#svbfail — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #svbfail, aggregated by home.social.
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Build Public Banks as Response to SVB & Signature Bank Failures, by @nathansnewman
#PublicBank #PublicBanking #SVB #SVBcrash #SVBcollapse #SVBBank #SVBfail
https://open.substack.com/pub/nathannewman/p/build-public-banks-as-response-to?utm_campaign=post&utm_medium=web -
Ah, SPACs, we barely knew thee.
The link, from 2021, covers how SVB looked at SPACs.
"The IPO process has seen little innovation, and for some companies thinking about going public, SPACs can provide useful tools to raise capital quicker and with fewer hurdles based on current market conditions.
From our perspective, it is advantageous to have capital flow options and innovation in fundraising with new or revised approaches, especially in a time of huge demand for new solutions to address global challenges."Good times 🙄
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Ah, SPACs, we barely knew thee.
The link, from 2021, covers how SVB looked at SPACs.
"The IPO process has seen little innovation, and for some companies thinking about going public, SPACs can provide useful tools to raise capital quicker and with fewer hurdles based on current market conditions.
From our perspective, it is advantageous to have capital flow options and innovation in fundraising with new or revised approaches, especially in a time of huge demand for new solutions to address global challenges."Good times 🙄
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#SVB #SVBFail #CreditSuisse #FirstRepublic
First Republic, which continues to say that it has enough liquidity, is being advised by JP Morgan on "strategic alternatives" 👇🏾
Some analysts believe that First Republic Bank must raise funds or sell itself because it would have suffered, according to them, similar losses to Silicon Valley Bank.
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#SVB #SVBFail #CreditSuisse #FirstRepublic
First Republic, which continues to say that it has enough liquidity, is being advised by JP Morgan on "strategic alternatives" 👇🏾
Some analysts believe that First Republic Bank must raise funds or sell itself because it would have suffered, according to them, similar losses to Silicon Valley Bank.
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It must be nice to have a business model that emphasizes "growth at all costs" and "disrupting" verticals with easy access to VC and investor 💵s but never having to become profitable.
The VC model is broken.
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It must be nice to have a business model that emphasizes "growth at all costs" and "disrupting" verticals with easy access to VC and investor 💵s but never having to become profitable.
The VC model is broken.
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This, by, @molly0xfff is brilliant 👇🏾
She calls out the massive dip 💩s
S&cks & C&l&c&nis for their blatant hypocrisyhttps://newsletter.mollywhite.net/p/the-venture-capitalists-dilemma
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This, by, @molly0xfff is brilliant 👇🏾
She calls out the massive dip 💩s
S&cks & C&l&c&nis for their blatant hypocrisyhttps://newsletter.mollywhite.net/p/the-venture-capitalists-dilemma
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UBS Agrees to Buy Credit Suisse for More Than $3 Billion👇🏾
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UBS Agrees to Buy Credit Suisse for More Than $3 Billion👇🏾
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$2 Billion is *much closer to the $9.5 billion friday close of business valuation than $1 Billion. This place should have been sold for parts years ago.
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$2 Billion is *much closer to the $9.5 billion friday close of business valuation than $1 Billion. This place should have been sold for parts years ago.
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UBS makes $1 billion all-share offer for embattled Credit Suisse 👇🏾
Credit Suisse is a penny stock
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UBS makes $1 billion all-share offer for embattled Credit Suisse 👇🏾
Credit Suisse is a penny stock
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15 years ago, in a deal coordinated by ministers, the Swiss National Bank and federal banking commission, the Swiss government effectively pumped $60bn into UBS, taking virtually the last $50bn of its toxic assets into a special purpose vehicle off its books and owned by the SNB. Today, they are urging UBS to explore an acquisition of all or parts of Credit Suisse Group AG after Credit Suisse pummeled by a "crisis of confidence" aka multiple scandals including mismanagement of funds, the bank closed the 2022 fiscal year with a loss of nearly $8 billion, its biggest loss since the 2008 global financial crisis, preventing money laundering among others.
15 years is apparently how long it takes for history to be forgotten.
