-SVB was a [[commercial bank]] founded in 1983 and headquartered in [[Santa Clara, California]]. At its collapse, SVB was the 16th largest bank in the U.S. and was heavily skewed toward serving companies and individuals from the technology industry.<ref name="Russell-2023">{{Cite news |last1=Russell |first1=Karl |last2=Zhang |first2=Christine |date=March 11, 2023 |title=The Second-Biggest Bank Failure |work=[[The New York Times]] |url=https://www.nytimes.com/interactive/2023/03/10/business/bank-failures-silicon-valley-collapse.html |access-date=March 11, 2023 |issn=0362-4331 |archive-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311091407/https://www.nytimes.com/interactive/2023/03/10/business/bank-failures-silicon-valley-collapse.html |url-status=live }}</ref><ref name="blaw-pollard">{{cite news |last=Pollard |first=Amelia |date=March 10, 2023 |title=Silicon Valley Bank Collapses in Biggest Failure Since 2008 |work=[[Bloomberg Law]] |url=https://news.bloomberglaw.com/crypto/silicon-valley-bank-collapses-enters-fdic-receivership |url-status=live |archive-url=https://web.archive.org/web/20230310190224/https://news.bloomberglaw.com/crypto/silicon-valley-bank-collapses-enters-fdic-receivership |archive-date=March 10, 2023}}</ref><ref name="APNewsInfo">{{Cite news |last=Sweet |first=Ken |date=March 10, 2023 |title=Silicon Valley Bank is seized by US after historic failure |work=[[Associated Press]] |agency= |url=https://apnews.com/article/svb-fed-bonds-rates-banks-inflation-a24b28b3caeede91c76cd120aa9b7966 |url-status=live |access-date=March 10, 2023 |archive-url=https://web.archive.org/web/20230310180917/https://apnews.com/article/svb-fed-bonds-rates-banks-inflation-a24b28b3caeede91c76cd120aa9b7966 |archive-date=March 10, 2023}}</ref> Nearly half of U.S. [[venture capital]]-backed healthcare and technology companies were financed by SVB.<ref name="Maruf-2023">{{Cite news |last1=Maruf |first1=Ramishah |last2=Morrow |first2=Allison |date=March 11, 2023 |title=How does a bank collapse in 48 hours? A timeline of the SVB fall |work=[[CNN Business]] |url=https://www.cnn.com/2023/03/11/business/svb-bank-collapse-explainer-timeline/ |url-status=live |access-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311144018/https://www.cnn.com/2023/03/11/business/svb-bank-collapse-explainer-timeline/ |archive-date=March 11, 2023}}</ref> Companies such as [[Airbnb]], [[Cisco]], [[Fitbit]], [[Pinterest]], and [[Block, Inc.]] have been clients of the bank.<ref>{{Cite news |last=Wile |first=Rob |date=March 10, 2023 |title=Silicon Valley Bank shutdown: How it happened and what comes next |work=[[NBC News]] |url=https://www.nbcnews.com/business/business-news/silicon-valley-bank-collapse-news-updates-rcna74384 |url-status=live |access-date=March 10, 2023 |archive-url=https://web.archive.org/web/20230310202626/https://www.nbcnews.com/business/business-news/silicon-valley-bank-collapse-news-updates-rcna74384 |archive-date=March 10, 2023}}</ref> In addition to financing venture-backed companies, SVB was well known as a source of [[private banking]], personal credit lines, and mortgages to tech entrepreneurs,<ref>{{Cite news |last1=Gittelsohn |first1=John |last2=Murphy |first2=Margi |last3=Miller |first3=Hannah |date=March 10, 2023 |title=SVB Rocks California as Founders Join Napa Vintners in Fear |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-03-10/svb-rocks-california-as-rich-founders-join-napa-vintners-in-fear |url-status=live |url-access=subscription |access-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311010029/https://www.bloomberg.com/news/articles/2023-03-10/svb-rocks-california-as-rich-founders-join-napa-vintners-in-fear |archive-date=March 11, 2023}}</ref> and specialized lending money to higher-risk new companies.