From using multiple banks to managing VC relationships, these are the 5 lessons every founder should have learned from the Silicon Valley Bank nightmare
Regulators listened and opted to ensure that every penny that was on deposit in accounts was preserved for the bank's customers,The FDIC will cover the expense, should it have to, by increasing fees from banks for the FDIC insurance program, it said. The agencyand short of that it will auction off assets to cover such costs. Stockholders of the bank are getting no help if a sale doesn't materialize, and no tax dollars are being used.
But every founder who experienced the bank failure, or witnessed it, should be using this life-flashing-before-our-eyes moment to look around and make changes. Here's the top lessons that every founder should have learned:, the limit of the FDIC depositor insurance. If something happens to one bank, such as a bank run, your company won't face ruin. There are a multitude of options to help manage this, such as Certificate of Deposit Account Registry Service .
or equivalent expert who understands the innards of financial regulations and can monitor the health of your important financial partners. Many VCs have engineering, operating or marketing expertise, but are not finance and governance experts.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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Biden admin guarantees Silicon Valley Bank deposits, shutters N.Y. bank in bid to head off crisisThe Biden administration said it would guarantee all deposits at the now-shuttered Silicon Valley Bank but insisted the move was not a taxpayer-funded bailout, while regulators closed a second institution, New York City’s Signature Bank, amid fears of an unfolding economic crisis.
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Signature Bank shut down in connection with Silicon Valley Bank collapseFederal regulators said Sunday Signature Bank has been shuttered, marking the second massive bank failure after the collapse of Silicon Valley Bank last week.
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Silicon Valley Bank Clients Can Fully Access Funds After FDIC Creates New Bridge BankSilicon Valley Bank's assets have been successful transferred, meaning services will operate as normal from Monday, regulator FDICgov has said. Reports jackschickler.
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Stock Market Today: Regional Bank Shares Tumble After Regulators Announce Silicon Valley Bank PlanRegional bank shares slid premarket and investors piled into the safety of bonds after regulators tried to limit the damage from Silicon Valley Bank's collapse
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Silicon Valley Bank Collapse live updates: Biden addresses bank's failureSilicon Valley Bank collapse live updates: • U.S. moves to protect all deposits at Silicon Valley Bank in bid to stem wider fallout • President Biden says 'the banking system is safe' • Biden says no taxpayer money will be used to cover losses
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