Biden's $4TRILLION COVID 刺激 一括 helped create a tech 投資 泡 ? that was 穴をあけるd by 利益／興味 率 rises, leaving banks with multibillion dollar 不足（高）s (but CEO of SVB sold $4M in 株 BEFORE the 衝突，墜落)

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The 崩壊（する） of Silicon Valley Bank was swift. In just a few days the 16th largest bank in the country 苦しむd the second-worst banking 崩壊（する） in US history.

But the seeds of the bank's demise were sown in its pandemic にわか景気 when Joe Biden's $4 一兆 COVID 刺激 一括 flooded Silicon Valley with 平易な money.

In January 2020, SVB had $55 billion in 顧客 deposits on its 調書をとる／予約するs - and by the end of 2022 that had more than trebled to $186 billion.

SVB 投資するd ひどく in?long-称する，呼ぶ／期間／用語 政府 社債s and 10-year mortgage-支援するd 安全s, attracted by higher 1.5 パーセント 産する／生じるs compared to the short-称する，呼ぶ／期間／用語 財務省 社債s 支払う／賃金ing 0.25 パーセント.

Yet when 利益／興味 率s rose, the 社債 prices fell.

A 基金 owned by SVB CEO Gregory Becker (pictured at a 会議／協議会 in Beverley Hills last week) sold $3.6 million of 株 in SVB on February 27, days before SVB 公表する／暴露するd the $1.8 billion loss that 誘発する／引き起こすd the 致命的な run on the bank. The 貿易（する）s were scheduled on January 26 through an SEC 支配する that 許すs company bosses to schedule 自動化するd sell-offs to 静める 疑惑s of insider 貿易（する）ing

Joe Biden spoke before the markets opened on Monday morning, 明言する／公表するing: 'Our 活動／戦闘s should give Americans 信用／信任 that the US banking system is 安全な'. It comes after White House yesterday 保証（人）d it would make SVB 顧客s 'whole' and that 'no losses will be borne by the taxpayer'

The bank failed to diversify its 大臣の地位 to hedge against the 率, and was left exposed when 利益／興味 率s rose.

The 影響 was by the end of the year, SVB was sitting on $16 billion in unrealized losses, meaning its 資産s barely covered its 義務／負債s.?

How SVB began?

SVB was not a normal bank.?

It was 設立するd in 1981 and headquartered in Santa Clara, California - it's 最初の／主要な （弁護士の）依頼人s were those in 科学（工学）技術, 生命科学 and 賞与金 ワイン 産業s.

It also enticed entrepreneurs and small 商売／仕事 owners.

The first office was opened in San Jose, and the second in Palo Alto - making its 的 market （疑いを）晴らす.?

At its 頂点（に達する） it held more than $200 billion in 資産s with few er than 38,000 法人組織の／企業の accounts, and a small number of individual 顧客s. Many of them were tech 会社／堅いs 支援するd by 投機・賭ける 資本／首都 基金s.

The accounting 会社／堅い KPMG gave SVB a clean 法案 of health just 11 days before it sank.

KPMG 調印するd the audit on the bank's 調書をとる／予約するs for 2022 on February 24.?

Although the velocity of 撤退s 増加するd かなり in 最近の weeks, the bank's deposits had fallen by $25 billion in the last nine months of 2022.

Auditors like KPMG are supposed to 警告する 投資家s if companies are in hot water. They 分析する?'whether there is 相当な 疑問 about the （独立の）存在's ability to continue as a going 関心' for the year after the 財政上の 声明s are 問題／発行するd.

Even if the bank was not struggling last year, the auditors are still 要求するd to take into account 開発s that occurred after the balance-sheet date to give an 正確な reflection for 投資家s.?

'ありふれた sense tells you that an auditor 問題／発行するing a clean 報告（する）／憶測, a clean 法案 of health, on the 16th-largest bank in the 部隊d 明言する／公表するs that within two weeks fails without any 警告, is trouble for the auditor,' Lynn Turner, the former 長，指導者 accountant of the 安全s and 交流 （売買）手数料，委託（する）／委員会／権限 told The 塀で囲む Street 定期刊行物.

The troubles begin?

On March 6,?ツバメ Gruenberg, the 議長，司会を務める of the?連邦の Deposit 保険 会社／団体 (FDIC), spoke to the 学校／設ける of International 銀行業者s.

He 明らかにする／漏らすd that there were $620 billion in 'unrealized losses' in U.S. 財政上の 会・原則s - banks and 年金 基金s . An unrealized loss is when an 資産 has 減少（する）d in value, but has not been yet sold.?

Gruenberg told the 組み立てる／集結するd financiers, in a section on 利益／興味 率s: 'Unrealized losses on 安全s have meaningfully 減ずるd the 報告（する）／憶測d 公正，普通株主権 資本／首都 of the banking 産業.'

He said there was no need to panic, as 'banks are 一般に in a strong 財政上の 条件'.

It was not the first time that there had been 警告s about 'unrealized losses'.

In November 2022,?JPMorgan 警告するd that Silicon Valley Bank's $16 billion unrealized losses were a 危険, によれば 文書s 得るd by The New York 地位，任命する.

