Near Miss: A Bank Collapse and a Crisis Averted 03/13/23
Did we dodge the bullet? Federal agencies on Sunday approved plans to safeguard depositors affected by the collapse of Silicon Valley Bank on Friday, and the Federal Reserve is creating a Bank Term Funding Program to secure financial institutions from instability amid the SVB failure. Squawk Box’s Becky Quick, Andrew Ross Sorkin and Steve Liesman discuss the near-miss, how government action prevented a broader financial crisis, and the moral hazard of the federal action. Alexis Ohanian, venture capitalist and Reddit co-founder, describes the 72 hours of chaos experienced by young, start-up companies following the shutdown of Silicon Valley Bank. The veteran entrepreneur who also funds early-stage companies said venture capitalists raised the alarm but should say “thank you” for the government backstop. And, Camp cp-founder Ben Kaufman runs his business from the funds in his Silicon Valley Bank account; he shares the anxiety he felt over the weekend, looking for a cash infusion. In this episode: Alexis Ohanian,@alexisohanian Ben Kaufman, @benkaufman Steve Liesman, @steveliesman Andrew Ross Sorkin, @andrewrsorkin Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie
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Show Notes
Did we dodge the bullet? Federal agencies on Sunday approved plans to safeguard depositors affected by the collapse of Silicon Valley Bank on Friday, and the Federal Reserve is creating a Bank Term Funding Program to secure financial institutions from instability amid the SVB failure. Squawk Box’s Becky Quick, Andrew Ross Sorkin and Steve Liesman discuss the near-miss, how government action prevented a broader financial crisis, and the moral hazard of the federal action. Alexis Ohanian, venture capitalist and Reddit co-founder, describes the 72 hours of chaos experienced by young, start-up companies following the shutdown of Silicon Valley Bank. The veteran entrepreneur who also funds early-stage companies said venture capitalists raised the alarm but should say “thank you” for the government backstop. And, Camp cp-founder Ben Kaufman runs his business from the funds in his Silicon Valley Bank account; he shares the anxiety he felt over the weekend, looking for a cash infusion.
In this episode:
Alexis Ohanian,@alexisohanian
Ben Kaufman, @benkaufman
Steve Liesman, @steveliesman
Andrew Ross Sorkin, @andrewrsorkin
Becky Quick, @BeckyQuick
Katie Kramer, @Kramer_Katie
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