Investors implore the government to step in after Silicon Valley Bank failure
Publishing timestamp: 2023-03-11 14:13:00
Summary
Voices from the tech and finance industries are calling for the federal government to push another bank to take over failed Silicon Valley Bank to protect uninsured deposits. The failure to protect deposits over $250,000 could cause a loss of faith in other mid-sized banks, and many startups are concerned that they will not be able to make payroll this month, which could spark a wave of failures and layoffs in the tech industry. Some in the tech community are blaming venture capitalists for spurring a bank run after SVB's surprise announcement about its financial situation. Many are calling for a bailout, while others oppose it.
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Tickers: SIVB,
Keywords: politics, business news, svb financial group,