BREAKING: FDIC Seizes Silicon Valley Bank

The move follows what amounted to a massive run on the bank which had specialized in meeting the needs of technology companies.  The company's Wine Division represented only 2% of its loan portfolio.  Some 44% of its was to U.S. venture-backed technology and healthcare IPOs. Much of the rest was to established technology companies.

In many respects, SVB was a victim of the Federal Reserve's relentless raising of interest rates in an attempt to tamp down inflation.  

I'll have more in Kane's Beverage Week, which will be out later today.