Startup-focused lender SVB Financial Group became the largest bank failure since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets and left billions of dollars belonging to companies and investors stranded. California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation as receiver for later disposition of its assets.
“Access to the cash is the biggest problem for the majority of the companies here. If you’re a startup, cash is king. The cash and the workflow, to be able to have the runway is critical.” SVB Financial CEO Greg Becker sent a video message to employees on Friday acknowledging the “incredibly difficult” 48 hours leading up to the collapse of the bank. “I can’t imagine what was going through your head and wondering, you know, about your job, your future,” he said.
Is the US gonna greylist itself now?
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