The U.S. Treasury announcement came at the end of a tense weekend for the bank's customers across Greater Boston, who were scrambling to secure cash for payroll and business operations.
U.S. Treasury officials on Sunday evening said customers of the failed Silicon Valley Bank would have access to all of their money on Monday, in a bailout that would not be paid for by taxpayers.
Like many people, Levine learned about the tech-focused bank’s brisk demise when he saw a slew of headlines. The Santa Clara, California-based institution, with several offices in the Boston area, had a four-decade history of catering to startups and technology clients, and had grown to $209 billion in assets. It’s now the biggest bank failure since the 2008 financial crisis.
Silicon Valley Bank has worked with brand-name venture capitalists from Boston to California, and sometimes also invested in deals alongside the VCs. In many cases, when startups landed venture funding, they deposited the lion’s share of that money in accounts with Silicon Valley Bank. So while employees of startups were fretting in recent days over their future, venture investors were also at risk.
“There are a lot of companies in suspended animation right now because of this,” he said. “If you have deposits in the bank, as most do, over $250,000, you’ve got to be thinking now – what is the viability of that bank's balance sheet?”
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
3 places to watch March Madness in BostonHere are three places to dine and drink while you embrace the madness of this year's NCAA college basketball tournament:
Baca lebih lajut »
Executive wants greater oversight powers for civilian board amid jail deaths — including over medical staffTop Citizens' Law Enforcement Review Board officials scheduled a special meeting to consider a host of changes, including one that would eliminate a one-year limit on the board's authority to investigate misconduct complaints.
Baca lebih lajut »
Next week's new releases: 'Ted Lasso,' U2, 'The Boston Strangler' and moreAlso coming soon: a re-telling of 'Marie Antoinette' on PBS, the animated series 'Agent Elvis' comes to Netflix, and in video game news, John Cena is back in the ring for WWE 2K23.
Baca lebih lajut »
Next week's new releases: 'Ted Lasso,' U2, 'The Boston Strangler' and moreAlso coming soon: a re-telling of 'Marie Antoinette' on PBS, the animated series 'Agent Elvis' comes to Netflix, and in video game news, John Cena is back in the ring for WWE 2K23.
Baca lebih lajut »
Treasury, FDIC to brief California lawmakers on SVB collapseU.S. Treasury and Federal Deposit Insurance Corp. (FDIC) officials plan to brief members of California's congressional delegation on the collapse of Silicon Valley Bank, Axios has learned.
Baca lebih lajut »
Celtics' Marcus Smart, Hawks' Trae Young get into wrestling match during game, Boston guard ejectedMarcus Smart was ejected after getting into a skirmish with Trae Young, who was assessed a technical foul, stemming from a kick near Smart's groin.
Baca lebih lajut »