Ken WhiteMar 11, 2023
I know I am extremely culturally biased but “Silicon Valley Bank” kind of screams “Juicero Pets.com Savings and CryptoLoan” to me.
Show threadJason Petersen (he)Mar 11, 2023

@Popehat why is this so odd to people? This bank is 40 years old. Not ancient, but that’s no predictor of stability, but it’s not like they’re swindling people.

The problem is likely a bunch of VCs and later stage investors pouring poison in the ears of startup leaders (or outright commanding them) and rallying everyone into a run on the bank. When your customers are all startups beholden to investors, you’re fucked if the investors say get out.

Show threadDavid Andersen

@jason @Popehat +this. You don't get to ignore the folks that own that much of your company.

( -- signed, a startup cofounder whose company banks, er, banked, at SVB.)

Mar 11, 2023 at 1:03amWeb
Show threadjust adrienneMar 11, 2023
@dave_andersen @jason @Popehat This is only one of the many, many problems with selling your soul to vulture capitalists!
Show threadJason Petersen (he)Mar 11, 2023

@dave_andersen @Popehat I’ve worked at three startups and on several occasions seen financial docs or loans or paychecks or acquisition payouts tied up with SVB. It’s just the default.

And yeah all the investment idiots on Twitter (Sacks) handwringing about this were probably dictating to founders to get balances under $250k on Wednesday.

Show threadDavid AndersenMar 11, 2023
@jason @Popehat It's the default and they're .. surprisingly not bad in some ways. They're annoying as hell in others but they get startups. We tried to move to BOA a few months ago. BOA offered us a $10k credit card limit when we were discussing keeping a minimum of $1m on hand at all times, and couldn't implement the two party control our VCs required. It was very WTF.