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March 12, 2023, 6:20 PM
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memeorandum
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| Washington Post: |
Sources: US officials are considering the extraordinary step of protecting all uninsured SVB deposits if the FDIC is unable to find a buyer for the failed bank — Extraordinary step eyed if plan fails to sell the failed bank to another institution — Federal authorities …
More:
CNBC, The Hill, Decrypt, San Francisco Business Journal, Insider, Politico, Noahpinion, Fortune, Andrew's Substack, and Bloomberg
| Matthew Monks / Bloomberg: |
Sources: the FDIC kicked off an auction process late on March 11 for SVB, with final bids due by 2pm EST on March 12; it's possible that no deal will be reached — The Federal Deposit Insurance Corp. kicked off an auction process late Saturday night for Silicon Valley Bank …
More:
Wall Street Journal, The Hill, The Verge, Axios, Insider, NBC News, Cointelegraph, Fortune, CNBC, TechCrunch, The Block, Bitcoin News, and Axios
Tweets:
@jason, @davidsacks, @ddayen, @mattyglesias, @aduehren, @dalperovitch, @jamesgrickards, @danprimack, @senatorhagerty, @anandwrites, @joshtpm, @convertbond, @iamjakestream, @jamessurowiecki, @cloud_opinion, @mattocko, @monikabauerlein, @felixsalmon, @samirkaji, @oneunderscore__, @danprimack, @business, @autismcapital, @mayazi, @professorstam, @pt, @migueldeicaza, @hankgreen, @mamoonha, @danprimack, @vinnylingham, @kenklippenstein, @rlove, @hugh_son, @carnage4life, and @davidsirota
| CBS News: |
Q&A with US Treasury Secretary Janet Yellen on SVB: we are trying to meet depositors' needs and are not looking to bail out large banks' investors and owners — The following is a transcript of an interview with Treasury Secretary Janet Yellen that aired on “Face the Nation” on Sunday, March 12, 2023.
More:
On my Om, Financial Times, Associated Press, Axios, Reuters, PYMNTS.com, The Hill, Washington Examiner, CoinDesk, Decrypt, Cointelegraph, Livemint, The Guardian, Reuters, Washington Post, The Daily Hodl, TIME, Reuters, Politico, Monday Morning Economist, Bitcoin News, New York Times, New York Post, crypto.news, CNN, Cryptopolitan, Bloomberg, Slashdot, and TechCrunch
Tweets:
@cornelialake, @ashleymayer, @sama, @thestalwart, @davidsacks, @felixsalmon, @danprimack, @whstancil, @whstancil, @spencerjcox, @cloud_opinion, @pt, @w7voa, @cz_binance, @bio_clouseau, @modestproposal1, @pt, @digitalassetbuy, @elerianm, @seyitaylor, @scottmelker, @ericnewcomer, @flitteronfraud, @rustybrick, @cloud_opinion, @davidgura, @sarthakgh, @gregosuri, @xrpcryptowolf, @jason, @taylorlorenz, @bobeunlimited, @om, @samirkaji, @allnick, @amasad, @mgsiegler, @benedictevans, @jennablan, @profgalloway, @kylieatwood, @danprimack, and @danielagabor
| Financial Times: |
Sources: the UK is seeking a buyer for SVB's British arm, which had nearly £7B in deposits on March 10, with an UAE-based company as the “lead white knight” — ‘Lead white knight’ eyeing British arm of tech lender that had billions in deposits| Om Malik / On my Om: |
More than a bailout, Silicon Valley Bank needs a white knight to come in and take over the bank that has been at the heart of the US innovation economy — After three decades of being part of the Silicon Valley ecosystem — as a reporter, writer, entrepreneur, and investor — I thought I had seen it all.
