Silicon Valley Bank Collapse Offers a Primer on How Elite Power Preserves Wealth
Silicon Valley Bank (SVB) was shut down by regulators on March 10, 2023, after account holders, wary of the bank’s stability, began quickly withdrawing their money. Its collapse constitutes the second largest bank failure in history. Described as the “backbone” of a tech industry dominated by white men, SVB served tech companies and their venture capitalists in the early stages of business...