Customers of crypto-focused bank Silvergate Capital withdrew $8.1 billion in the fourth quarter of 2022, forcing the bank to sell debt securities at a deep loss in order to meet the surge in withdrawals, the bank announced Thursday. The sales of debt securities totaled $5.2 billion and resulted in a loss on the sales of $718 million for the fourth quarter. Additionally, the bank wrote down the...
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The Weekend startups culture
The Heir Who Wants to Be Mayor
Hi, welcome to your Weekend.To spend time with Daniel Lurie is to understand the true meaning of the word “mensch.” Everyone who knows the San Francisco philanthropist and Levi’s heir says pretty much the same things about him: Daniel is “a really good guy”—affable, smart, egoless and earnest in his desire to improve the lives of the neediest. So earlier this year, when I began hearing...
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