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Earlier this month, little known Silicon Valley Bank – the bank for tech startups and Midwestern identitarians alike – collapsed in spectacular fashion after a good ol’ fashion run on deposits. Within 72 hours, the Fed, Treasury, and FDIC announced that they would make whole all SVB depositors, whether or not their accounts exceeded the 0,000 insurance limit. Beyond revealing that many tech wizards were less financially sophisticated than NBA star Giannis Antetokounmpo, the collapse and subsequent bailout raised fundamental questions about the stability and nature of our banking system. To begin to make sense of all this, we invited six banking experts and friends of the blog to share their initial reactions to the unfolding drama....LPE ProjectSix Reactions To The Silicon Valley Bank
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Earlier this month, little known Silicon Valley Bank – the bank for tech startups and Midwestern identitarians alike – collapsed in spectacular fashion after a good ol’ fashion run on deposits. Within 72 hours, the Fed, Treasury, and FDIC announced that they would make whole all SVB depositors, whether or not their accounts exceeded the 0,000 insurance limit. Beyond revealing that many tech wizards were less financially sophisticated than NBA star Giannis Antetokounmpo, the collapse and subsequent bailout raised fundamental questions about the stability and nature of our banking system. To begin to make sense of all this, we invited six banking experts and friends of the blog to share their initial reactions to the unfolding drama....LPE ProjectSix Reactions To The Silicon Valley Bank
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Mike Norman considers the following as important:
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Earlier this month, little known Silicon Valley Bank – the bank for tech startups and Midwestern identitarians alike – collapsed in spectacular fashion after a good ol’ fashion run on deposits. Within 72 hours, the Fed, Treasury, and FDIC announced that they would make whole all SVB depositors, whether or not their accounts exceeded the $250,000 insurance limit. Beyond revealing that many tech wizards were less financially sophisticated than NBA star Giannis Antetokounmpo, the collapse and subsequent bailout raised fundamental questions about the stability and nature of our banking system. To begin to make sense of all this, we invited six banking experts and friends of the blog to share their initial reactions to the unfolding drama....LPE Project
Christine Desan, Lev Menand, Raúl Carrillo, Rohan Grey, Dan Rohde, Hilary J. Allen
Christine Desan is Leo Gottlieb Professor of Law at Harvard Law School and the co-founder of Harvard’s Program on the Study of Capitalism.
Lev Menand (@LevMenand) is Associate Professor of Law at Columbia Law School.
Raúl Carrillo (@RaulACarrillo) is the Deputy Director of the LPE Project.
Rohan Grey (@rohangrey) is Assistant Professor at Willamette University College of Law and the President of the Modern Money Network.
Dan Rohde (@DanEricRohde) is an S.J.D Candidate at Harvard Law School and co-editor of Just Money.
Hilary J. Allen (@ProfHilaryAllen) is Professor of Law and the Associate Dean for Scholarship at the American University Washington College of Law.