Breaking News: Major Tech Lender Silicon Valley Bank Fails!
- Thread starter 88m3
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SVB Financial files for Chapter 11 bankruptcy with about $2.2 billion of liquidity
SVB Financial Group said Friday it has filed for Chapter 11 bankruptcy in New York and will seek a court-supervised reorganization.
www.marketwatch.com
He didn't fall on his sword when he was heating the market he definitely isn't gonna fall on the sword over this.
Ohio teachers retirement fund takes massive hit in Silicon Valley Bank collapse
Retirement funds for public workers in Ohio lost millions after the Silicon Valley Bank collapsed last week, sending the tech and bank industries into a spiral. The Columbus Dispatch reported that …
thehill.com
Ohio teachers retirement fund takes massive hit in Silicon Valley Bank collapse
BY LAUREN SFORZA - 03/16/23 4:00 PM ET
UPI Photo
A motorist passes the entrance of the Silicon Valley Bank in Santa Clara, Calif., on Saturday, March 11, 2023. On March 10, the FDIC took over the bank after it collapsed.
Retirement funds for public workers in Ohio lost millions after the Silicon Valley Bank collapsed last week, sending the tech and bank industries into a spiral.
The Columbus Dispatch reported that Ohio’s State Teachers Retirement System took the hardest hit amid the banking crisis. Before the shutdown, the system had shares invested in Silicon Valley Bank worth $27.2 million that made up about 0.3 percent of the system’s total fund, Ohio’s State Teachers Retirement System said in a statement.
The Dispatch reported that the Ohio Public Employees Retirement System had shares that were worth $3.2 million and also shares in Signature Bank worth $2.2 million. The report added that the combined losses only made up 0.0058 percent of the system’s entire portfolio.
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The Ohio Police and Fire Fund said on Monday that it did not have direct investments in either Silicon Valley Bank or Signature Bank, which was also shut down over the weekend.
The School Employees Retirement System of Ohio was also affected by bank closures, losing about $929,000 worth of shares in Silicon Valley Bank and $636,983 worth of shares in Signature Bank. The system noted in a press release that the shares lost made up 0.01 percent of its $17 billion fund.
Multiple federal agencies are investigating the collapse of Silicon Valley Bank, which federal regulators took over on Friday. These probes could lead to increased scrutiny of the rest of the banking industry as some lawmakers demand answers and action with regards to banking regulation in the wake of the bank’s failure.
[/U]Ohio teachers retirement fund takes massive hit in Silicon Valley Bank collapse
Retirement funds for public workers in Ohio lost millions after the Silicon Valley Bank collapsed last week, sending the tech and bank industries into a spiral. The Columbus Dispatch reported that …
Ohio teachers retirement fund takes massive hit in Silicon Valley Bank collapse
BY LAUREN SFORZA - 03/16/23 4:00 PM ET
UPI Photo
A motorist passes the entrance of the Silicon Valley Bank in Santa Clara, Calif., on Saturday, March 11, 2023. On March 10, the FDIC took over the bank after it collapsed.
Retirement funds for public workers in Ohio lost millions after the Silicon Valley Bank collapsed last week, sending the tech and bank industries into a spiral.
The Columbus Dispatch reported that Ohio’s State Teachers Retirement System took the hardest hit amid the banking crisis. Before the shutdown, the system had shares invested in Silicon Valley Bank worth $27.2 million that made up about 0.3 percent of the system’s total fund, Ohio’s State Teachers Retirement System said in a statement.
The Dispatch reported that the Ohio Public Employees Retirement System had shares that were worth $3.2 million and also shares in Signature Bank worth $2.2 million. The report added that the combined losses only made up 0.0058 percent of the system’s entire portfolio.
Trump weighs in on proposed golf ball limitations: ‘What a mess’Education secretary stresses opposition to bans on books, topics after DeSantis moves
The Ohio Police and Fire Fund said on Monday that it did not have direct investments in either Silicon Valley Bank or Signature Bank, which was also shut down over the weekend.
The School Employees Retirement System of Ohio was also affected by bank closures, losing about $929,000 worth of shares in Silicon Valley Bank and $636,983 worth of shares in Signature Bank. The system noted in a press release that the shares lost made up 0.01 percent of its $17 billion fund.
Multiple federal agencies are investigating the collapse of Silicon Valley Bank, which federal regulators took over on Friday. These probes could lead to increased scrutiny of the rest of the banking industry as some lawmakers demand answers and action with regards to banking regulation in the wake of the bank’s failure.
If you notice a lot of red state Governors have invested teacher retirements into questionable investments… didn’t Dekkklantis invest Florida teacher retirements into that Russian alpha bank that went under
Eternal Tecate
Superstar
More than that- banking should be a public utility.
Eternal Tecate
Superstar
Financial services are nothing but transfer payments. Earning money off fees is unproductive. Nothing is produced, it's parasitic. If you want an economy to be prosperous you have to eliminate unproductive forces.