<ref name=":1">{{Cite news |last1=Griffith |first1=Erin |last2=Isaac |first2=Mike |date=March 13, 2023 |title=After Bank Debacle, Silicon Valley Reckons With Its Image |work=[[The New York Times]] |url=https://www.nytimes.com/2023/03/13/technology/silicon-valley-image.html |access-date=March 13, 2023 |issn=0362-4331 |archive-date=March 13, 2023 |archive-url=https://web.archive.org/web/20230313234604/https://www.nytimes.com/2023/03/13/technology/silicon-valley-image.html |url-status=live }}</ref> Silicon Valley Bank required an exclusive relationship of those borrowing from the bank.<ref>{{Cite news |last=Loizos |first=Connie |date=March 11, 2023 |title=Investor Mark Suster says a "handful" of bad actors in VC destroyed Silicon Valley Bank |website=[[TechCrunch]] |url=https://techcrunch.com/2023/03/10/investor-mark-suster-says-a-handful-of-bad-actors-in-vc-destroyed-silicon-valley-bank/ |url-status=bot: unknown |access-date=March 12, 2023 |archive-url=https://web.archive.org/web/20230311223514/https://techcrunch.com/2023/03/10/investor-mark-suster-says-a-handful-of-bad-actors-in-vc-destroyed-silicon-valley-bank/ |archive-date=March 11, 2023 }}</ref> Prior to March 9, 2023, SVB was in "sound financial condition", according to the [[California Department of Financial Protection and Innovation]],<ref name="Yaffe-Bellany-2023">{{Cite news |last1=Yaffe-Bellany |first1=David |last2=Griffith |first2=Erin |last3=Isaac |first3=Mike |date=March 11, 2023 |title=Silicon Valley Bank Collapse Sets Off Blame Game in Tech Industry |work=[[The New York Times]] |url=https://www.nytimes.com/2023/03/11/technology/silicon-valley-bank-crypto-investing.html |access-date=March 11, 2023 |issn=0362-4331 |archive-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311164139/https://www.nytimes.com/2023/03/11/technology/silicon-valley-bank-crypto-investing.html |url-status=live }}</ref> though an increased number of [[Short (finance)|short sellers]] began to target SVB earlier in the year.<ref>{{Cite news |last1=Kinder |first1=Tabby |last2=McCrum |first2=Dan |last3=Gara |first3=Antoine |last4=Franklin |first4=Joshua |date=February 22, 2023 |title=Silicon Valley Bank profit squeeze in tech downturn attracts short sellers |work=[[Financial Times]] |url=https://www.ft.com/content/0387e331-61b4-4848-9e50-04775b4c3fa7 |url-access=subscription |access-date=March 11, 2023 |archive-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311232621/https://www.ft.com/content/0387e331-61b4-4848-9e50-04775b4c3fa7 |url-status=live }}</ref><ref>{{Cite news |last=Wallerstein |first=Eric |date=March 9, 2023 |title=Short Interest in SVB Financial Was Large as of Last Month |url=https://www.wsj.com/livecoverage/stock-market-news-today-03-09-2023/card/short-interest-in-svb-financial-was-large-as-of-last-month-YwrTIqVpmzS60UGSBpce |access-date=March 11, 2023 |work=[[The Wall Street Journal]] |archive-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311104137/https://www.wsj.com/livecoverage/stock-market-news-today-03-09-2023/card/short-interest-in-svb-financial-was-large-as-of-last-month-YwrTIqVpmzS60UGSBpce |url-status=live }}</ref> Employees received their annual bonuses on March 10, 2023, hours before the government took control of the company.<ref>{{Cite news |last=Hagstrom |first=Anders |date=March 12, 2023 |title=Silicon Valley Bank gave company-wide bonuses hours before it collapsed: report |work=[[Fox Business]] |url=https://www.foxbusiness.com/politics/silicon-valley-bank-company-wide-bonuses-hours-before-collapsed-report |access-date=March 12, 2023 |archive-date=March 12, 2023 |archive-url=https://web.archive.org/web/20230312142117/https://www.foxbusiness.com/politics/silicon-valley-bank-company-wide-bonuses-hours-before-collapsed-report |url-status=live }}</ref>