Lobbying by the financial industry plays a huge part in why regulation and supervision of the largest financial institutions in the United States and around the world is extremely insufficient.
https://finance.yahoo.com/news/ubs-explore-credit-suisse-deal-231127876.html
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15 years ago, in a deal coordinated by ministers, the Swiss National Bank and federal banking commission, the Swiss government effectively pumped $60bn into UBS, taking virtually the last $50bn of its toxic assets into a special purpose vehicle off its books and owned by the SNB. Today, they are urging UBS to explore an acquisition of all or parts of Credit Suisse Group AG after Credit Suisse pummeled by a "crisis of confidence" aka multiple scandals including mismanagement of funds, the bank closed the 2022 fiscal year with a loss of nearly $8 billion, its biggest loss since the 2008 global financial crisis, preventing money laundering among others.
15 years is apparently how long it takes for history to be forgotten.
Lobbying by the financial industry plays a huge part in why regulation and supervision of the largest financial institutions in the United States and around the world is extremely insufficient.
https://finance.yahoo.com/news/ubs-explore-credit-suisse-deal-231127876.html
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About herd mentality, bank runs started via Slack/Whatsapp (social), and the ghoul behind 🤡s Vance, Masters and now, Ramaswamy.
“nobody on Earth is more of a herd animal than Silicon Valley venture capitalists”
- Matt Levine
(see screen shot) 👇🏾
"Peter Thiel started the bank run. All of his companies got their money out. Most of their competitors did not get their money out. Many of those competitors might not have survived the week of the FDIC hadn’t stepped in.
I’m not saying he nefariously intended to bring the bank down in order to gain an advantage over his competitors. I wouldn’t put it past him, but I also don’t think there’s much reason to grant him supervillain-level foresight here. (He seems more like a run-of-the-mill villain to me.)"
https://davekarpf.substack.com/p/three-thoughts-on-silicon-valley
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About herd mentality, bank runs started via Slack/Whatsapp (social), and the ghoul behind 🤡s Vance, Masters and now, Ramaswamy.
“nobody on Earth is more of a herd animal than Silicon Valley venture capitalists”
- Matt Levine
(see screen shot) 👇🏾
"Peter Thiel started the bank run. All of his companies got their money out. Most of their competitors did not get their money out. Many of those competitors might not have survived the week of the FDIC hadn’t stepped in.
I’m not saying he nefariously intended to bring the bank down in order to gain an advantage over his competitors. I wouldn’t put it past him, but I also don’t think there’s much reason to grant him supervillain-level foresight here. (He seems more like a run-of-the-mill villain to me.)"
https://davekarpf.substack.com/p/three-thoughts-on-silicon-valley
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Bank lends out more money than it has in deposits from customers, investors keep investing money because, "why not?" and then are "spooked" when the facts come out.
A *fascinating industry!
https://www.cnn.com/2023/03/16/investing/first-republic-bank
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Bank lends out more money than it has in deposits from customers, investors keep investing money because, "why not?" and then are "spooked" when the facts come out.
A *fascinating industry!
https://www.cnn.com/2023/03/16/investing/first-republic-bank
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Credit Suisse got $54 Billion from the ECB after it failed to disclose "material weaknesses in internal controls and the significant outflows."
"Although Hwang’s history of risky behavior and illegal trading conviction was no secret, the prospect of squeezing an extra buck seems to have been too enticing for the world’s largest banks to miss. It’s almost as if the Financial Crisis of 2007-2008 and the subsequent bank bailouts never happened as a lesson-learning opportunity."
Article is from 2021👇🏾
Credit Suisse in a $4.7 Billion Bind Thanks to Hwang’s Leveraged Bets
https://tokenist.com/credit-suisse-4-billion-bind-thanks-hwang/
Narrator: Nothing was learned 🙄
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Credit Suisse got $54 Billion from the ECB after it failed to disclose "material weaknesses in internal controls and the significant outflows."
"Although Hwang’s history of risky behavior and illegal trading conviction was no secret, the prospect of squeezing an extra buck seems to have been too enticing for the world’s largest banks to miss. It’s almost as if the Financial Crisis of 2007-2008 and the subsequent bank bailouts never happened as a lesson-learning opportunity."
