美国国家公共电台 NPR--How the collapse of Silicon Valley Bank affected one startup

How the collapse¹ of Silicon² Valley Bank affected³ one startup

Transcript⁴

Customers of now-collapsed Silicon Valley Bank are being told their money is protected and accessible. And speaking Monday morning from the White House, President Biden assured banking⁵ customers that the broader U.S. banking system is safe: "Your deposits will be there when you need them."

Those customers include tech entrepreneurs like Tiffany Dufu. She's the founder⁶ and CEO of The Cru, a startup that helps women achieve their personal and professional goals. Her company has its money at Silicon Valley Bank and late last week she found herself scrambling⁷ for the funds to make payroll⁸.

Speaking on NPR's Morning Edition, Dufu told Sacha Pfeiffer that she and many other tech founders⁹ don't fit the Silicon Valley stereotypes¹⁰.

"I think that sometimes when people think of a tech founder or the tech sector¹¹, they think of Mark Zuckerberg. I am African-American and I have two school age kids. I'm in my mid-40s. Founders are people who have a problem they've identified that they're trying to solve for a consumer. In my case, one in four women have considered leaving their jobs in the past year, and we partner with their employers to try to ensure that they have access to the resources that they need."

Dufu argues that she represents an especially vulnerable portion of the tech investment community.

"Less than 1% [of tech sector investment capital] goes to black female founders. So there are a lot of underrepresented founders and leaders in this community who were grossly impacted by this. There's not a lot of liquidity¹². We don't have large assets to draw on. And so this really created a crisis for us."

Douglas Diamond, a Professor of Economics at the University of Chicago, focuses on banking systems and the forces that can lead to a bank's collapse. That work earned him the 2022 Nobel Prize in Economics.

Diamond points to an area where Silicon Valley Bank violated basic banking practices, telling Morning Edition host Leila Fadel, "Banks do their magic by diversifying¹³ their asset risks, having lots of different types of loans, in particular, avoiding an overload¹⁴ at any particular risk. The one they loaded up on too much was interest rate risk. You're also supposed to use diversified¹⁵ funding sources."

Those gambles made the bank especially vulnerable to interest rate fluctuations¹⁶. When rates were low, SVB was in solid shape.

"If interest rates went up a lot, they were going to become insolvent¹⁷."

Interest rates did go up and late last week SVB stumbled into insolvency¹⁸. Diamond says that some of the blame may lie with the Federal Reserve Bank.

"Maybe the Fed should have been thinking, 'I shouldn't raise interest rates this quickly if it's going to wipe out certain parts of the financial system'".

For Dufu, the Silicon Valley Bank failure is distinctly personal. She felt she couldn't wait around for the eventual¹⁹ fix by the FDIC that assured her company's assets would be protected. She had a payroll to meet.

"I already had to step into gear. I already had to figure out how to transfer money from my personal account to make sure that my team was taken care of. And I'm a very fortunate person to at least have a savings²⁰ account that I can draw upon. [It's had] an enormous impact just on my well-being²¹, my health and my sanity²², let alone everything else that we're already doing in order to keep these companies thriving and successful."

1 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

2 silicon   

n.硅(旧名矽)

参考例句：

• This company pioneered the use of silicon chip.这家公司开创了使用硅片的方法。
• A chip is a piece of silicon about the size of a postage stamp.芯片就是一枚邮票大小的硅片。

3 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

4 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

5 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

6 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

7 scrambling   

v.快速爬行( scramble的现在分词 )；攀登；争夺；（军事飞机）紧急起飞

参考例句：

• Scrambling up her hair, she darted out of the house. 她匆忙扎起头发，冲出房去。 来自《现代英汉综合大词典》
• She is scrambling eggs. 她正在炒蛋。 来自《简明英汉词典》

8 payroll   

n.工资表，在职人员名单，工薪总额

参考例句：

• His yearly payroll is $1.2 million.他的年薪是120万美元。
• I can't wait to get my payroll check.我真等不及拿到我的工资单了。

9 founders   

n.创始人( founder的名词复数 )

参考例句：

• He was one of the founders of the university's medical faculty. 他是该大学医学院的创建人之一。 来自辞典例句
• The founders of our religion made this a cornerstone of morality. 我们宗教的创始人把这看作是道德的基石。 来自辞典例句

10 stereotypes   

n.老套，模式化的见解，有老一套固定想法的人( stereotype的名词复数 )v.把…模式化，使成陈规( stereotype的第三人称单数 )

参考例句：

• Such jokes tend to reinforce racial stereotypes. 这样的笑话容易渲染种族偏见。
• It makes me sick to read over such stereotypes devoid of content. 这种空洞无物的八股调，我看了就讨厌。 来自《现代汉英综合大词典》

11 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

12 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

13 diversifying   

v.使多样化，多样化( diversify的现在分词 )；进入新的商业领域

参考例句：

• Some publishers are now diversifying into software. 有些出版社目前正兼营软件。 来自辞典例句
• Silverlit is diversifying into new markets, such as Russia and Eastern Europe. Silverlit正在使他们的市场变得多样化，开发新的市场如俄罗斯和东欧国家。 来自互联网

14 overload   

vt.使超载；n.超载

参考例句：

• Don't overload the boat or it will sink.别超载，否则船会沉。
• Large meals overload the digestive system.吃得太饱会加重消化系统的负担。

15 diversified   

adj.多样化的，多种经营的v.使多样化，多样化( diversify的过去式和过去分词 )；进入新的商业领域

参考例句：

• The college biology department has diversified by adding new courses in biotechnology. 该学院生物系通过增加生物技术方面的新课程而变得多样化。 来自《简明英汉词典》
• Take grain as the key link, develop a diversified economy and ensure an all-round development. 以粮为纲，多种经营，全面发展。 来自《现代汉英综合大词典》

16 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

17 insolvent   

adj.破产的，无偿还能力的

参考例句：

• They lost orders and were insolvent within weeks.他们失去了订货，几周后就无法偿还债务。
• The bank was declared insolvent.银行被宣布破产。

18 insolvency   

n.无力偿付，破产

参考例句：

• The company is on the verge of insolvency.该公司快要破产了。
• Normal insolvency procedures should not be applied to banks.通常的破产程序不应当适用于银行。

19 eventual   

adj.最后的，结局的，最终的

参考例句：

• Several schools face eventual closure.几所学校面临最终关闭。
• Both parties expressed optimism about an eventual solution.双方对问题的最终解决都表示乐观。

20 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

21 well-being   

n.安康，安乐，幸福

参考例句：

• He always has the well-being of the masses at heart.他总是把群众的疾苦挂在心上。
• My concern for their well-being was misunderstood as interference.我关心他们的幸福，却被误解为多管闲事。

22 sanity   

n.心智健全，神智正常，判断正确

参考例句：

• I doubt the sanity of such a plan.我怀疑这个计划是否明智。
• She managed to keep her sanity throughout the ordeal.在那场磨难中她始终保持神志正常。