Inside a bank run

2024-12-24 07:11:46 source: category:Scams

Sometimes you hear these stories about an airplane that suddenly nosedives. Everyone onboard thinks this is it, and then the plane levels out and everything is fine. For about 72 hours, people and companies that had deposited millions of dollars at the Silicon Valley Bank — many of whom were in the tech industry — thought they had lost absolutely everything to a bank collapse.

Two weeks later, the situation at Silicon Valley Bank has leveled off. The FDIC seized the bank and eventually made all of its depositors whole. But to understand what that financial panic felt like, we retrace the Silicon Valley Bank run and eventual collapse. We hear from four people who were part of the bank run — when they realized early rumblings, what it felt like in the full stampede, what hard decisions they faced, and what the aftermath felt like. And along the way, we uncover the lessons you can only learn when you think the entire world is ending.

This episode was reported by Kenny Malone, produced by Alyssa Jeong Perry with help from Dave Blanchard, engineered by Brian Jarboe, fact-checked by Sierra Juarez, and edited by Jess Jiang.

Music: "Lost in Yesterday" "Lo Fi Night Haze" and "Funky Fiesta."

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Always free at these links: Apple Podcasts, Spotify, Google Podcasts, NPR One or anywhere you get podcasts.

Find more Planet Money: Twitter / Facebook / Instagram / TikTok our weekly Newsletter.

More:Scams

Recommend

Nevada trial set for ‘Dances with Wolves’ actor in newly-revived sex abuse case

LAS VEGAS (AP) — Former “Dances with Wolves” actor Nathan Chasing Horse is set to stand trial early

Should Shelby McEwen have shared gold for USA's medal count? Don't be ridiculous

SAINT-DENIS, France − Shelby McEwen almost got all the way through his interview with reporters Satu

Paris is closing out the 2024 Olympics with a final star-studded show

Follow along for the latest updates from today’s Olympic action, including the closing ceremony.