+SVB was a [[commercial bank]] founded in 1983 and headquartered in [[Santa Clara, California]]. At its collapse, SVB was the 16th largest bank in the U.S. and was heavily skewed toward serving companies and individuals from the technology industry.<ref name="Russell-2023">{{Cite news |last1=Russell |first1=Karl |last2=Zhang |first2=Christine |date=March 11, 2023 |title=The Second-Biggest Bank Failure |work=[[The New York Times]] |url=https://www.nytimes.com/interactive/2023/03/10/business/bank-failures-silicon-valley-collapse.html |access-date=March 11, 2023 |issn=0362-4331 |archive-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311091407/https://www.nytimes.com/interactive/2023/03/10/business/bank-failures-silicon-valley-collapse.html |url-status=live }}</ref><ref name="blaw-pollard">{{cite news |last=Pollard |first=Amelia |date=March 10, 2023 |title=Silicon Valley Bank Collapses in Biggest Failure Since 2008 |work=[[Bloomberg Law]] |url=https://news.bloomberglaw.com/crypto/silicon-valley-bank-collapses-enters-fdic-receivership |url-status=live |archive-url=https://web.archive.org/web/20230310190224/https://news.bloomberglaw.com/crypto/silicon-valley-bank-collapses-enters-fdic-receivership |archive-date=March 10, 2023}}</ref><ref name="APNewsInfo">{{Cite news |last=Sweet |first=Ken |date=March 10, 2023 |title=Silicon Valley Bank is seized by US after historic failure |work=[[Associated Press]] |agency= |url=https://apnews.com/article/svb-fed-bonds-rates-banks-inflation-a24b28b3caeede91c76cd120aa9b7966 |url-status=live |access-date=March 10, 2023 |archive-url=https://web.archive.org/web/20230310180917/https://apnews.com/article/svb-fed-bonds-rates-banks-inflation-a24b28b3caeede91c76cd120aa9b7966 |archive-date=March 10, 2023}}</ref> Nearly half of U.S. [[venture capital]]-backed healthcare and technology companies were financed by SVB.<ref name="Maruf-2023">{{Cite news |last1=Maruf |first1=Ramishah |last2=Morrow |first2=Allison |date=March 11, 2023 |title=How does a bank collapse in 48 hours? A timeline of the SVB fall |work=[[CNN Business]] |url=https://www.cnn.com/2023/03/11/business/svb-bank-collapse-explainer-timeline/ |url-status=live |access-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311144018/https://www.cnn.com/2023/03/11/business/svb-bank-collapse-explainer-timeline/ |archive-date=March 11, 2023}}</ref> Companies such as [[Airbnb]], [[Cisco]], [[Fitbit]], [[Pinterest]], and [[Block, Inc.]] have been clients of the bank.<ref>{{Cite news |last=Wile |first=Rob |date=March 10, 2023 |title=Silicon Valley Bank shutdown: How it happened and what comes next |work=[[NBC News]] |url=https://www.nbcnews.com/business/business-news/silicon-valley-bank-collapse-news-updates-rcna74384 |url-status=live |access-date=March 10, 2023 |archive-url=https://web.archive.org/web/20230310202626/https://www.nbcnews.com/business/business-news/silicon-valley-bank-collapse-news-updates-rcna74384 |archive-date=March 10, 2023}}</ref> In addition to financing venture-backed companies, SVB was well known as a source of [[private banking]], personal credit lines, and mortgages to tech entrepreneurs,<ref>{{Cite news |last1=Gittelsohn |first1=John |last2=Murphy |first2=Margi |last3=Miller |first3=Hannah |date=March 10, 2023 |title=SVB Rocks California as Founders Join Napa Vintners in Fear |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-03-10/svb-rocks-california-as-rich-founders-join-napa-vintners-in-fear |url-status=live |url-access=subscription |access-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311010029/https://www.bloomberg.com/news/articles/2023-03-10/svb-rocks-california-as-rich-founders-join-napa-vintners-in-fear |archive-date=March 11, 2023}}</ref> and specialized lending money to higher-risk new companies.