SVB Financial files for bankruptcy, a week after Silicon Valley Bank's closure by regulators
Meanwhile, the unwinding of Silicon Valley Bank continues separately under FDIC supervision. The FDIC, Federal Reserve, and Treasury Department have already guaranteed all deposits at the bank, which is now called Silicon Valley Bridge Bank and is not part of SVB's bankruptcy filing.
"We are committed to finding practical solutions to maximize the recoverable value for stakeholders of both entities," he said.
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SVB Financial Group, parent of Silicon Valley Bank, files for bankruptcy protectionSVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn’t disclose the risks that future interest rate increases would have on its business.
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Misinformation Watch: Did Wokeness or Deregulation Cause Sil...Various sides of the media presented different conclusions on what caused SVB's failure. When that happens, misinformation can spread.
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Silicon Valley is working with Wall Street to buy some SVB assetsApollo Global Management was rebuffed by the FDIC when it first offered to buy Silicon Valley Bank’s loan book. Apollo still wants the loans — and it's working with some prominent VC firms to make it happen.
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Silicon Valley Bank collapse triggers alarms among Greater Cleveland startups with millions in the California bank“(The narrative is) this is a rich people, Silicon Valley issue, which is not the case,” JumpStart Ventures managing partner Hardik Desai said. “This affects hundreds of thousands of people in multiple ways across the country.”
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