‘So what has been uncovered in the week since we learned that Silicon Valley Bank was no more trustworthy than a crypto spam text? A startup culture once considered the gem of the economy has been exposed as careless with its money, clueless in its judgment of character, hypocritical in its ideology, and ruthless in exercising its political clout as a powerful special interest. Meanwhile, the financial world is still jittery, with other banks failing and just about everyone wondering what comes next. And from here on, the concept of a cap on FDIC insurance is at risk. But at least the SBV credit cards are working again. And VCs can take a victory lap as they brag about how they saved the day….’
Although ultimately no depositor lost money in the Silicon Valley Bank saga, what happened to the bankers, founders, and avowed libertarians in the crisis can't be unseen. https://t.co/ud1PE7PlG6
— WIRED (@WIRED) March 17, 2023