<ref name=":1">{{Cite news |last1=Griffith |first1=Erin |last2=Isaac |first2=Mike |date=March 13, 2023 |title=After Bank Debacle, Silicon Valley Reckons With Its Image |work=[[The New York Times]] |url=https://www.nytimes.com/2023/03/13/technology/silicon-valley-image.html |access-date=March 13, 2023 |issn=0362-4331 |archive-date=March 13, 2023 |archive-url=https://web.archive.org/web/20230313234604/https://www.nytimes.com/2023/03/13/technology/silicon-valley-image.html |url-status=live }}</ref> Silicon Valley Bank required an exclusive relationship of those borrowing from the bank.<ref>{{Cite news |last=Loizos |first=Connie |date=March 11, 2023 |title=Investor Mark Suster says a "handful" of bad actors in VC destroyed Silicon Valley Bank |website=[[TechCrunch]] |url=https://techcrunch.com/2023/03/10/investor-mark-suster-says-a-handful-of-bad-actors-in-vc-destroyed-silicon-valley-bank/ |url-status=live |access-date=March 12, 2023 |archive-url=https://web.archive.org/web/20230311223514/https://techcrunch.com/2023/03/10/investor-mark-suster-says-a-handful-of-bad-actors-in-vc-destroyed-silicon-valley-bank/ |archive-date=March 11, 2023 }}</ref> Prior to March 9, 2023, SVB was in "sound financial condition", according to the [[California Department of Financial Protection and Innovation]],<ref name="Yaffe-Bellany-2023">{{Cite news |last1=Yaffe-Bellany |first1=David |last2=Griffith |first2=Erin |last3=Isaac |first3=Mike |date=March 11, 2023 |title=Silicon Valley Bank Collapse Sets Off Blame Game in Tech Industry |work=[[The New York Times]] |url=https://www.nytimes.com/2023/03/11/technology/silicon-valley-bank-crypto-investing.html |access-date=March 11, 2023 |issn=0362-4331 |archive-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311164139/https://www.nytimes.com/2023/03/11/technology/silicon-valley-bank-crypto-investing.html |url-status=live }}</ref> though an increased number of [[Short (finance)|short sellers]] began to target SVB earlier in the year.<ref>{{Cite news |last1=Kinder |first1=Tabby |last2=McCrum |first2=Dan |last3=Gara |first3=Antoine |last4=Franklin |first4=Joshua |date=February 22, 2023 |title=Silicon Valley Bank profit squeeze in tech downturn attracts short sellers |work=[[Financial Times]] |url=https://www.ft.com/content/0387e331-61b4-4848-9e50-04775b4c3fa7 |url-access=subscription |access-date=March 11, 2023 |archive-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311232621/https://www.ft.com/content/0387e331-61b4-4848-9e50-04775b4c3fa7 |url-status=live }}</ref><ref>{{Cite news |last=Wallerstein |first=Eric |date=March 9, 2023 |title=Short Interest in SVB Financial Was Large as of Last Month |url=https://www.wsj.com/livecoverage/stock-market-news-today-03-09-2023/card/short-interest-in-svb-financial-was-large-as-of-last-month-YwrTIqVpmzS60UGSBpce |access-date=March 11, 2023 |work=[[The Wall Street Journal]] |archive-date=March 11, 2023 |archive-url=https://web.archive.org/web/20230311104137/https://www.wsj.com/livecoverage/stock-market-news-today-03-09-2023/card/short-interest-in-svb-financial-was-large-as-of-last-month-YwrTIqVpmzS60UGSBpce |url-status=live }}</ref> Employees received their annual bonuses on March 10, 2023, hours before the government took control of the company.<ref>{{Cite news |last=Hagstrom |first=Anders |date=March 12, 2023 |title=Silicon Valley Bank gave company-wide bonuses hours before it collapsed: report |work=[[Fox Business]] |url=https://www.foxbusiness.com/politics/silicon-valley-bank-company-wide-bonuses-hours-before-collapsed-report |access-date=March 12, 2023 |archive-date=March 12, 2023 |archive-url=https://web.archive.org/web/20230312142117/https://www.foxbusiness.com/politics/silicon-valley-bank-company-wide-bonuses-hours-before-collapsed-report |url-status=live }}</ref>
projects / BK-2020-09.git / commitdiff