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Federal regulators take control of tech darling Silicon Valley Bank [1]

['Jason Weisberger']

Date: 2023-03-10

Silicon Valley Bank, a mainstay in California's technology industry, has been taken over by Federal regulators. Citing a lack of funds due to a sell-off of "assets affected by higher interest rates," SVB was attempting to urgently raise $2.25 billion when the regulators stepped in.

I have no clue what assets are not affected by higher interest rates, or what the heck happened here. When I was actively working with startups Silicon Valley Bank was a trusted partner and the lender of choice for technology startups.

BBC:

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[1] Url: https://boingboing.net/2023/03/10/federal-regulators-take-control-of-tech-darling-silicon-valley-bank.html

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