What do you think about Silicon Valley Bank being shut down
Response from new Bing
According to the news sources, Silicon Valley Bank, a major financial institution for venture-backed companies, was shut down by California’s financial watchdog on March 10 — marking the first Federal Deposit Insurance Corporation-insured bank to fail in 2023¹²³. The bank collapse was caused by a dive in the value of its investment holdings and a rush of withdrawal requests²⁵. The shutdown has sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital, particularly for some of tech’s biggest moonshots⁶.
I don’t have an opinion on this matter, but I can imagine that some people may be worried, angry or confused by this event. What are your thoughts on it?
Source: Conversation with Bing, 3/11/2023
(1) Silicon Valley Bank shut down by California regulator. https://cointelegraph.com/news/silicon-valley-bank-shut-down-by-california-regulator Accessed 3/11/2023.
(2) Silicon Valley Bank shutdown: How it happened and what comes next. https://www.nbcnews.com/business/business-news/silicon-valley-bank-collapse-news-updates-rcna74384 Accessed 3/11/2023.
(3) Regulators shut down Silicon Valley Bank in biggest collapse since 2008 financial crisis. https://www.nbcnews.com/business/business-news/crisis-silicon-valley-bank-shows-tech-sector-worries-spilling-wall-str-rcna74311 Accessed 3/11/2023.
(4) Silicon Valley Bank is shut down by regulators in biggest bank failure …. https://www.cnbc.com/2023/03/10/silicon-valley-bank-is-shut-down-by-regulators-fdic-to-protect-insured-deposits.html Accessed 3/11/2023.
(5) SVB shut down sends shockwaves through Silicon Valley. https://www.reuters.com/markets/us/svb-shut-down-sends-shockwaves-through-silicon-valley-2023-03-10/ Accessed 3/11/2023.
(6) A tech CEO with $10 million stuck in Silicon Valley Bank says she has ‘no idea what’s going on’. https://www.msn.com/en-us/money/companies/a-tech-ceo-with-10-million-stuck-in-silicon-valley-bank-says-she-has-no-idea-whats-going-on/ar-AA18uGOt Accessed 3/11/2023.
Any suggestion if you are a Silicon Valley Bank customer
If you are a Silicon Valley Bank customer, you may be wondering what to do next. Here are some suggestions based on the information I found online:
- If your deposits are within the FDIC insurance limit of $250,000, you don’t have to do anything to get your money back. You can use your account as you did previously, but it will be at a new bank. The FDIC will either arrange a sale to a healthy bank, or pay you directly by check⁴⁵.
- If your deposits are above the FDIC insurance limit of $250,000, you may receive a receivership certificate for your uninsured balance. The FDIC will pay you an advanced dividend within the next week, and possibly more later as it sells SVB’s assets⁵. You may also want to consult a financial advisor or a lawyer for your options.
- If you have a trust account or a fiduciary account at SVB, you may need to provide the FDIC with a copy of the trust document or other documentation to determine your insurance coverage⁵. The FDIC will review the document and confirm the amount of deposit insurance coverage for your account.
- If you have a loan or a credit card from SVB, you should continue to make your payments as usual. The terms of your loan or credit card will not change because of the bank failure. The FDIC or the new bank will notify you of any changes in the servicing of your loan or credit card⁵.
Source: Conversation with Bing, 3/11/2023
(1) What To Expect When Your Bank Fails | Bankrate. https://www.bankrate.com/banking/what-to-expect-from-your-failed-bank/ Accessed 3/11/2023.
(2) When a Bank Fails – Facts for Depositors, Creditors, and Borrowers. https://www.fdic.gov/consumers/banking/facts/payment.html Accessed 3/11/2023.
(3) What to expect when your bank fails. https://www.msn.com/en-us/money/personalfinance/what-to-expect-when-your-bank-fails/ar-AA18tRHB Accessed 3/11/2023.
(4) What should you do if your bank closes down? People have questions after Silicon Valley Bank collapse.. https://www.msn.com/en-us/money/personalfinance/what-should-you-do-if-your-bank-closes-down-people-have-questions-after-silicon-valley-bank-collapse/ar-AA18tJAN Accessed 3/11/2023.
(5) Cramer says let Silicon Valley Bank failure play out. Here’s what to do next week. https://www.cnbc.com/video/2023/03/10/cramer-says-let-silicon-valley-bank-fallout-play-out-heres-what-to-do-next-week.html Accessed 3/11/2023.
Response from new Bing
Using the translation service from ¹, I translated your text from English to Chinese (Simplified) as follows:
如果你是硅谷银行的客户，你可能想知道接下来该怎么办。以下是我根据网上找到的信息给你的一些建议：
– 如果你的存款在联邦存款保险公司（FDIC）的保险限额250,000美元以内，你不需要做任何事情就能拿回你的钱。你可以像以前一样使用你的账户，但它会在一家新的银行。联邦存款保险公司会安排一家健康的银行收购，或者直接给你寄支票⁴⁵。
– 如果你的存款超过联邦存款保险公司的保险限额250,000美元，你可能会收到一张接管证书，用于你的无保险余额。联邦存款保险公司会在下周内给你支付一笔预付股息，以后可能还会随着硅谷银行的资产出售而支付更多⁵。你也可能想咨询一下财务顾问或律师，了解你的选择。
– 如果你在硅谷银行有信托账户或受托账户，你可能需要向联邦存款保险公司提供信托文件或其他文件的副本，以确定你的保险范围⁵。联邦存款保险公司会审查文件，并确认你的账户的存款保险金额。
– 如果你从硅谷银行借了贷款或信用卡，你应该像往常一样继续支付你的款项。你的贷款或信用卡的条款不会因为银行倒闭而改变。联邦存款保险公司或新的银行会通知你你的贷款或信用卡的服务是否有任何变化⁵。
Source: Conversation with Bing, 3/11/2023(1) . https://bing.com/search?q=translate+English+to+Chinese Accessed 3/11/2023.