More:
Wall Street Journal, Monomythical, Cryptopolitan, The Economic Times, and Los Angeles Times
Tweets:
@rachelensignwsj, @jeff, @shripriya, @arpitrage, @markmobility, @washingtonpost, @tphillips, @kfile, @gzuckerman, @samidhas, @kevinokeefe, @salimismail, and @metacurity
| Bloomberg: |
Sources: the FDIC is racing to sell SVB's assets and make 30% to 50% or more of clients' uninsured deposits available via an initial payment as soon as March 13 — US regulators overseeing the emergency breakup of SVB Financial Group are racing to sell assets and make a portion …
More:
CNBC, PYMNTS.com, Reuters, CNN, Los Angeles Times, The Grumpy Economist, New York Post, Finbold, Livemint, and Apricitas Economics
Mastodon:
@lcamtuf@infosec.exchange. Tweets:
@mittromney, @carnage4life, @heydavidlee, @matthewstoller, @nkulw, @frances_coppola, @bijans, @yoda, @ellebeyoud, @davemcclure, @noahpinion, and @alistairmbarr
| Lauren Tara LaCapra / The Information: |
Sources: regional banks are the likeliest bidders to prevail in Silicon Valley Bank's sale process, not “too big to fail” banks like JPMorgan or Bank of America — Regional banks are the likeliest bidders to prevail in the sale process for Silicon Valley Bank …
Tweets:
@apartovi, @jessicalessin, @danprimack, @balajis, @kateclarktweets, and @davidmarcus
| Bloomberg: |
SVB draws support from 500+ VCs, including General Catalyst and Sequoia, while 5,000+ founders and CEOs sign a Y Combinator petition asking US Congress to act — More than 100 venture capital and investing firms have signed a statement supporting Silicon Valley Bank, part of mounting industry calls …
More:
Bloomberg, The Information, Financial Times, Financial Times, Y Combinator Blog, TechCrunch, Financial Times, Cointelegraph, Fortune, Cryptonews, The Economic Times, Livemint, and Arthuriana
Tweets:
@htaneja, @paulg, @micsolana, @reprokhanna, @davidsacks, @grdecter, @photomatt, @jeiting, @ryangrim, @marxgasol, @erikvoorhees, @joshsteinvc, @ryangrim, @pt, @tomcoates, @quinneyeq, @cloud_opinion, @tfadell, @_jeremyflores, @jeffnolan, @ksimm, @antoinegara, @bigblackjacobin, @tolstoybb, @peterkolchinsky, @twobitidiot, @crv, @jefielding, @amuse, @bradsilverberg, @charlesarthur, @deitaone, @mattocko, @teroterotero, @m2jr, @davidgerard, @mansourtarek_, @quinneyeq, @katie_roof, @kevinrose, @can, @paulg, @ranjanxroy, and @ronconway
| TechCrunch: |
More:
Wall Street Journal, New York Times, Washington Post, PCMag, The Economic Times, Livemint, Matthew's Newsletter, and Bloomberg
Tweets:
@billackman, @garrytan, @davidsacks, @ddisparte, @sumukhsridhara, @garrytan, @garrytan, @om, @fordm, @rokhanna, @eric_seufert, @aoc, @ericnewcomer, @nikitabier, @jenn_elias, @jenn_elias, @dflieb, @brianbrackeen, @fluentinfinance, @kylebrussell, @scobleizer, @vkhosla, @karaswisher, @om, @valaafshar, @buccocapital, @epsilontheory, @silvermanjacob, @clarajeffery, @modestproposal1, @livefromvr, @semaforben, @danprimack, @kateclarktweets, @pt, @howardlindzon, @__aston__, @wolfejosh, @rolfewinkler, @rolfewinkler, @jasonfurman, @s_mikhailovich, @eliotwb, @karaswisher, @film_girl, @karaswisher, @heidibraun, @nils_gilman, @1markmoss, @lorenasgonzalez, @kateclarktweets, @stanleyroberts, and @amir
| Bloomberg: |
More:
BBC, Reuters, Cooley, Cointelegraph, Rami's Readings, Livemint, Michael Kuenne, Wall Street Journal, Australian Financial Review, Finance Substack, and Agence France-Presse
Tweets:
