Techies on a plane celebrated after hearing a passenger whoop at the news SVB customers would get their money, VC says
When Prashant Fonseka boarded his Sunday-morning flight from Austin to San Francisco, he turned off the WiFi on his phone; he wanted a break from reading about the collapse ofJust two days prior, US regulators had closed the bank, which had been a Silicon Valley staple popular with venture capitalists and startups. The bank's failure was thea partner at the venture-capital firm Tuesday Capital.
"Fifty percent for most companies would have been enough to cover payroll, which, on Friday, it was," he told Insider in a phone conversation, saying that he thought, "we're not gonna be able to make payroll next week, our banks are frozen, the world is ending."
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Silicon Valley Bank’s parent company files for bankruptcy protectionSVB Securities and SVB Capital were not included in the filing by SVB Financial Group.
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SVB collapse: SVB Financial Group files for Chapter 11 bankruptcySVB Financial Group announced it was filing for Chapter 11 bankruptcy to reorganize under court supervision. SVB Securities and SVB Capital's funds and general partner entities will not be included in the Chapter 11 bankruptcy.
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Parent of Silicon Valley Bank seeks bankruptcy protectionSVB Financial Group is filing for Chapter 11 bankruptcy protection. SVB Financial Group is no longer affiliated with Silicon Valley Bank or the bank's private banking and wealth management business, SVB Private. SVB Financial Group ran Silicon Valley Bank up until it was seized last Friday.
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Bain Capital's Connaughton says SVB fallout will weigh on banksBain Capital's co-managing partner John Connaughton told Reuters that the banking sector is strong enough to withstand SVB's failure despite a ‘period of disorientation’ over the U.S. Federal Reserve's aggressive rate hike
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Exclusive: U.S. regulator eyes Friday bids for SVB, Signature Bank-sourcesRegulators at the U.S. Federal Deposit Insurance Corp (FDIC) have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17, people familiar with the matter said on Wednesday.
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Video: Finance expert calls DeSantis' SVB diversity claim 'ridiculous' | CNN BusinessIn an interview with CNN's ErinBurnett, financial expert Suze Orman responds to Florida Governor Ron DeSantis' claim that Silicon Valley Bank crashed because of their diversity concerns. Watch here:
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