#svb
#TuesdayTraining update on #PSW with #aerobic focused #workout options from our #TeamArmee series including #sprint and #kicking variations.
Details on our platform at https://b.link/psw-sui-army-221220 #Swimming #Coaching #CISM #SVB #SVSW #SCUW #LA
'The crisis in US banking is ‘systemic’, concerning a large part of the banking system not because banks are so interconnected but because they have followed similar strategies and are now in a similar bind.' https://cepr.org/voxeu/columns/when-will-they-ever-learn-us-banking-crisis-2023 #debt #credit #econ #svb #banking #regulation #dejavu
#MondayMotivation update on #PSW with a long course #aerobic focused #workout from our #TeamArmee series.
Details on our platform at https://b.link/psw-sui-army-221219 #Swimming #Coaching #Training #CISM #SVB #SVSW #SCUW #LA
Late #SaturdaySpeed update on #PSW with mostly #aerobic #recovery and some #sprint work to prepare for the last meet of the year from our #TeamArmee series.
Details on our platform at https://b.link/psw-sui-army-221216 #Swimming #Coaching #Training #CISM #SVB #SCUW #SVSW
#WednesdayWorkout update on #PSW with two #aerobic #recovery focused sessions from our #TeamArmee series.
Details on our platform at https://b.link/psw-sui-army-221215 #CISM #SVB #SCUW #SVSW #Swimming #Training #Coaching
In his first public appearance since #SVB’s collapse, former CEO Greg Becker is asked to defend trip to Hawaii and whether he’ll forfeit $1.5 million bonus https://www.msn.com/en-us/money/markets/in-his-first-public-appearance-since-svb-s-collapse-former-ceo-greg-becker-is-asked-to-defend-trip-to-hawaii-and-whether-he-ll-forfeit-1-5-million-bonus/ar-AA1bhg33
Ex-CEO do SVB defende histórico; reguladores prometem supervisão mais rígida
#TuesdayTraining update on #PSW with two #aerobic focused #workouts from our #TeamArmee series including a #sprint and a kicking/pulling option.
Details on our platform at https://b.link/psw-sui-army-221214 #Swimming #Coaching #CISM #SVB #SCUW #SVSW
Sen. #JohnFetterman
(D-Pa.) to failed #SVB Silicon Valley Bank Greg Becker: “Shouldn’t you have a work requirement after we bail out your bank? 🔥
Republicans seem to be more preoccupied with SNAP requirements for hungry people than protecting taxpayers that have to bail out these banks.”
No money to incompetent or criminal bankers!
The question being "how disreputable is this arrangement?” The answer being "very.”
"#SVB removed a disclosure metric called economic value of equity (EVE) from its year-end 2022 financial statement, just two weeks before the bank's collapse. For the past decade, SVB had provided this metric to demonstrate how interest rate fluctuations would impact its financial health. The removal of EVE … raises questions about the role of the bank's auditor, KPMG LLP. “
https://www.minimumcomp.com/p/516-svb-omitted-eve-ftc-blocking
Late #SaturdaySpeed update on #PSW with multiple short #workouts from our #TeamArmee series including #aerobic and #sprint sets.
Details on our platform at https://b.link/psw-sui-army-221213 #Swimming #Coaching #Training #CISM #SVB #SVSW #SCUW
#TGIF update on #PSW with our #FridayFreebie providing two short #aerobic morning #workouts from our #TeamArmee series.
Details for free on our platform at https://b.link/psw-sui-army-221212 #Swimming #Coaching #Training #CISM #SVB #SVSW #SCUW
@anornymorse Hmm. It’s possible.
I would rather give #SVB all my money than bank on #ElonMusk tho.
