Earlier this week, the bank took a loss of $1.8 billion dollars on the sale of bonds fueled in part by the Federal Reserve’s rapid interest rate increases. Frightened customers rushed to withdraw $42 billion in deposits. NBC News’ George Solis has more on what will happen to companies who had money at the bank and the sellers using e-commerce site, Etsy that are now not getting paid. 

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#SiliconValleyBank #Finance #Markets

After Silicon Valley Bank's dramatic downfall, Treasury Secretary Janet Yellen insisted a government bailout is off the table.

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#worldnewstonight #yellen #siliconvalleybank #bailout #siliconvalley

In an extraordinary action to restore confidence in America’s banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday. #siliconvalleybank #CNN #ArletteSaenz

The Silicon Valley Bank just collapsed.

Silicon Valley Bank ($SIVB) was the 18th largest bank in the U.S. They did business with 50% of all US VC-backed startups while their deposits tripled from 2019-2021.

SVB was named one of America’s Best Banks by Forbes just 3 days before everything exploded.

In a nutshell, they had a massive influx of deposits, which they had to invest. However, SVB didn’t have the capacity to make loans at the same rate as the deposit inflow.

SVB decided to purchase more than $80 BILLION worth of mortgage-backed securities. 97% of those had a 10+ year duration with a weighted average yield of only 1.56%.

In the meantime, rates skyrocketed...

Watch the rest to find out what happened and how this will affect you and your money.

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