1/ So, this AM California state regulators put the bank in receivership under FDIC control. This has created a spiral in the banking industry overall, although it is clear to many of us the issues at Silvergate & SVB are very idiosyncratic.
2) But what is happening at banks in reality is less important than what people perceive to be the case (i.e. widespread solvency/liquidity issues).As such, we've seen well capitalized banks with very different exposure drop in the public markets. FRB was down to 47 today https://t.co/aWz3W0SpJM
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10/A sale by a strong party would be the best of course. The issue right now for the startup market is several dimensional.
Most GPs are pausing capital calls; some companies expecting wires for new rounds will have to wait. Even longer if the fund has excess cash stuck at SVB
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