Techmeme
March 12, 2023, 6:10 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 Silicon Valley Bank's sale process, not “too big to fail” banks like JPMorgan or Bank of America  —  Regional banks are the likeliest bidders to prevail in the sale process for Silicon Valley Bank …
Om Malik / On my Om:
More than a bailout, SVB needs a white knight to 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:
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:
Marie Woolf / Globe and Mail:
Meta plans to block Canadians' ability to view or share written and broadcast news on Facebook and Instagram if the country passes its proposed Online News Act  —  Tech giant Meta has decided to block Canadians' ability to view or share news content on Facebook and Instagram …

Sponsor Posts

Opal:
Introducing Tadpole: the tiny webcam for laptops  —  With a mirrorless Sony sensor, directional microphone, and tap-to-mute feature, the Tadpole works with both Mac and PC and is the perfect webcam to take with you everywhere.
Tribe AI:
Build AI products that matter  —  Tribe AI helps organizations rapidly deploy AI solutions that have real business impact.  We bring together world class AI talent and tooling to drive differentiated results.
Cache:
More than 10% of your net worth in one stock?  —  Cache helps protect your hard-earned wealth.  Swap your stocks for a diversified fund without a giant tax bill.  Once for the ultra-wealthy, now available for you.
Zoho:
Day in the life of a recruiter with an idealist mindset: When hiring is slow  —  Back to another day in this dull economic climate.  Hiring freezes and layoffs are happening everywhere, while more and more candidates …
Prospect:
A running list of the best startups to join  —  We've analyzed thousands of startups using the same data VCs use and distilled our list down to the top 2%.  Discover and join the next Stripe, Airbnb, or Coinbase today.
The Logan Bartlett Show:
EP 108: Olivier Pomel (CEO, Datadog) Shares Every Lesson From Scaling to $40B
A podcast hosted by Logan Bartlett, an investor at Redpoint Ventures, covering tech with industry insiders.
Subscribe to The Logan Bartlett Show!
Techmeme Ride Home:
Fri. 06/21 - Kaspersky Banned By The US Government
The day's tech news, every day at 5pm ET. Fifteen minutes and you're up to date.
Subscribe via Apple Podcasts, Spotify, or RSS.
 

About This Page

This is a Techmeme archive page. It shows how the site appeared at 6:10 PM ET, March 12, 2023.

The most current version of the site as always is available at our home page. To view an earlier snapshot click here and then modify the date indicated.

More News

Earlier Picks