Article is from 2021👇🏾
Credit Suisse in a $4.7 Billion Bind Thanks to Hwang’s Leveraged Bets
https://tokenist.com/credit-suisse-4-billion-bind-thanks-hwang/
Narrator: Nothing was learned 🙄
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Credit Suisse secures $54 billion lifeline as authorities rush to prevent global bank crisis 👇🏾
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Credit Suisse secures $54 billion lifeline as authorities rush to prevent global bank crisis 👇🏾
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Learned from Seth that it was #peterthiel pulling all of his billions and his other companies billions causing #svbfail https://youtu.be/cJ26yZSJNyQ
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Learned from Seth that it was #peterthiel pulling all of his billions and his other companies billions causing #svbfail https://youtu.be/cJ26yZSJNyQ
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Another, as always, fantastic and incredibly detailed piece, from Matt Levine at Bloomberg about the risks that SVB took leading to its failure 👇🏾
“nobody on Earth is more of a herd animal than Silicon Valley venture capitalists”
- Matt Levine
He said this 👆🏾a few days ago and regarding the "herd mentality" of VCS, its not talked about very much but this newsletter is read by a lot of VC bros and their ilk, potentially leading to the run on SVB.
Also, um, Crédit Suisse 🙄
"Credit Suisse Group AG said it found “material weaknesses” in its reporting and control procedures for the past two years, after questions from US regulators last week.The Zurich-based bank said Tuesday it will take steps to fix ineffective checks on the process it follows to pull together its financial reports. But the firm said its statements for 2022 and 2021 “fairly present” its financial condition."
https://www.bloomberg.com/opinion/articles/2023-03-14/svb-took-the-wrong-risks
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Another, as always, fantastic and incredibly detailed piece, from Matt Levine at Bloomberg about the risks that SVB took leading to its failure 👇🏾
“nobody on Earth is more of a herd animal than Silicon Valley venture capitalists”
- Matt Levine
He said this 👆🏾a few days ago and regarding the "herd mentality" of VCS, its not talked about very much but this newsletter is read by a lot of VC bros and their ilk, potentially leading to the run on SVB.
Also, um, Crédit Suisse 🙄
"Credit Suisse Group AG said it found “material weaknesses” in its reporting and control procedures for the past two years, after questions from US regulators last week.The Zurich-based bank said Tuesday it will take steps to fix ineffective checks on the process it follows to pull together its financial reports. But the firm said its statements for 2022 and 2021 “fairly present” its financial condition."
https://www.bloomberg.com/opinion/articles/2023-03-14/svb-took-the-wrong-risks
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EVERY other bank failure: explicitly due to white dudes.
WSJ opinion guy who is an idiot, racist, homophobe, apparently anti-vet, and a misogynist, asks, while looking at this bank failure directly caused by white dude bros who pushed for deregulation and caused a bank run by hyperventilating on the 🐦, was it because of wokeness? 🤡🤡🤡🤡
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EVERY other bank failure: explicitly due to white dudes.
WSJ opinion guy who is an idiot, racist, homophobe, apparently anti-vet, and a misogynist, asks, while looking at this bank failure directly caused by white dude bros who pushed for deregulation and caused a bank run by hyperventilating on the 🐦, was it because of wokeness? 🤡🤡🤡🤡
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The Onion coming through, as always, capturing perfectly the voices of those that would have been "hurt most", the VC bros and their ilk, who led, with their overly dramatic tweets, the bank run on SVB....
Perfect...Lollllll
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The Onion coming through, as always, capturing perfectly the voices of those that would have been "hurt most", the VC bros and their ilk, who led, with their overly dramatic tweets, the bank run on SVB....
Perfect...Lollllll
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"People have been quick to point out how quickly the cadre of small-government, libertarian tech bros has come calling for government intervention in the form of a bailout when it’s their money on the line."
https://www.wired.com/story/silicon-valley-bank-collapse-fallout/
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"People have been quick to point out how quickly the cadre of small-government, libertarian tech bros has come calling for government intervention in the form of a bailout when it’s their money on the line."
https://www.wired.com/story/silicon-valley-bank-collapse-fallout/
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#QT - https://ioc.exchange/@alaric/110012850117203857
#SVB #SVBFail #uspol #uspolitics
But of course they will.
Right wing, libertarian VC bros caused this bank run & failure, then used their massive social media following to spread FUD, got their money backed by government guarantees, and will use the same administration, whom they were berating for "not stepping in" over the weekend, as a punching bag, along with the Republican, come the 2024 election cycle, as "loose with money" and "stifling" the "Innovation economy"
Repeat the party of "fiscal responsibility" mantra to sell to the people watching Fox.
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#QT - https://ioc.exchange/@alaric/110012850117203857
#SVB #SVBFail #uspol #uspolitics
But of course they will.
Right wing, libertarian VC bros caused this bank run & failure, then used their massive social media following to spread FUD, got their money backed by government guarantees, and will use the same administration, whom they were berating for "not stepping in" over the weekend, as a punching bag, along with the Republican, come the 2024 election cycle, as "loose with money" and "stifling" the "Innovation economy"
Repeat the party of "fiscal responsibility" mantra to sell to the people watching Fox.