@lcmichaelides, @torrenegra, @kprescott, @samirkaji, @secretcfo, @silvermanjacob, @taylorlorenz, @smtuffy, @flateartherkitt, @mikebutcher, @pauljudge, @aaronklein, @alexwickham, @ericjackson, @joshmedia, @gramblings, @benparr, @moving_charlie, @matthfield, @lynnmdoan, @mikegatto, @israelipm, @anothercohen, @tw_seal, @cornelialake, and @tw_seal
| Semafor: |
More:
Financial Times, Insider, and CNBC
| Financial Times: |
Sources: Tim Cook has pressed ahead with an MR headset debut in 2023, overruling Apple designers who wanted to wait until the tech catches up with their vision — New launch will be first steered entirely by CEO and under direction of operations team — When Tim Cook unveils Apple's new …
More:
MIXED Reality News, iPhone in Canada Blog, iClarified, iThinkDifferent, AppleInsider, Wccftech, and Patently Apple
Tweets:
@jetscott, @markgurman, @leakerapple, @binocularity, and @scobleizer
| Mark Gurman / Bloomberg: |
A look at the unprecedented level of executive turnover at Apple, which lost 11 key people, most just below Senior Vice President, since the second half of 2022 — Apple is facing an unprecedented wave of executive departures. Also: The company will shake up its sales operations with a focus on India … | John Sakellariadis / Politico: |
Worried that cloud giants offer concentrated hacking targets, the US plans to regulate the security practices of Amazon, Microsoft, Google, Oracle, and others — Governments and businesses have spent two decades rushing to the cloud — trusting some of their most sensitive data to tech giants … | Frank Chaparro / The Block: |
Circle says $3.3B of its ~$40B USDC reserves remain at Silicon Valley Bank and that the crypto payments firm will follow state and federal regulators' guidance — - After being largely silent on Friday, Circle said it has $3.3 billion in exposure to Silicon Valley Bank …
More:
Circle Blog, PYMNTS.com, Decrypt, Euphoric, Inside Bitcoins, Bitcoinist.com, CryptoGlobe, The Information, and CNBC
Tweets:
@binance, @jerallaire, @circle, @silvermanjacob, @wublockchain, @evgenygaevoy, @kobeissiletter, @adamscochran, @ddisparte, @mariuscrypt0, @mikeisaac, @lexnfx, @allnick, and @pitdesi
| Bloomberg: |
More:
Decrypt, Inside Bitcoins, The Guardian, Cryptonews, ZyCrypto, CryptoPotato, Unbank Space, CoinDesk, and Watcher Guru
Tweets:
@coinbase, @viktorbunin, @coinbase, and @matthew_d_green
| Ben Cohen / Wall Street Journal: |
A look at Bring a Trailer, a classic car blog from 2007 that became a marketplace, facilitated $1.37B in 2022 sales, and held its 100,000th auction on March 7 — Bring a Trailer is where obsessives buy, sell and geek out over classic cars. The company pops open its hood after 100,000 auctions to explain why.
Tweets:
@wsj, @chicagobooth, and @tomgara
| Marie Woolf / Globe and Mail: |
Meta plans to block Canadians' ability to view or share written and broadcast news on Facebook and Instagram if the country passes its proposed Online News Act — Tech giant Meta has decided to block Canadians' ability to view or share news content on Facebook and Instagram …
More:
iPhone in Canada Blog. Tweets:
@voiceoffranky, @roman_baber, @glenngabe, @awudrick, @indubitablytho, @johnwilson, @yoda, @melissambarki, and @justinhendrix
| Darrell Etherington / TechCrunch: |
An interview with Gowalla co-founder and CEO Josh Williams as he re-launches his location-based social networking app at SXSW, 14 years after its debut — One of the original location-based social apps is relaunching at SXSW - 14 years after its debut — Gowalla co-founder and CEO Josh Williams …
Tweets:
@jw
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