Depositors initiated $42 billion in withdrawals from Silicon Valley Bank Thursday, according to a Friday regulatory filing from the California commissioner of financial protection and innovation. The bank was left with a negative cash balance of about $958 million, according to the filing. SVB was left unable to meet its cash letter with the Federal Reserve, despite trying to transfer...
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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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