| General > General Technical Chat |
| Silicon Valley Bank Collapses |
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| EEVblog:
Reports that : SVB did not have a chief risk officer for most of 2022 :o And the new Chief Risk Officer was Managing Director at Deutsche Bank during 2008 AND led credit ratings in 2007 And Twitter is abuzz about her focussing on DEI initiatives instead of risk. And SVB's Chief Administrative Officer was CFO of Lehman Brothers' Investment Bank when it collapsed. Many people are going to get pushed under the bus today! |
| EEVblog:
--- Quote from: TimFox on March 12, 2023, 10:25:25 pm ---Side bit of amusement: A big problem with this bank failure is that most of the deposits were commercial, rather than personal. In the US, bank deposits are guaranteed up to $250 k USD per depositor (joint account), but the commercial accounts were much, much larger. --- End quote --- Official reports that something like 95%+ of accounts were not covered under FDIC insurance. i.e. greater than $250k. |
| themadhippy:
--- Quote ---Even a Dutch company had tens of millions of pounds and dollars at that bank. If you do business like that, you'd at least choose a big bank that is financially healthy --- End quote --- what like an icelandic bank? |
| coppice:
--- Quote from: TimFox on March 12, 2023, 10:25:25 pm ---That's not funny, but the US newspapers discussed the related closure of this bank in the UK, and reported the legal limit there as "$204,544", a rather precise value, which I assume is really 170 k GBP (for a joint account)? --- End quote --- I think it used to be 85k for a single, or 170k for a joint account. It has been reduced to 75k for a single account, but its also mixed in with some bail in legislation that might make even that protection meaningless. |
| SiliconWizard:
Anyway, it's not the first bank that has collapsed and my little finger is telling me that it's not going to be the last one. :popcorn: |
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