A cold day in the Bay
A chill is still palpable in the Bay Area after taking hold late last week—and we aren’t just talking about the effects of yet another atmospheric river to hit the Golden State. Headlines exploded with the news that Silicon Valley Bank—a major lender to tech, life sciences companies, and VCs over the last 40 years—had failed, requiring the FDIC to step in and transfer all insured deposits to the newly-created Deposit Insurance National Bank of Santa Clara. Winds continued to blow through the weekend as the FDIC then took an extraordinary preventative measure to forestall possible systemic risk with the additional shutdown of still-solvent Signature Bank in NYC.
Simultaneously came the announcement of a new Bank Term Funding Program that will make additional funding available to ensure banks can meet the needs of their depositors, precipitating the first small sigh of relief many leaders had breathed in days. This is no bailout of yore—the announcement included careful emphasis that the banks’ executives would be removed and shareholders wiped out; taxpayers would not be directly on the hook for the losses. But even with the announcements from the Fed and Treasury, regional banks are still in the crosshairs of investors and depositors.
One lesson to take away from all of this: words and messaging matter—especially in businesses dealing in risk, relationships, and trust, like both finance and healthcare. While this series of events continues to unfold, our thoughts go out to all those impacted by the whirlwind. It’s times like these that a tight-knit digital health community means the most. Alongside the entrepreneurs, startups, investors, and all those who believe in the promise of technology to transform healthcare, here's hoping for sunnier days soon ahead.
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