After the High-Profile Collapse of Silicon Valley Bank (SVB) in March, the US Government Spent $12.7 Billion To Bail Out the Top 10 Large Institutional Savers in the Banking Crisi
June 26 (Cointime) - The document reveals the names of the firms that were bailed out, along with their total deposits that immensely exceed the $250,000 FDIC protection limit per account.
FDIC to charge large US banks for replenishing deposit insurance fund drained by SVB collapse
The FDIC has proposed a fee on uninsured deposits of lenders with more than $5 billion in assets to replenish a deposit insurance fund that was drained by the collapse of Silicon Valley Bank and two other lenders.
SVB’s Former Parent May Need New Funding After $2 Billion Cash Seizure
Silicon Valley Bank's former owner may need to take out a bankruptcy loan amid uncertainty about the U.S. Federal Deposit Insurance Company's seizure of $2 billion in cash from the company, its attorney said Wednesday.
SVB’s CEO and CFO Resign After Collapse of Silicon Valley Bank
SVB Financial Group, the bankrupt former owner of Silicon Valley Bank, said its chief executive officer and chief financial officer have resigned, more than a month after the lender collapsed into receivership.
Fed Rethinks Loophole That Masked Losses on SVB’s Securities
The Federal Reserve may close a loophole that allows some midsize banks to effectively mask losses on securities they hold, a contributing factor in the collapse of Silicon Valley Bank.
SVB Collapse: A cautionary Tale of Concentration Risk and Lending to the Rich
The collapse of Silicon Valley Bank's (SVB) loan portfolio in 2020 is a cautionary tale of concentration risk and lending to the rich. SVB, which is known for its focus on lending to startup companies in the technology sector, suffered significant losses as a result of the COVID-19 pandemic and the economic downturn that followed.
Silicon Valley Bank’s Chief Risk Officer Is Out, Months After Taking the Job
Silicon Valley Bank's (SVB) new chief risk officer (CRO), Kim Olson, is reportedly leaving the bank along with at least one other executive and the chief audit executive. Olson had only been in the role for three months before the bank was shut down by regulators. SVB did not respond to TechCrunch's request for comment on the departures. HSBC USA announced that it has hired 40 bankers from SVB to build a new offering dedicated to the innovation economy. The bank has poached veteran SVB talent, including the chief business development officer, head of Life Science and healthcare, head of tech and healthcare banking, and head of technology credit solutions. SVB was shut down by regulators in March 2023.
Sen. Warren, Rep. AOC Ask Circle, BlockFi Why They Banked at SVB
Sen. Elizabeth Warren (D-Mass.) and Congresswoman Alexandria Ocasio-Cortez (D-NY) want to know why crypto companies, like bankrupt crypto lender BlockFi and stablecoin issuer Circle, banked at now-collapsed Silicon Valley Bank.
Breaking: Goldman Sachs, KPMG Sued Over SVB Collapse
Crypto News: The global banking crisis triggered by the collapse of Crypto friendly Silicon Valley Bank (SVB) has left industry biggies in legal trouble. KPMG LLP as SVB’s auditor with underwriters involving Goldman Sachs Group Inc, Morgan Stanley & Co. and Bank of America Corp has been reportedly sued for making misleading statements resulting in the SVB crash.
Circle's USDC Sees $10B Outflows Since SVB Collapse, Tether Dominance Rises
Circle-backed stablecoin USDC has seen net outflows exceed $10 billion since the collapse of Silicon Valley Bank (SVB) on March 10th. USDC's market cap has fallen by over 42% to $33.2 billion from its all-time high last June, while its rival <a>stablecoin Tether</a> (USDT) has reached its most significant market share since May 2021, representing 60% of all stablecoins in circulation.
