Techmeme
March 12, 2023, 6:00 PM

Top News

Washington Post:
Sources: US officials are considering the extraordinary step of protecting all uninsured SVB deposits if the FDIC is unable to find a buyer for the failed bank  —  Extraordinary step eyed if plan fails to sell the failed bank to another institution  —  Federal authorities …
Matthew Monks / Bloomberg:
Sources: the FDIC kicked off an auction process late on March 11 for SVB, with final bids due by 2pm EST on March 12; it's possible that no deal will be reached  —  The Federal Deposit Insurance Corp. kicked off an auction process late Saturday night for Silicon Valley Bank …
CBS News:
Q&A with US Treasury Secretary Janet Yellen on SVB: we are trying to meet depositors' needs and are not looking to bail out large banks' investors and owners  —  The following is a transcript of an interview with Treasury Secretary Janet Yellen that aired on “Face the Nation” on Sunday, March 12, 2023.
Financial Times:
Bloomberg:
Sources: the FDIC is racing to sell SVB's assets and make 30% to 50% or more of clients' uninsured deposits available via an initial payment as soon as March 13  —  US regulators overseeing the emergency breakup of SVB Financial Group are racing to sell assets and make a portion …
Lauren Tara LaCapra / The Information:
Sources: regional banks are the likeliest bidders to prevail in the sale process for Silicon Valley Bank, not “too big to fail” banks like JPM or BoA  —  Regional banks are the likeliest bidders to prevail in the sale process for Silicon Valley Bank, people familiar with the matter said …
Om Malik / On my Om:
More than a bailout, SVB needs a white knight, someone who can come in and take over the bank that has been at the heart of the US innovation economy  —  After three decades of being part of the Silicon Valley ecosystem — as a reporter, writer, entrepreneur, and investor — I thought I had seen it all.
Bloomberg:
SVB draws support from 500+ VCs, including General Catalyst and Sequoia, while 5,000+ founders and CEOs sign a Y Combinator petition asking US Congress to act  —  More than 100 venture capital and investing firms have signed a statement supporting Silicon Valley Bank, part of mounting industry calls …
TechCrunch:
Bloomberg:
Semafor:
Matt Levine / Bloomberg:
Financial Times:
Sources: Tim Cook has pressed ahead with an MR headset debut in 2023, overruling Apple designers who wanted to wait until the tech catches up with their vision  —  New launch will be first steered entirely by CEO and under direction of operations team  —  When Tim Cook unveils Apple's new …
John Sakellariadis / Politico:
Worried that cloud giants offer concentrated hacking targets, the US plans to regulate the security practices of Amazon, Microsoft, Google, Oracle, and others  —  Governments and businesses have spent two decades rushing to the cloud — trusting some of their most sensitive data to tech giants …
Frank Chaparro / The Block:
Circle says $3.3B of its ~$40B USDC reserves remain at Silicon Valley Bank and that the crypto payments firm will follow state and federal regulators' guidance  —  - After being largely silent on Friday, Circle said it has $3.3 billion in exposure to Silicon Valley Bank …
Bloomberg:

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Marie Woolf / Globe and Mail: