Current:Home > NewsSilicon Valley Bank's collapse and rescue-LoTradeCoin
Silicon Valley Bank's collapse and rescue
View Date:2024-12-24 00:06:26
Silicon Valley Bank was the 16th largest bank in America, the bank of choice for tech startups and big-name venture capitalists. Then, in the span of just a few days, it collapsed. Whispers that SVB might be in trouble spread like wildfire through group texts and Twitter posts. Depositors raced to empty their accounts, withdrawing $42 billion in a single day. Last Friday, after regulators declared that SVB had failed, the FDIC seized the bank.
As the dust settles on the biggest bank failure — and bank rescue — in recent memory, we're still figuring out what happened. But poor investment choices, weak regulation, and customer panic all played their parts. We'll look into the bank's collapse to understand what it can teach us about the business of banking itself.
This episode was produced by Willa Rubin, with help from Dave Blanchard. It was edited by Keith Romer, and engineered by Brian Jarboe. Fact-checking by Sierra Juarez. Our acting executive producer is Jess Jiang.
Music: "I Don't Do Gossip," "Groovy Little Penguins" and "Vision."
Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Always free at these links: Apple Podcasts, Spotify, Google Podcasts, NPR One or anywhere you get podcasts.
Find more Planet Money: Twitter / Facebook / Instagram / TikTok our weekly Newsletter.
veryGood! (97)
Related
- San Antonio Spurs coach Gregg Popovich had mild stroke this month, team says
- Mother allegedly confined 9-year-old to home since 2017, had to 'beg to eat': Police
- Germany arrests 2 Syrians, one of them accused of war crimes related to a deadly attack in 2013
- Portland State football player has 'ear ripped off' in loss to Oregon
- How Kim Kardashian Navigates “Uncomfortable” Situations With Her 4 Kids
- I Tried the Haus Labs Concealer Lady Gaga Says She Needs in Her Makeup Routine
- Judge orders Texas to remove floating border barriers, granting Biden administration request
- Virginia lawsuit stemming from police pepper-spraying an Army officer will be settled
- Former Disney Star Skai Jackson Is Pregnant, Expecting First Baby With Her Boyfriend
- Historic flooding event in Greece dumps more than 2 feet of rain in just a few hours
Ranking
- 'America's flagship' SS United States has departure from Philadelphia to Florida delayed
- 2 attacks by Islamist insurgents in Mali leave 49 civilians and 15 soldiers dead, military says
- Michigan State Police shoot, arrest suspect in torching of four of the agency’s cruisers
- Saints rookie QB Jake Haener suspended 6 games for violating NFL's policy on PEDs
- Tua Tagovailoa playing with confidence as Miami Dolphins hope MNF win can spark run
- Bill Gates' foundation buys Anheuser-Busch stock worth $95 million after Bud Light financial fallout
- Canada announces public inquiry into whether China, Russia and others interfered in elections
- Superbugs catch a ride on air pollution particles. Is that bad news for people?
Recommendation
-
TikToker Campbell “Pookie” Puckett Gives Birth, Welcomes First Baby With Jett Puckett
-
Kosovo’s president says investigators are dragging their feet over attacks on NATO peacekeepers
-
Father files first-of-its-kind wrongful death suit against Maui, Hawaii over fires
-
‘That ‘70s Show’ actor Danny Masterson could get decades in prison at sentencing for 2 rapes
-
Barbora Krejcikova calls out 'unprofessional' remarks about her appearance
-
Police respond after human skull found in Goodwill donation box in Arizona
-
House of Villains' OMG Trailer Teases Spencer Pratt, a Real Housewife & More Surprise Guests
-
Grizzly that killed woman near Yellowstone and attacked someone in Idaho killed after breaking into house