Five years of highs and lows - SVB falls from a consistently rated top U.S. Bank to closure in 2023.
Data from Forbes highlights SVB Financial’s stock price performance over the past five years. $SIVB hovered between highs of ~$325 and $136 between 2018 and the end of 2020. It then hit highs of ~$759 at the tail end of 2021 before a slow and steady decline alongside the wider cryptocurrency and conventional markets.William Quigley, co-founder of Tether, shared insights with Cointelegraph following SVB’s shuttering over the weekend.
According to Quigley, the U.S. Treasury department has been aware that SVB could not pay all of its depositors back since December 2022 based on federal call reports. “The Treasury department continued to let SVB operate and take in more depositors cash even as SVB's fixed asset base continued to drop in value from interest rate hikes.”
Quigley also notes that SVB debt was rated AA by federally regulated statistical rating agency Moody's while the bank received a clean audit opinion three weeks ago from federally supervised and state licensed auditing firm KPMG.
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