Silicon Valley Bank goes under

Silicon Valley Bank was taken over by the FDIC this week. This is no small town bank. A Silicon Valley was a top 20 bank by any measurement. Worse, a lot of startup companies were required to use this bank for all of their business as a condition of getting venture capital funding. With a FDIC guarantee cap of $250,000 per account, this means many of these small businesses will not be able to make payroll in the next 30 days.