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  • I rushed from bank to bank with my infant daughter when SVB collapsed to figure out how my startup could make payroll on time

    6 days ago - By Business Insider

    Lindsey Hoell, CEO of Dispatch Goods. Courtesy of Lindsey Hoell.
    Silicon Valley Bank's collapse sent Dispatch Goods cofounder Lindsey Hoell on a race to find alternatives.
    Her team and investors navigated the logistical chaos of making sure the company made payroll.
    Federal regulators eventually stepped in to protect all SVB depositors.
    This as-told-to essay is based on conversations with Lindsey Hoell, who cofounded Dispatch Goods with Maia Tekle , and scrambled with her team to get employees paid on time this week. Dispatch Goods, a Silicon Valley Bank customer, provides reusable...
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  • Here's what it was like at the New York Stock Exchange the day Silicon Valley Bank collapsed, according to Wall Street's most famous trader

    6 days ago - By Business Insider

    Trader Peter Tuchman has been at the New York Stock Exchange for almost 38 years. AP Photo/Richard Drew
    Peter Tuchman has been at the New York Stock Exchange for almost 38 years and is the most-photographed trader on Wall Street.
    Stocks plunged last week on concerns of contagion from the collapse of Silicon Valley Bank.
    "We've never seen the volatility that we're seeing here. The intraday madness," Tuchman said.
    On the morning of the largest bank failure since 2008, Peter Tuchman had four shots of espresso, two glasses of orange juice, and geared up for his day. Immediately, stocks were...
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  • Investors are still worried about a run on deposits of some ailing banks while massive lifelines buy more time

    6 days ago - By Business Insider

    Credit Suisse stock plummeted on Wednesday during the bank's largest one-day selloff to date. NurPhoto/Getty Images
    Shares of First Republic and Credit Suisse continued to sell off despite massive lifelines.
    While tens of billions of dollars bought some time, there are still doubts that depositors will stay.
    "Once it's perceived that there's an unraveling going on - yeah, people take their money."
    Massive lifelines to First Republic and Credit Suisse spurred brief rallies before shares resumed their free falls as doubts remain that they can keep depositors over the long run. First Republic...
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  • Everything you need to know to catch up on Silicon Valley Bank, Credit Suisse, and the trouble rattling the financial world

    6 days ago - By Business Insider

    Happy Saturday readers. I'm Phil Rosen. "Happy" is used loosely here, as the past week has been defined by chaos and uncertainty across the banking system. Silicon Valley Bank and Credit Suisse have stolen most of the headlines, but between others like First Republic Bank , Signature Bank, and Silvergate Bank , there's plenty to digest. Today, I've rounded up everything that you need to know to get caught up on the worst banking crisis since 2008. If this was forwarded to you, sign up here. Download Insider's app here. People walk by the New York headquarters of Credit Suisse on March 15...
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