It was a particularly bloody day for technology companies when Greg Becker, then the chief executive of Silicon Valley Bank, appeared on CNBC in late August. The tech-heavy Nasdaq stock index was down 2 per cent that session alone.
Yet Becker was his usual reassuring presence. The market correction would ultimately be healthy for the sector, he reasoned. In the meantime, the bank’s balance sheet had never been stronger and it had an enviable record.
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