March 24, 2023

Forbes Listed Silicon Valley Bank as One of ‘America’s Best Banks’ Just Weeks Before Collapse

How embarrassing.

Forbes boasted Silicon Valley Bank as one of “America’s Best Banks” less than a month before the bank collapsed.

The publication released a list of America’s Best Banks on Feb. 14, which included SVB at number 20.

SVB posted the Forbes nod on Instagram just days before it imploded in what amounted to the second-largest bank failure in U.S. history.

Forbes had even placed the defunct bank on their inaugural list of “Financial All-Stars.”

One Twitter user suggested Forbes had a tendency to promote financial frauds such as former FTX CEO Sam Bankman-Fried and Theranos founder Elizabeth Holmes, who were once featured on its cover.

A bailout has been ruled out for SVB, and the Federal Deposit Insurance Corporation (FDIC) started the process of selling off its assets in a bid to avoid a panic at the opening of the world markets on Monday.

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