On Friday, regulators took over SVB. On Saturday, small businesses scrambled to make payroll. | March 17, 2023 | Palo Alto Weekly | Palo Alto Online |

Palo Alto Weekly

News - March 17, 2023

On Friday, regulators took over SVB. On Saturday, small businesses scrambled to make payroll.

Here are stories from those impacted by the bank's failure

by Zoe Morgan and Grace Doerfler

When Punit Singh Soni founded Suki in 2017, Silicon Valley Bank seemed like the natural place to put his company's money. Many other tech companies were clients, and the bank was viewed in many ways as the "default" for startups to use, Soni said.

This story contains 1063 words.

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Staff Writer Zoe Morgan can be emailed at zmorgan@paweekly.com. Editorial Intern Grace Doerfler can be emailed at gdoerfler@paweekly.com.


Posted by Native to the BAY
a resident of Old Palo Alto
on Mar 17, 2023 at 9:35 am

Native to the BAY is a registered user.

Another reason it would benefit Palo Alto having a Winco grocery here.

Posted by PST
a resident of South of Midtown
on Mar 17, 2023 at 2:52 pm

PST is a registered user.

While I agree and see the need for this rescue I cannot help but note our government isn’t doing enough for children who are poor and hungry, the millions who are uninsured or under insured, climate change, etc. Meanwhile the leaders of this bank make millions of dollars while lobbying against regulations that might have prevented this debacle. I hope they broke insider trading or other laws and are prosecuted to the max. Oil companies make massive profits and we sell millions of dollars of weapons all over the world that do nothing for peace or prosperity. Our country can and should do better. It’s not just banks that need a rescue seems to me.

Posted by Native to the BAY
a resident of Old Palo Alto
on Mar 19, 2023 at 12:38 am

Native to the BAY is a registered user.

Think what a premier grocery store like Winco might do 2 enhance the morale/local economy here. No membership dues & accept most forms of payment. Yes. While so many richer folk “shop” from the comfort of a personal at home work space/computer, a majority could help out the local economy by supporting more fresh produce & veggies. Unlike PA’s Piazza or MP’s

Winco (nearest one now is East Oaktown). This could be a win win win. Invite RWC, EPA, MV, Palo families to come shop in person good ven a plethora of good foods, including healthy edible selections.

Tons a vacant lots in PA to do such good, promising work.

Can’t stomach those who stick Nose up at “big” box while gleefully purchasing from massive warehouse data driven robotic shopping. Out of sight out of mind? Not. Big box shopping from the small box of a screen and a CC.

Leave the last Cent to a former by-gone era. As local BA wealthy stopped big box, colossal big tech warehouses moved in,this reality is indeed is hypocrisy. Just because a Big Box is not visible does not follow those who shop online getting their items from massive mechanism out of a landscape sight line. Boycotting economic retail opportunities like inviting a Winco Foods, is like cutting a nose in spite for f the face. Winco all the way home! Or any other like FoodMax. Put it in locale for best practices. W: Does Dreggars really bottle thier own spring water?

Boise ID has a fabulous Winco. In fact, many from here are escaping there for lower, associated costs 4 famines — not just data sets. Economically rich boomers love thier Boise

Posted by Banes
a resident of Old Palo Alto
on Mar 20, 2023 at 2:20 pm

Banes is a registered user.

Dude, Why don’t YOU start a Winco?
At least there would be some (ever expiring) product collateral, unlike SVB making loans on over-inflated stock values. This is not unlike the Mortgage Meltdown, product (stock value) is inflated, loans & vc money never adjusted.

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