BACKGROUND - First, a little context. SVB is not a normal consumer bank, but it "was" the 16th largest in the US. SVB is a bank that invests and supports startup businesses. At my first startup Novalign back in 2008, we took $5M of SVB cash in exchange for equity in our company. At YE 2022, SVB had $209B in assets and about $175B in deposits.
THE EVENT - On March 10th, SVB because insolvent after businesses withdrew their money in a panic. SVB had made some bad investments and had to sell off assets to stay solvent. Once this news spread, there was a run on the bank. The FDIC has t...
The Orthopedics Industry 