Fed OIG Report on SVB: Officials considered removing SVB’s CEO from FRB San Francisco’s board of directors after discussions to downgrade SVB’s rating but chose not to for fear of spooking markets.
Summary:
Silicon Valley Bank—which once had over $200 billion in total assets—failed in March 2023. SVB went into receivership and cost the Deposit Insurance Fund an estimated $16.1 billion.
SVB failed for several reasons. It was vulnerable to the business cycles of its customer base—concentrated in
