15 SVB - Shutdown by Regulators....only $250k per account is insured! (www.cnbc.com) posted 1 year ago by MindlessRationality 1 year ago by MindlessRationality +15 / -0 Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis The tech-focused bank was closed by regulators on Friday after attempts to raise more capital failed. 15 comments share 15 comments share save hide report block hide replies
In the Valley....thats a 2 years of rent lol!
--- They fucked over so many people! its crazy. That money...POOF!
So many of those accounts had more than 250k
Seems related to the tech layoffs and AI to me.
Might push startups out of the valley completely. Watch as California loses its GDP in the next few years if this continues
Unfortunately no.
It hurts more to be let down by reality than to be told a painful truth early, preventing yourself from “hoping” in the first place.
Just another step closer to the global digital currency, you know to save us from 'problematic banking'.
$250k/account is insured if the bank acted in a reasonable manner.
If a bank invested in very speculative investments like Crypto or SPACS, that $250k/account can be decreased.
https://cointelegraph.com/news/sen-warren-calls-out-sham-audits-while-svb-threatens-crypto-bankruptcy