Bank CEO sells?$3.6 million 価値（がある） of company 在庫／株

Greg Becker, the CEO of Silicon Valley Bank, on February 23 sold $3.6 million 価値（がある） of company 在庫／株 in an 自動化するd 貿易（する）.

The 貿易（する）s were scheduled on January 26 through an SEC 支配する that 許すs insiders to schedule sales ahead of time, to 静める 疑惑s of 貿易（する）ing on insider （警察などへの）密告，告訴（状）, The 塀で囲む Street 定期刊行物?報告（する）／憶測d.?

However, the タイミング - just two weeks before the 崩壊（する） of the bank - has raised eyebrows.

代表者／国会議員 Ro Khanna, a 民主党員 for California, told The Washington 地位，任命する?that he 手配中の，お尋ね者 to see the money 'clawed 支援する', unless it was scheduled 'many months before'.

顧客s line up outside a Silicon Valley Bank 支店 on Monday as they 急ぐd to 身を引く their 基金s after the 政府 約束d their cash would be 安全な

Moody's move to downgrade

In the week beginning Monday February 27, SVB (n)役員／(a)執行力のあるs heard that Moody's, the credit 率ing 機関, was considering downgrading SVB.?

The SVB bosses turned to Goldman Sachs for advice, Insider?報告（する）／憶測d, in a 企て，努力，提案 to 突き破る off Moody's.?

But they didn't have much time to come up with a 計画（する）, as they knew Moody's was の近くに to 事実上の／代理.?

March 8: the 致命的な blow?

On Wednesday March 8, the 計画（する） was 発表するd.?

Goldman had put together a 取引，協定 to have SVB raise $2.25 billion of ありふれた and preferred 公正，普通株主権, 含むing a $500 million 錨，総合司会者 投資 from 私的な-公正，普通株主権 会社／堅い General 大西洋, Insider 報告（する）／憶測d.

The news was 解放（する）d in a 圧力（をかける） 解放（する） after the の近くに of 貿易（する）ing.

But the 圧力（をかける） 解放（する） was terribly worded and 十分な of jargon:?顧客s were spooked.?

Buried at the end of the 圧力（をかける） 解放（する） was the 公表，暴露 that?the company had sold a $21 billion 大臣の地位 of 社債s at a $1.8 billion loss to 再編する its balance sheet and give it more 柔軟性 to 会合，会う deposit 撤退s.?

The 発覚 panicked depositors.?

This spelt 災害 for SVB whose tech-savvy clientele quickly spread the word through social マスコミ of an 切迫した demise.

In 新規加入, many of the start-ups that banked with SVB were 支援するd by 投機・賭ける 資本／首都 基金s which are able to 発揮する 抱擁する 影響（力） over their companies.

March 9: Panic begins?

Peter?Thiel's 創立者 基金 told 会社／堅いs in its 大臣の地位 to pull money from the bank on Thursday, and a string of other 投機・賭ける 基金s soon made the same 推薦.?

By the end of the day, 顧客s had 誘発する／引き起こすd 撤退s north of $40 billion.

Becker, the CEO, implored 顧客s not to panic.?

He begged one group of 投機・賭ける 資本主義者s: 'I would ask e veryone to support us just like we supported you.'

The FDIC takes over?

SVB may have been able to save itself from its 失敗 to hedge 利益／興味 率s and 準備する for 顧客 撤退s had it sold 公正，普通株主権 to cover its losses.

They appeared to be lining up a を取り引きする JP Morgan but the 連邦の Deposit 保険 会社／団体 急襲するd in on Friday March 10, having already seen enough 損失.

Those with いっそう少なく than $250,000 in their accounts knew they would be 罰金 - that much is 保証（人）d by the FDIC.

But for the 90 パーセント of 顧客s who had more, they 直面するd a 深く，強烈に troubling 週末 - with nothing to do but wait and hope the 政府 and 財政上の 当局 設立する a 解答.

Panic over - for now?

On Sunday March 12 the Biden 行政 確認するd that all 顧客s' cash will be 保証（人）d with 基金s taken from the the Deposit 保険 基金, which banks have been 要求するd to 支払う／賃金 into since the 2008 財政上の 衝突，墜落.

Joe Biden on Monday 非難するd the irresponsibility of SVB's (n)役員／(a)執行力のあるs and the 緩和するing of 規則s under Donald Trump.

However, 分析家s say that the 残虐な 率 引き上げ（る）s which the Fed has 器具／実施するd to 冷静な／正味の the economy were the result of Biden's $4 一兆 Covid 刺激 一括.

Former Trump White House 助言者 Steve Moore 警告するd that SVB 'may just be the tip of the iceberg', exposing a broader 証拠不十分 まっただ中に 急に上がるing インフレーション.

Moore told Fox News: 'I think it's important for people to understand how this 可能性のある banking 危機 happened. It's not because there aren't enough bank regulators, as Biden is trying to say.??

'It's because of the 大規模な インフレーション and the 一兆s and 一兆s of dollars of borrowing that the 連邦の 政府 has done that has put our 財政上の system in 広大な／多数の／重要な jeopardy and 広大な／多数の／重要な 危険，危なくする.'