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Sometimes you hear stories like this: The plane suddenly nosedives. Everyone on board thinks it has crashed, then it levels off and everything is fine. For about 72 hours, people and companies (many of them in the tech industry) who had millions of dollars deposited with Silicon Valley Bank thought they had lost everything when the bank failed.
Two weeks later, things stabilized at Silicon Valley Bank. The FDIC took over the bank and eventually reimbursed all depositors. But to understand what that financial panic felt like, we revisited the run and eventual collapse of Silicon Valley Bank. We heard from four people who participated in the bank run as they recounted when they realized the early crisis, what it was like during the full collapse, what tough decisions they faced, and what the aftermath felt like. Along the way, we discovered lessons that can only be learned when you think the whole world is about to end.
This episode was reported by Kenny Malone, produced by Alyssa Jeong Perry, assisted by Dave Blanchard, designed by Brian Jarboe, fact-checked by Sierra Juarez, and edited by Jess Jiang.
music: “Lost in yesterday“ “Low-fi Night Fog” and”Fashion Carnival“”.
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