Here in the States, the reach of the failure isn’t just depositors and tech companies. It’s online marketplaces like Etsy, that used their payment processing. Now those people can’t be paid for sales from the website. A toy store chain in New York City is begging people to come buy toys for 40% off using a special code, so they can at least generate some sort of cash flow, or they’ll go under.
Gird your loins: I'm not sure "bloodbath" will be descriptive enough for Silicon Valley Bank failure
Today I read that SVB for the past five years was named “One of America’s Best Banks.”
Now the emperor has no clothes!
Guess all that DIE efforts did not help the bottom line! Good riddance, corporate leftists! I am going to help other unworthy companies join your ignoble crowd!
As I read it, SVB was run like an Insurance company that insures water front properties in the Gulf and little else.
When most of your clients/deposits are in a very dynamic business like Tech, you do not put most of the deposits in 10 year bonds, no matter who issued them and at what rate.
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Just heard that SVB donated 63 million to Bigots Loving Marxism, and 100 million dollars to some charitable foundation founded by Gavin Newsome’s wife. Talk about greasing the political wheels…
From what I heard, that isn’t true.
But the bigger question is why is a bank donating to a charity?
Corporations donate to charity. Sadly, Chik-Fil-A now donates to the Souther Poverty Law Center. Note how the radical left is leaving them alone lately.