Max KennerlyMar 12, 2023

Venture capitalists and NYTimes working overtime to rewrite history on Silicon Valley Bank.

I'd believe it's a "systemically important financial institution," except that #SVB and VCs were adamant that it was not one, and lobbied hard to make sure it wasn't treated as one.

Sorry, no, we're not going to consider it one for bailout purposes only, especially not without any reforms to prevent the next one.

https://www.nytimes.com/2023/03/10/technology/silicon-valley-bank-fallout.html?partner=IFTTT

https://theintercept.com/2023/03/11/silicon-valley-bank-used-former-mccarthy-staffers-to-weaken-regulations-lobby-fdic/

Silicon Valley Bank’s Collapse Causes Strain for Young Companies

Young companies raced to get their money out of the bank, which was central to the start-up industry. Some said they could not make payroll.

The New York Times
Show threadT Y Beaulieu
@maxkennerly
Peter Thiel tweeted
bonuses were paid
the CEO sol his stock
There was a run on the bank
The assets are invested safely
Assets will be sold for pennies
https://voxeurop.eu/en/peter-thiel-donald-trumps-friend-monopolys-fiercest-advocate/
Mar 12, 2023 at 9:33pmWeb