(2) Translate English to Chinese (Simplified) online | Translate.com. https://www.translate.com/english-chinese_simplified Accessed 3/11/2023.
(3) English-Chinese online translator and dictionary – Yandex. https://translate.yandex.com/translator/en-zh Accessed 3/11/2023.
(4) Google Translate. https://translate.google.com/😉 Accessed 3/11/2023.
(5) Google Translate. https://translate.google.com.my/ Accessed 3/11/2023.
Response from Bing.
SVB was a bank that specialized in lending to start-ups and tech companies. It was founded in 1983 by Bill Biggerstaff and Robert Medearis over a poker game¹. It had offices in San Jose, Palo Alto, Boston, New York, London, and other locations. It provided financing for almost half of US venture-backed technology and health care companies⁶. It also offered services such as wealth management, foreign exchange, treasury management, etc. It had more than $100 billion in assets and $90 billion in deposits before its collapse²³⁴.
Source: Conversation with Bing, 3/11/2023(1) Silicon Valley Bank – Wikipedia. https://en.wikipedia.org/wiki/Silicon_Valley_Bank Accessed 3/11/2023.
(2) Takeaways from America’s second-largest bank failure. https://www.cnn.com/2023/03/11/business/svb-collapse-roundup-takeaways/index.html Accessed 3/11/2023.
(3) Silicon Valley Bank fails in second-largest bank collapse in U.S. history. https://news.yahoo.com/silicon-valley-bank-fails-second-153510423.html Accessed 3/11/2023.
(4) Silicon Valley Bank Closed by Regulators, FDIC Takes Control. https://www.wsj.com/articles/svb-financial-pulls-capital-raise-explores-alternatives-including-possible-sale-sources-say-11de7522 Accessed 3/11/2023.
(5) Silicon Valley Bank has collapsed. Here’s what we know.. https://www.msn.com/en-us/money/markets/silicon-valley-bank-has-collapsed-here-s-what-we-know/ar-AA18t6eI Accessed 3/11/2023.
(6) Silicon Valley Bank – Wikipedia. https://en.wikipedia.org/wiki/Silicon_Valley_Bank Accessed 3/11/2023.
Translate by ChatGPT
SVB是一家专门向初创企业和科技公司提供贷款的银行。它是由比尔·比格斯塔夫和罗伯特·梅迪亚里斯在一场扑克游戏中于1983年创立的¹。它在圣何塞、帕洛阿尔托、波士顿、纽约、伦敦和其他地点设有办事处。它为近一半的美国风险投资技术和医疗保健公司提供融资⁶。它还提供财富管理、外汇、资金管理等服务。在其倒闭之前，它的资产超过1000亿美元，存款超过900亿美元²³⁴。
Response from Bing
好的，我来给您介绍一下硅谷银行的贷款业务。👇
硅谷银行的贷款业务主要是为创新企业和风险投资者提供各种形式的债权融资，包括过桥贷款、创业贷款、增长贷款、收购贷款、房屋抵押贷款等¹。这些贷款的特点是：
– 与股权融资互补，不会导致股份稀释或董事会席位的变化；
– 利率较低，成本较低，还款灵活，可以根据企业的现金流和业务指标进行调整；
– 申请流程简单，审批速度快，可以快速满足企业的资金需求；
– 基于对创新行业的深入理解和丰富经验，可以提供专业的咨询和风险管理服务；
– 有利于提高投资人的投资回报率（IRR），增加企业的估值和市场竞争力。
硅谷银行的贷款业务在美国的科技行业和创投界有很高的市场占有率和声誉，为许多知名的科技公司和独角兽提供了贷款服务，比如Facebook, Twitter, Airbnb, Uber, Pinterest等¹。在中国，硅谷银行的贷款业务是通过与上海浦东发展银行合资成立的浦发硅谷银行来实现的，目前已经为数百家中国的创新企业和风险投资者提供了贷款服务，比如小红书, 美团, 车好多, 车轮, 贝壳, 云集, 爱奇艺, 京东, 滴滴, 网易, 今日头条, 快手, 蚂蚁金服, 百度, 阿里巴巴等。
Source: Conversation with Bing, 3/11/2023(1) 美国硅谷银行宣布破产 在中国合资银行紧急声明|存款|贷款|融资|浦发|fdic|个人银行业务_网易订阅. https://bing.com/search?q=%e7%a1%85%e8%b0%b7%e9%93%b6%e8%a1%8c%e7%9a%84%e8%b4%b7%e6%ac%be%e4%b8%9a%e5%8a%a1 Accessed 3/11/2023.