BANK RUNS, RATE REPRIEVES, FRIDAY FUNK

Friday, March 10 failure of Silicon Valley Bank is first failure since Almena State Bank in Kansas failed in Oct 2020. SVB is way higher profile because of its ties to tech community.
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FDIC says Silicon Valley Bank had $209b in assets and $175b in deposits when FDIC shut them down Fri 3/10. Uninsured deposits will be determined shortly. Customers $250k+ deposits should contact FDIC at 866-799-0959.
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Silicon Valley Bank, which has been the key banker to VC-backed tech firms, was closed by regulators on Friday after attempts to raise more capital failed
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Rates may tick under 7% on better than expected jobs growth, but wage and inflation pressure is less so Fed might not act as strongly on March 22.
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Ritholtz Wealth's Josh Brown on how higher rates hit banks today. Also a preview of a 10 year rough patch triggered by commercial real estate that'll hit banks and developers hard.
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The Basis Point Friday Funk installment 114 is Move Fast from Galactic. Funk to the core, but with Mystikal rapping over it. Listen and get your cool back for the weekend.
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SVB, vital to startups, banked nearly half of U.S. VC-backed tech & healthcare firms that IPO’d in 2022, now scrambles to calm clients. Here’s a rundown.
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Silicon Valley Bank stock dives 60% on worry VCs & startups will pull accounts after bank’s $21b firesale of bond portfolio & loss of $1.8b
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ICE Response to FTC suit: 'Fully confident' about Black Knight deal, 'look forward to presenting it in court' vs. FTC for deal it 'expects to complete in third or fourth quarter of this year.'
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FTC to block ICE from buying Black Knight for $11.7b, citing higher consumer & lender costs, reduced innovation, reduced competition. Read FTC post. Full complaint imminent.
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Harvard's housing studies team updates their rent price growth stats, and highlights some smart policies helping renters.
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