🤓#TGIF Jump into the weekend with an interesting read : "Social Media as a Bank Run Catalyst"
➡️https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4422754
#SVB #finance #financialstability #socialmedia #API
🐦🔗: https://n.respublicae.eu/EU_SRB/status/1656984049003507712
Let's fix #TBTF (too big to fail) bank oversight. #SVB had TBTF depositors -- per FDIC & USTreasury. So your banking costs are probably subsidizing tech billionaire uninsured account #svbbailout .
https://twitter.com/Aarondklein/status/1655774415479554048?s=20 : "Perhaps the Fed should add its regulatory neglect followed by massive bailouts to the list of potential sources of systemic risk."
@Frances_Coppola wrote an excellent blog post about reg lapses & bad bank exec incentives @ Signature.
https://mastodon.social/@tanyatussing/110344821196002345
Wat was er deze week te zien in aflevering 22 van Voetbalstories op YouTube? In ieder geval een scoop!
#voetbalstoriesnl #voetbal #voetbaltalkshow #kampioenschap #feyenoord #ajax #psv #briantevreden #svb #amsterdam #rotterdam #eindhoven #youtube
“There are more historical touchstones connecting tax evasion to future collapse, such as Lehman Brothers. Prior to Lehman’s implosion, one of its more noteworthy scandals involved using and promoting derivatives as dividend-tax dodges. By the time the wheels were off the wagon—or rather, immediately prior—Lehman had $600 billion in total assets, significantly less than UBS has today.”
Catering to Tax Evaders Is a Poor Prescription for Bank Health | https://news.bloomberglaw.com/securities-law/catering-to-tax-evaders-is-a-poor-prescription-for-bank-health
#MondayMotivation update on #PSW with an #aerobic #recovery #workout from our #TeamArmee series.
Details on our platform at https://b.link/psw-sui-army-221208 #Swimming #Coaching #Training #SVB #SCUW #SVSW
#SaturdaySpeed update on #PSW with two #workouts from our #TeamArmee series including fast morning options and #aerobic kicking afternoon sessions.
Details on our platform at https://b.link/psw-sui-army-221207 #Swimming #Coaching #Training #CISM #SVB #SCUW #SVSW
-
It's a Wonderful Life
Bank Run
#svb #FirstRepublic #WesternAllianceBancorp #JPMorgan #GoldmanSachs #FDIC #Fed #corruption #confidence #BeenThere #DoneThat
#revolution
Cool, but the regulators need more funding.
“The SEC has approved a new rule that requires hedge funds to share significant investment losses with regulators in near real-time. ... Previously, funds have had to report positions in quarterly public filings. [Announced] amendment require large hedge fund advisers and private equity fund advisers to file current reports in the event of certain reporting events that could indicate ... investor harm."
https://www.minimumcomp.com/p/thurs-54-sec-real-time-hedge-fund
Thurs 5/4 - SEC Real Time Hedge Fund Reporting, Indictment for Wire Fraud Ring, Starbucks Union Problems, Goldman Sued Relating to SVB, and more
We have the #SEC approving a new near real-time hedge fund reporting rule, a grand jury indictment for a huge wire fraud ring, #Starbucks #union problems, #Goldman caught up in Silicon Valley Bank-related suit and more #SVB stuff.
https://www.minimumcomp.com/p/thurs-54-sec-real-time-hedge-fund
Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s attempt to raise funds in March is under review by US governmental agencies, which are looking into the failed transaction that helped push the US regional-banking system into turmoil.
#svb https://www.bloomberg.com/news/articles/2023-05-04/us-reviews-goldman-role-with-silicon-valley-bank-before-collapse
Elizabeth Warren tweets:
If bank executives load up on risk and succeed, they get rich. If they load up on risk and fail, they still get rich, even if they tank the whole economy. So let’s change those incentives. Let’s pass my bipartisan bill to claw back executive pay and bonuses after bank failures.
#SVB #FirstRepublicBank
https://twitter.com/ewarren/status/1653444268554321941
#TuesdayTraining update on #PSW with two shorter kicking focused workouts from our #TeamArmee series.
