The Silicon Valley Bank Contagion Is Just Beginning

Some people affected by the bank’s collapse will be in much more precarious situations than some of the monied investors and tech insiders tweeting through the crisis. California lawmaker Scott Wiener, a member of the state’s senate, tweeted over the weekend that an unnamed payroll processing company based in San Francisco whose customers employ “tens of thousands” of workers had banked with SVB. The average salary of those workers is around $48,000, he said, and they work in businesses including pizza places, taco joints, and bike shops. “It’s not just a tech thing,” he said.

The collapse of SVB could become a painful

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