.comHow Silicon Valley Turned on Silicon Valley BankThe fallout threatens to engulf the startup world—and has exposed a new set of vulnerabilities for the banking system.

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America's government steps in to protect depositors at Silicon Valley Bank. WHEN ONE bank collapses, the panicked question is often “who's next?” Other financial institutions can end up exposed because of connections to the collapsed institution, because they employ similar business models or simply because… ( The Economist)

The Economist @TheEconomist

Several questions remain. The first is whether anyone will buy Silicon Valley Bank or Signature Bank, which was also shuttered. More importantly, people will ask whether these actions are tantamount to a government bail-out

econ.stAmerica’s government steps in to protect depositors at Silicon Valley BankAs SVB and a rival collapse, regulators have expanded their role as a backstop

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In historic last-minute deal, HSBC acquires Silicon Valley Bank UK, says all depositors' money is safe. Image Credits: David Paul Morris / Bloomberg / Getty Images HSBC UK is acquiring Silicon Valley Bank UK for a symbolic £1, after a tense weekend of frantic negotiations by the UK government, regulators and a suite of other potential suitors. (Mike Butcher via TechCrunch)

Mike Butcher @mikebutcher

BREAKING: HSBC will acquire Silicon Valley Bank UK for £1, under a deal brokered by the U.K. government, thus saving hundreds of key U.K. tech companies from possible closure. Chancellor Jeremy Hunt says customer deposits at Silicon Valley Bank UK will be “protected, with no… https://t.co/E0uzz0Ljmd

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