Details on our platform at https://b.link/psw-sui-army-221206 #Swimming #Coaching #CISM #SVB #SVSW #SCUW
#MondayMotivation update on #PSW with a shorter early morning #workout from our #TeamArmee series.
Details for free on our platform at https://b.link/psw-sui-army-221205 #Swimming #Training #Coaching #CISM #SVB #SVSW #SCUW
#FirstRepublic has collapsed with #JPMorgan getting the deal of the year buying the bank at firesale prices!
Bank runs are getting worse and as the #Fed keeps hiking rates, this isn't going to stop. This banking collapse is worse than #SVB or #Signature because it shows how fragile and overleveraged the banking system is. And when all things fail, a bailout will come.
Enjoy #Capitalism, bitches
"...#SanFrancisco-based #FirstRepublic is the third mid-size #bank to fail in two months.
But #HSBC’s chief executive Noel #Quinn dismissed fears that a global #bankingcrisis is on the horizon and said he did not see any negative impact on the group from the failure of First Republic.
He added that there were “no nasty surprises” following its buyout of #SVB UK."
After SVB failed, the Fed promised a review and a public report on what went wrong. They released that report Friday, and it said SVB messed up but also put a surprising amount of blame on the Fed.
It sounds like these failures are mostly things the Fed can fix without Congress.
That doesn't excuse Congress' manufacturing of financial crises, especially the debt limit.
PDF of report:
https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf
Discussion:
https://www.marketplace.org/shows/marketplace/short-sellers-have-made-bank-betting-on-first-republics-free-fall/
--
#SVB #fed #finance #economics #FirstRepublic
"The Federal Deposit Insurance Corporation said early Monday that First Republic Bank’s 84 branches in eight states will reopen as branches of JPMorgan Chase Bank and depositors will have full access to all of their deposits.
"Before Silicon Valley Bank failed, First Republic had a banking franchise that was the envy of most of the industry. Its clients — mostly the rich and powerful — rarely defaulted on their loans."
https://apnews.com/article/first-republic-bank-silicon-valley-fdic-5ab48702b7136d42f73ac13e0a20955d
--
#fed #FDIC #SVB #FirstRepublic #JPMorgan #finance
Fate of #FirstRepublicBank hangs in the balance as report on #SVB collapse exposes “regulatory” framework - World Socialist Web Site
#BankingCrisis #BankCrash #FinancialCrisis #CapitalismInCrisis
If I was more of a conspiracy theorist I would suggest that the big banks are going around sparking bank runs so they can buy up small banks and acquire their customers. The reality is that every US bank is just a 10% draw down on deposits away from collapsing and it really doesn't take much for that to happen when a few large whales remove their deposits that are far above FDIC insurance levels.
Fate of #FirstRepublicBank hangs in the balance as report on #SVB collapse exposes “regulatory” framework https://www.wsws.org/en/articles/2023/05/01/lcrn-m01.html
#Fed räumt in #SVB-Bericht aufsichtliche Mängel ein
https://www.boersen-zeitung.de/banken-finanzen/fed-raeumt-in-svb-bericht-aufsichtliche-maengel-ein?utm_campaign=mastodon&utm_source=mastodon&utm_medium=Digital
#TGIF update on #PSW with our #FridayFreebie providing an #aerobic and #sprint focused #workout from our #TeamArmee series.
