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re: SVB failure isn't something that's just affecting a few thousand tech bros in SF
Posted on 3/12/23 at 9:02 am to Lsupimp
Posted on 3/12/23 at 9:02 am to Lsupimp
quote:
I think because VC steered startups to SVB
Less that, more so that SVB is one of the name brands for startups. The VCs don’t have to push them there as they are already really well known in those circles.
1
Posted on 3/12/23 at 9:07 am to GeorgeTheGreek
quote:
The VCs don’t have to push them there as they are already really well known in those circles.
Exactly and I imagine there are long-term relationships among all the parties.
VCs aren't going to let you put your money in some random Credit Union in Ohio that they've never done business with
Posted on 3/12/23 at 9:12 am to SlowFlowPro
quote:
VCs aren't going to let you put your money in some random Credit Union in Ohio that they've never done business with
Honestly asking, why would they care where you bank?
Posted on 3/12/23 at 9:15 am to SlowFlowPro
quote:
Do you know why SVB failed? They had so much capital sitting around they put it in the saftest investment vehicle on earth (US treasuries) In hindsight, putting all that money into illiquid, long-term bonds was stupid, but it didn't put the underlying assets at risk.
Sure, that’s one way to look at it and I agree.
But the other way to look at it is they explored and pushed the limit on new business banking. They pushed their assets well beyond what most banks would be comfortable with.
Then, they clearly either completely ignored or otherwise did absolutely nothing to prevent this issue 6-12 months ago or longer when it was clear it should have become an issue.
Posted on 3/12/23 at 9:15 am to SlowFlowPro
quote:
What does the product and your opinion of it matter?
Because these people are looking for bailouts, which comes from tax dollars.
quote:
Either depositors get protected or they don't. It's a binary decision based on policies and economics that have nothing to do with the underlying companies. It's all or nothing.
Why would we protect people who made free decisions? This is why our country sucks. Stop socializing the losses onto other people.
A Duke MBA grad married to another Duke MBA grad living in an $800k home deserves nothing from tax payers for a personal to-do list app.
Most of the companies effected are non-essential companies, if not all of them.
Posted on 3/12/23 at 12:51 pm to tiggerthetooth
So her company is literally an outsourced personal assistant
For $600 a week
For $600 a week
Posted on 3/12/23 at 4:54 pm to SlowFlowPro
quote:They failed.
Why was SVB not low risk?
What percentage of banks have failed due to the slowing rate of VC spending? If they were low risk we'd expect to see more of them.
Just because people were collecting money while ignoring the risk, doesn't mean it didn't exist.
Posted on 3/12/23 at 5:49 pm to baldona
quote:
Honestly asking, why would they care where you bank?
I would assume because of how the bank handled past borrowers with covenant defaults and other credit issues. This bank probably was a team player with the equity side in trying to work out solutions on companies working through issues as opposed to rushing to call notes and the first signs of insecurity.
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