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Speaking of chaos agents spreading FUD, throwing tantrums while very high on their own supply, and who will do anything to protect their own financial interests, including using their massive social media followings to cause a bank run & get the government to help them out of their self inflicted mess, this is a fantastic piece 👇🏾
90% of US startups valued over $1 billion are UNPROFITABLE
"And yet what followed were increasingly baffling online tantrums from prominent investors who either didn’t seem to understand the well-established process or were trying to shift blame for the momentary crisis onto anyone they could."
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Speaking of chaos agents spreading FUD, throwing tantrums while very high on their own supply, and who will do anything to protect their own financial interests, including using their massive social media followings to cause a bank run & get the government to help them out of their self inflicted mess, this is a fantastic piece 👇🏾
90% of US startups valued over $1 billion are UNPROFITABLE
"And yet what followed were increasingly baffling online tantrums from prominent investors who either didn’t seem to understand the well-established process or were trying to shift blame for the momentary crisis onto anyone they could."
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HSBC pays £1 to rescue UK arm of Silicon Valley Bank after all-night talks
“SVB U.K. customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.”👇🏾
https://www.cnbc.com/2023/03/13/hsbc-buys-silicon-valley-bank-uk-protecting-deposits-.html
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HSBC pays £1 to rescue UK arm of Silicon Valley Bank after all-night talks
“SVB U.K. customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.”👇🏾
https://www.cnbc.com/2023/03/13/hsbc-buys-silicon-valley-bank-uk-protecting-deposits-.html
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Well, that didn't take long.
The UK government has struck a last-minute deal for HSBC to buy Silicon Valley Bank’s UK operations.
https://www.theguardian.com/business/live/2023/mar/13/silicon-valley-bank-uk-tech-sector-rescue-help-jeremy-hunt-rishi-sunak-business-live #SVBFail
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Well, that didn't take long.
The UK government has struck a last-minute deal for HSBC to buy Silicon Valley Bank’s UK operations.
https://www.theguardian.com/business/live/2023/mar/13/silicon-valley-bank-uk-tech-sector-rescue-help-jeremy-hunt-rishi-sunak-business-live #SVBFail
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@datn
They've not done that with #SVBFail. They've said *all* deposits are covered. So that includes the ultra-wealthy.Now what about the flip side: shareholder value? Who are shareholders in big banks. I think most people expect that people who own large numbers of stocks and shares are probably very wealthy and could stand to lose some wealth. And there's some truth to that.
But…
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@datn
They've not done that with #SVBFail. They've said *all* deposits are covered. So that includes the ultra-wealthy.Now what about the flip side: shareholder value? Who are shareholders in big banks. I think most people expect that people who own large numbers of stocks and shares are probably very wealthy and could stand to lose some wealth. And there's some truth to that.
But…
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I’ve been seeing a lot of people laughing about the #SVBFail, especially in light of the fact that deposits will be protected but shareholder value will not be. I think those of you who don’t work in the industry have a flawed understanding of who this protects and who it screws over.
https://www.ft.com/content/72c25414-aabe-432a-a785-a8b2bd6887f9
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I’ve been seeing a lot of people laughing about the #SVBFail, especially in light of the fact that deposits will be protected but shareholder value will not be. I think those of you who don’t work in the industry have a flawed understanding of who this protects and who it screws over.
https://www.ft.com/content/72c25414-aabe-432a-a785-a8b2bd6887f9
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More on Signature Bank that failed today. It was one of the main banks for cryptocurrency companies 👇🏾
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More on Signature Bank that failed today. It was one of the main banks for cryptocurrency companies 👇🏾
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Joint statement by the Department of the Treasury, Federal Reserve and the FDIC announcing systemic risk exemption to Signature Bank, NY, which was closed today. No losses, like SVB, will be borne by tax payers 👇🏾
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Joint statement by the Department of the Treasury, Federal Reserve and the FDIC announcing systemic risk exemption to Signature Bank, NY, which was closed today. No losses, like SVB, will be borne by tax payers 👇🏾
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WaPo: U.S. says ‘all’ deposits at failed bank will be available Monday
The Federal Reserve announced that it is creating a new lending facility for the nation’s banks, to buttress against financial risks from Friday’s collapse of Silicon Valley Bank.
