On Monday, Silicon Valley Bank was congratulating itself for making Forbes magazine's annual ranking of the best banks in America. By Friday, SVB imploded in the largest bank failure since Washington Mutual in 2008 and the second-largest in U.S. history. The bank's failure has sent shockwaves through the tech industry, as it was a major financier of tech startups. The Silicon Valley Bank had poor management of its Tier 1 capital, heavily concentrated in one asset. It’s literally just Silicon Valley.

Source: Forbes March 11, 2023 20:41 UTC