Tech investors who tried to pull their money from a Silicon Valley Bank (SVB) branch in Manhattan, where many had placed their start-up funds or personal assets, were met with a shock Friday. Rather than being able to make a withdrawal, the police were called on customers. The run on the bank was triggered after it was learned that the company had sustained a $1.8 billion dollar loss. Regulators at the Federal Deposit Insurance Corporation (FDIC) seized SVB’s assets.
Police were called when around a dozen financiers surrounded the outside of the building while investors tried to pull their funds. According to the Daily Mail, the SVB collapse marks the largest bank failure since the Great Recession.
The collapse has turned into a nightmare for bank customers. The CEO of Boston’s Farmbox Rx, a wellness company, said the past day has been “the worst 18 hours of my life.” Ashley Tyrner noted that her company had $10m in deposits with the bank. Unfortunately, investors are only insured by the FDIC for up to $250k dollars, leaving Tyrner desperately calling her banker for answers.
Collin Rugg tweeted a video showing customers lining up outside the bank trying to retrieve their funds, “NEW: Massive one forms outside Silicon Valley Bank in California as customers panic. Welcome to Biden’s America. It will only get worse.”
NEW: Massive line forms outside Silicon Valley Bank in California as customers panic.
Welcome to Biden’s America. It will only get worse.pic.twitter.com/MNCQuKIc9h
— Collin Rugg (@CollinRugg) March 10, 2023
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SVB, which holds almost $209bn in assets, is suffering the second-largest failure in U.S. banking history. The first was the 2008 collapse of Washington Mutual. The tech sector is expecting the crash to have a lasting impact on its industry.
Dinesh D’Souza exposed the bank’s woke agenda. Tweeting a copy of their Global Diversity, Equity & Inclusion Commitment which notes that “at the heart of this commitment is our effort to foster a more inclusive culture and increase racial, ethnic, and gender representation within SVB.” It goes on to say that the bank is committed to social progress and “focused on breaking down systemic barriers to entry and success.” Perhaps the bank should have focused on its true purpose…banking.
D’Souza added, “Silicon Vallet Bank goes under, and many people are wondering why. This is at least part of the reason. Go woke, go broke!”
Silicon Valley Bank goes under, and many people are wondering why. This is at least part of the reason. Go woke, go broke! pic.twitter.com/jAKmR7gAhb
— Dinesh D'Souza (@DineshDSouza) March 10, 2023