Details for free on our platform at https://b.link/psw-sui-army-221130 #Swimming #Training #Coaching #CISM #SVB #SVSW #SCUW
Fed, NYDFS assess their supervisory performance after March’s big bank failures - Internal reviews of the supervision of Silicon Valley Bank and Si... - https://cointelegraph.com/news/fed-nydfs-assess-their-supervisory-performance-after-march-s-big-bank-failures #federalreserve #signaturebank #bankruptcy #silvergate #banking #nydfs #banks #svb
#GAO Report, BANK REGULATION #PreliminaryReview of #AgencyActions Related to March 2023 #BankFailures https://www.gao.gov/assets/gao-23-106736.pdf #SVB #FinancialStability #FinancialSystem #RegulatoryStandards #regulatoryfailures #banking #FederalReserve
SVB Review Supervisory Materials Federal Reserve has released documents in connection w review of supervision, regulation of Silicon Valley Bank (#SVB) & #SiliconValle BankFinancialGroup #SVBFG. These doc include supervisory material that is confidential under Board's regs Due to exceptional nature of these events including failure of SVB and extraordinary response required by the Federal Reserve, the Board has determined release of this info information is appropriate https://www.federalreserve.gov/supervisionreg/silicon-valley-bank-review-supervisory-materials.htm
#RegulatoryStandards for #SVB were too low, the #supervision of S.V.B. did not work with sufficient force and urgency, and #contagion from the firm’s failure posed #systemic consequences not contemplated by the Federal Reserve’s tailoring framework,” Mr. #Barr wrote in a letter accompanying the report."
#Review of the #FederalReserve’s
#Supervision and #Regulation
of #SiliconValleyBank April 2023. This report examines the factors that contributed to the failure of #SVB. The report
focuses on the role of the Federal Reserve, which was the #primary federal supervisor for the bank
and the #bankholdingcompany. https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf FinancialSystem #FinancialStability #banking #banksupervision #regulatoryfailures
Signature Bank Failed Because of Mismanagement, Contagion, FDIC Report Says - The federal banking regulator said Signature’s exposure to crypto industry deposits was a... - https://www.coindesk.com/policy/2023/04/28/signature-bank-failed-because-of-mismanagement-contagion-fdic-report-says/?utm_medium=referral&utm_source=rss&utm_campaign=headlines #signaturebank #regulations #policy #news #fdic #svb
US bank regulator report on SVB collapse
https://qz.com/the-feds-report-on-silicon-valley-bank-is-out-and-it-b-1850386254
The rpt also characterized #SVB’s meltdown as a perfect storm of compounding hazards: the bank’s explosive growth, a weak supervisory culture at #TheFed, even the pandemic’s interference w/routine examinations.…
Barr, nominated by Pres Biden as the #FederalReserve’s chief #banking cop in 2022, wrote the report on SVB & will lead the push for new rules. He has long been a critic of past moves to weaken #oversight of the banking sys, which he had helped strengthen after the 2008 financial crisis.
#RegulatoryStandards for #SVB were too low, the supervision of SVB did not work w/sufficient force & urgency, & contagion from the firm’s failure posed systemic consequences not contemplated by the #FederalReserve’s tailoring framework," #Fed Vice Chair for Supervision Michael Barr wrote, referring to 2018 & 2019 moves….
Barr’s investigation pointed to 4 main culprits, w/blame spanning from the bank’s reckless execs to #Congress’s push to weaken #oversight of the #banking system.
#Fed says it must strengthen #banking rules after #SVB’s collapse
In a scathing report, the #FederalReserve on Fri outlined a series of disastrous decisions that led to the downfall of #SiliconValleyBank — including failures by the #CentralBank’s own supervisors to ward off last month’s crisis.
#Economy
https://www.washingtonpost.com/business/2023/04/28/silicon-valley-bank-collapse-investigation/
https://www.dnb.nl/en/actueel/general-news/2023/speech-2023/speech-klaas-knot-mamma-mia-here-we-go-again-lessons-from-svb-and-credit-suisse/ Klaas Knot, FSB chair, is my age, and refers to ABBA, King Gustav and kings and queens, so I appreciate the humor, but his message is clear: the #financial system is not ready for failures of the biggest #banks, like #SVB and #CreditSuisse. We need #redundancy and #resolution plans. We need awareness of #contagion and system-thinking. I like the debate already and it has not even started.
NFT markets are out of balance with sellers dominating - In April there hasn’t been a single day where total sellers on th... - https://cointelegraph.com/news/nft-markets-are-out-of-balance-with-sellers-dominating #siliconvalleybank #canarylabs #oviefaruq #nftgo #svb
So, uhh, this definitely needs to change.
“The #FDIC and #SEC are currently unable to retract executive pay from Silicon Valley Bank and Signature Bank leaders … The rules only require executives to return their bonuses if their awards were based on errors in their companies’ financial statements. Neither bank made an accounting mistake large enough to require a formal correction…”
https://www.minimumcomp.com/p/tues-425-apple-win-over-epic-coinbase
分享我在potato media 上寫的評論文章：矽谷銀行倒閉真沒有徵兆嗎？
https://www.potatomedia.co/s/6pu4m0U
我選擇美國搭小型商業銀行持有國債金額趨勢，用MathAI找出關鍵時間點。確認大型銀行在一年前就開始減持，小型銀行則反映比大型銀行慢，甚至有把國債當股票玩的感覺。
最終全美第16大銀行在減持國債趨勢下還是倒在擠兌的流動性風險上，即使他們早在一年前就開始反映，也不敵2020年後持續上升趨勢造成的持有總量。
文章內容無消息面解讀和政策面影響說明，只是客觀用兩指標的趨勢，加上關鍵時間點做說明。
#SocialMedia as a #BankRun #Catalyst (April 18, 2023). SSRN: https://ssrn.com/abstract=4422754 or http://dx.doi.org/10.2139/ssrn.4422754
#Socialmedia #fueled a #bankrun on #SiliconValle Bank #SVB, and the effects were felt broadly in the U.S. #bankingindustry. We employ comprehensive #Twitter #data to show that preexisting #exposure to #socialmedia predicts #bank #stockmarket #losses in the run period even after controlling for bank characteristics related to #runrisk.#FDIC #FederalReserve #banking #FinancialStability
US Treasury seeks to tighten nonbank rules following banking crisis - Janet Yellen called for further regulation of nonbank institution... - https://cointelegraph.com/news/us-treasury-seeks-to-tighten-nonbank-rules-following-banking-crisis #siliconvalleybank #bankingcollapses #bankingcrisis #janetyellen #ustreasury #usbanks #fed #svb
Mitsubishi UFJ Financial Group has hired more than 20 people from Silicon Valley Bank as the Japanese firm builds out its technology, media and telecom banking group. https://www.japantimes.co.jp/news/2023/04/20/business/corporate-business/mufg-hiring-svb-staffers/?utm_content=bufferee664&utm_medium=social&utm_source=bufferapp.com&utm_campaign=buffer #news #corporate #banks #mufg #svb #business
@wrint krass.... Ich lese bankrun und denke .... Wtf.... Was habe ich verpasst? Aber es geht um die #svb. Ist das nicht schon ewig her? Btw ich liebe das #podcast Format #wirtschaftskunde
FDIC looking to recoup.
“The #FDIC has claimed the rights to $2bn that Silicon Valley Bank's former parent company, #SVB Financial Group, believes is theirs. The $2bn deposit could provide potential cash recovery for the bankrupt parent company and its bondholders, which are owed $3.3bn, but the FDIC has laid claim to the money to offset claims relating to Silicon Valley Bank that are believed to have cost the FDIC's deposit insurance fund an estimated $20bn.”
https://www.minimumcomp.com/p/weds-419-fox-news-settles-fdic-reimbursement
Once all players internalize this idea, the debate shifts from "what should the public sector do?" to "which private-sector entity should the government pay to do this?" Anyone who says, "Wait, why doesn't the *government* just do this?" just gets blank stares.
We can see this in the cramped and inadequate debate over the #SVB #bailout; apologists for the bailout insist that it was necessary.
13/
There have been plenty of articles on #SVB collapse, but this one might be my favorite. It's a memo by Howard Marks and his take on what happened and how it impacts financial markets:
https://www.oaktreecapital.com/insights/memo/lessons-from-silicon-valley-bank
I highly appreciate his wisdom and his memos. Love his tone and approach, it's very measured and without sensationalism or any kind of blame seeking. Just a human with tons of experience sharing his takes.
Love his books too!
After #SVB and #Credit Suisse: Whither the financial system? https://www.wsws.org/en/articles/2023/04/18/uwip-a18.html
#True or #false, the #SVB rescue won’t cost the public a dime. Go. Https://demo.Factland.org cc @doctorow Factland is a #permissionless #decentralized #FactCheck #community, solve daily #news #puzzles, earn #rewards, be #contrarian, fight #misinformation, have fun!
But there's even better evidence that the bailout's intended target was wealthy, powerful people, and every chance to carve out working people was seized upon. When regulators engineered the sale of #SVB to First Citizens Bank, they did not require First Citizens to honor SVB's community development obligations, killing thousands of affordable housing units that had been previously greenlit:
https://calreinvest.org/wp-content/uploads/2021/05/Community-Benefits-Plan-SVB-CRC-GLI.pdf
14/
For the apologists, the #SVB #bailout was merely prudent: a bunch of innocent bystanders stood in harm's way - from the rank-and-file employees at startups to the scholarship kids at elite private schools that trusted their endowment to #SiliconValleyBank - and so the government made an exception, improvising measures that made everyone whole without costing the public a dime. What's not to like?
1/
“It’s hard to ignore the fingerprints of a Big Four accounting firm—as well as the office nameplates in the C-suite—in the high-profile collapses of Silicon Valley Bank and Signature Bank, as well as the near miss at First Republic Bank. In a veritable coup de grâce to independence, KPMG drafted audit opinions signing off on the banks’ financial statements."
#lawfedi #big4 #svb #signaturebank
Big Four Auditors and Consultants Need Liability—And a Divorce | https://news.bloombergtax.com/tax-insights-and-commentary/big-four-auditors-and-consultants-need-liability-and-a-divorce
Red Flag: your #risk model shows serious problems if you continue with your course.
Bigger Red Flag: senior #management says to change the model so that it isn't a red flag any more.
https://www.washingtonpost.com/business/2023/04/02/svb-collapse-risk-model/
#SVB #AI #ArtificialIntelligence #RiskModel
When money is on the line, people are not very good at knowing when to question programs. Just look at SVB.
"Instead of heeding that warning — and over the concerns of some staffers — SVB executives simply changed the model’s assumptions, according to the former employees and securities filings."
The #risk model wasn't being sold as AI, but the lesson is still applicable to AI: the human element will never cease to surprise.
https://www.washingtonpost.com/business/2023/04/02/svb-collapse-risk-model/
"The [FDIC], facing almost $2 B in costs from recent bank failures, is considering steering a larger-than-usual portion of that burden to the nation’s biggest banks...it plans to propose a so-called special assessment on the industry in May to shore up a $128B deposit insurance fund that’s set to take hits after the recent collapses of Silicon Valley Bank & Signature Bank."
FDIC Faces $23 Billion in Costs From Bank Failures. It Wants Big Banks to Pay
“In an email thread of more than 1,000 founders backed by Andreessen Horowitz, many entrepreneurs were encouraging each other to pull cash from the bank.”
https://www.bloomberg.com/opinion/articles/2023-03-29/svb-s-depositors-weren-t-very-loyal#xj4y7vzkg
By the Gods, this is economics how it should be done. @pluralistic on how the law is (and must ever be) political, banking regulation and #SVB. https://pluralistic.net/2023/03/25/consequentialism/#dotards-in-robes
That's what makes the decision to bail out #SVB so distressing for finance law scholars like Levitin: they understand their law to be grounded in *prudence* and the #SVB bailout is so *reckless*. That's why Levitin calls the SVB bailout "banking law's *Dobbs* moment."
SVB is a bank that increased executive compensation in lockstep with the recklessness of their management, doubling CEO Greg Becker's bonuses as he decreased the bank's reliability:
https://www.ft.com/content/02ff2860-2d5b-4e21-96af-cef596bff58e
16/
The Silicon Valley Bank collapse is part of a broader weakness in the tech industry, and shows us why venture capitalists aren’t the brilliant minds they want us to believe.
This week on #TechWontSaveUs, I chat with Jacob Silverman about what SVB reveals about the state of the industry and why the end of low interest rates could be a serious challenge.
Marty's final adventure involves dodgy banks, crooked crypto, and complicit officials in a fallen paradise where computers' libertory promise has been sucked dry by billionaire vampires.
It's a pretty contemporary story, in other words.
I wrote this one before #SVB, before #SamBankmanFried and #FTX - just like I wrote #LittleBrother before #Snowden's revelations.
12/
🌞 Hello #fediverse! This is GBH News bringing you the world from #Boston. It's 53F at Logan Airport and visibility is 10 miles.
Lawmakers are looking to lift the $250k cap on bank deposit insurance to stabilize small banks. #SVB
Congrats to Mr. and Mrs. Pickles. Mr. Pickles is becoming a first time dad at the age of 90. (He's a giant turtle 🐢) #offbeat
Tom Hanks will be #Harvard's commencement speaker this year.
The self-styled "angel investor" who spent the weekend of #SVB's collapse all-caps tweeting dire warnings about the impact on "the middle class" and "Main Street" also gleefully DM'ed Elon Musk in the runup to his takeover of Twitter:
> Day zero
> Sharpen your blades boys 🔪
> 2 day a week Office requirement = 20% voluntary departures.
https://newsletter.mollywhite.net/p/the-venture-capitalists-dilemma
12/
ach hört doch auf mit dem #enteignung quatsch, gibst du dein geld einer #bank bist du de facto enteignet!
wenn die leute ihr geld, also ihr eigentum, von der bank zurück wollen, dann kollabiert das system?! wtf ist denn das für ein konstrukt?!
#kapitalismus #CreditSuisse #SVB
"For all the talk of unbridled innovation, #venturecapital services only very specific types of #innovation: those that stand to produce large exits for investors, and with relatively low risk, regardless of whether the business itself holds much promise or provides any societal benefit." @molly0xfff on #SVB, #Signature, #Silvergate, #VC, #cryptocurrency #crypto #fraud & much more https://newsletter.mollywhite.net/p/the-venture-capitalists-dilemma?utm_source=post-email-title&publication_id=1109312&post_id=109228894&isFreemail=true&utm_medium=email
From Twitter:
A little-appreciated benefit of remote work is that if you ever mess up your business, you can blame it on remote work! It worked great for Twitter, Best Buy, and Yahoo in the past. Now SVB is executing this pro move:
https://www.axios.com/2023/03/17/svb-employees-blame-remote-work-for-bank-failure
Original: https://twitter.com/photomatt/status/1637629497314021376 #remotework #svb
This, by, @molly0xfff is brilliant 👇🏾
She calls out the massive dip 💩s
S&cks & C&l&c&nis for their blatant hypocrisy
https://newsletter.mollywhite.net/p/the-venture-capitalists-dilemma
A question about #SVB that I’m unclear on:
The #FDIC has guaranteed all deposits (insured and uninsured) so if those get withdrawn they come out of FDIC money starting with assets recovered from SVB and then proceeding to the insurance fund. Do I have that right?
But they’re also still trying to sell the bank, right? Assuming that’s successful, how much money will actually get paid out of the insurance fund? Not the full value of all of SVB’s accounts, right?
🚨Ω🚨
#TheCryptocalpyseChronicles: How Everyone Is Getting The Story Of Silicon Valley and Signature Bank Completely Wrong
(And other incomprehensible things, like #Coinbase's banking partnerships)
Ω👇Ω
https://cryptadamus.substack.com/p/how-everyone-got-the-story-of-silicon
#SVB #SIVB #SiliconValleyBank #SignatureBank #SBNY #SI #SilvergateBank #Coinbase #COIN #cryptocurrency #crypto #SigNET #Bank #banking #banks
We were told that the #SiliconValleyBank #bailout wasn't a bailout: in a bailout, it's the *investors* who get public money; but with #SVB, it was the depositors. But, of course, the owners of SVB were also depositors in their own bank. All in all, SVB's owners are entitled to $2B in public money.
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
https://pluralistic.net/2023/03/18/2-billion-here-2-billion-there/#socialism-for-the-rich
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mar17
See How They Run
12 min video
Summarizing the unfolding mess of the tech bank failures, a little of their history and of course commentary on the frightening mess of incestuous relations between finance, the fed and startup culture.
spoiler alert: prophylactics recommended.
#svb #SignatureBank #bankruns #economy #politics #uspol #videoessay #finance #business
Making @mekkaokereke‘s points about “woke” being code for doing anything to help BIPOC folks get jobs, have their concerns heard, or supporting their causes. MAGA creeps screaming that #SVB was too woke and insisting that’s why they failed is a racist dog whistle, again.
There’s no such thing as a woke bank. They exist ONLY to make a profit from OPM.
#SVB Financial seeks bankruptcy protection for reorganization
https://www.reuters.com/business/finance/svb-financial-seeks-bankruptcy-protection-2023-03-17/
Regulatory Failure 101: What the Collapse of #SiliconValleyBank Reveals
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It’s all too familiar: First comes the boom, then the breathtakingly speedy bust, and then the bailout. Now we’re in the moment where everyone wonders where the financial regulators were.
"Primary responsibility for the debacle lies, of course, with #SVB management. But regulators are supposed to grasp that they exist because bankers are always tempted to take risks."
Hello #fediverse! This is GBH News bringing you the world from #Boston. It's 48F at Logan Airport.
Shark++: Researchers identified 55 new white sharks in Cape Cod waters. #nature
Victoria Gray, a 37 year old Walmart cashier, addressed the Third International Summit on Human Genome Editing in London. She's one of the first people cured of sickle cell disease via gene editing. #science
A group of Wall Street banks is working on a rescue plan for First Republic Bank. #SVB
By @chrisjhorn -- Did ‘winner takes all’ culture of tech industry lead to Silicon Valley Bank’s fall? https://www.irishtimes.com/business/innovation/2023/03/14/will-silicon-valley-banks-collapse-lead-to-a-change-in-the-tech-industrys-winner-takes-all-culture/ #svb
@KimPerales Warning!!! Video of fake #Biden comments on #banking system #collapse is being spread on social media. https://apnews.com/article/fact-check-biden-audio-banking-fake-746021122607 #Regulation #Economy #SVB #SVBFailure #SiliconValleyBank #FDIC #SEC #DeepFake #BankingSystem Replying to add hash tags and spread the word better.
We live in fascinating times. Silicon Valley Bank, it turns out, was taken down by what was effectively a well-heeled flash mob.
I assume a lot of smaller banks are looking around nervously, now aware that a coordinated attack by their largest depositors could probably crash their business too: a nice way for private equity to then snap up a bank's assets at fire-sale prices.
Maybe they should start denying accounts to anyone with more than $250K and a Twitter account.
Of course #SVB execs did this too. Consequences? Not holding my breath.
crypto bros
building the biggest pyramid
last laugh coming
or tears all around
noah's flood
looks like condensation
#cherita #poetry #smallpoems #crypto #pyramidScheme #svb #money #capitalism
#wrdz
If only there had been some other kind of banking crisis in living memory from which we might have learned some lessons about why banks fail
So, why didn't we diversify our funds between multiple banks? Well, legally we couldn't. Part of our venture capital agreement with a fund that begins with the letter "S" said we had to bank with Silicon Valley Bank. We were contractually required to do so in order to receive venture capital, which we needed in order to go from five guys in a coffee shop to being an actual company.
Of course, now #SVB doesn't exist anymore so that contract term is severed.