The FDIC document indicates the Chinese firm held about $903 million at SVB. Sequoia did not respond to a request for comment.Īnother major SVB customer was Kanzhun, a Beijing tech firm that runs BOSS Zhipin, China’s largest online recruitment platform. Sequoia, famous for its prescient investments in PayPal, Google, Apple and other tech firms, was SVB’s fourth-biggest depositor, according to the document. That emergency move saved not only fledgling tech startups - some of which could have been wiped out by the SVB implosion - but some heavy hitters in the tech industry, too.įor instance, leading venture capital firm Sequoia Capital, held just more than $1 billion at SVB, according to the FDIC document. According to Bloomberg, that document was accidentally released unredacted by the FDIC in response to a Freedom of Information Act request.Īfter SVB suddenly collapsed, the FDIC and other federal regulators decided to make all of the bank’s customers whole, including those with more funds than the $250,000 insurance limit. Working with an insurance representative to create a car insurance policy that addresses your individual needs and budget can protect you, your loved ones and your assets in the aftermath of an accident.The FDIC mistakenly revealed to Bloomberg News details on the biggest customers at Silicon Valley Bank, the failed bank whose depositors were rescued through emergency action by regulators.Īn FDIC document posted online by Bloomberg News on Friday offers new insights into who benefited from that controversial rescue in March when SVB became the second biggest bank failure in US history. Without the proper coverage, your financial well-being may be at risk. If you cause an accident or get into one with an uninsured or underinsured driver, you may be held responsible to cover related expenses, such as car repairs, property damage, medical bills, lost wages, legal fees and more. Beyond legal requirements, carrying car insurance is a smart decision. ![]() If you finance or lease your vehicle, your lender may also require specific car insurance coverages and limits. A basic car insurance policy is required for drivers in most states, although the mandatory minimum coverage and policy limits will vary. ![]() It is a contract in which you pay a certain amount - or “premium” - to your insurance company in exchange for a set of coverages you select. See the difference for yourself.Ĭar insurance is designed to protect you and everyone who shares the road from the potentially high cost of accident-related and other damages or injuries. ![]() Those are just a few of the reasons choosing an independent insurance agent is such a good choice. And as life changes, you can even count on your independent agent to help you update your choices. If you ever need to file a claim, your independent agent can help you through the process. They're free to tailor solutions to fit you, your needs, your life, to help you make the choices that are right for you. But independent agents aren't held captive by one company. You see, some insurance agents work for only one company, so they can't offer you a choice of brands and policies. Because they don't choose an independent insurance agent. And yet when it comes to something as important as protecting ourselves, our property, our family, some people surrender choice without even knowing it. In fact, choice is something we as Americans can't even imagine doing without. ![]() The ability to determine what's best for us- our needs, our life, our choice.
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