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FDIC Takes over Silicon Valley Bank

fdic.gov

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Re: FDIC Takes over Silicon Valley Bank

#221

Post by dougmwne »

JumpCrisscross wrote: post #94
briandear wrote: post #77

Earlier quoted context omitted.

I bet a lot of VCs had significant money in that bank as well. Even if companies could raise money, there wouldn't be as money available.

> a lot of VCs had significant money in that bank Everyone I know pulled yesterday.

The trouble in a bank run is that it’s impossible for everyone to have gotten their money out yesterday. Those first in line caused the collapse, the rest are out of luck. Nice to hear you have lucky friends.

Re: FDIC Takes over Silicon Valley Bank

#222

Post by purpleblue »

The fact that no other bank stepped in to buy the assets makes it seem like this is going to be dire for depositors. There's something wrong in the books, or the liabilities are higher than the assets, both of which means that depositors are going to lose some money.

I have a friend that uses SVB for his startup and now all his funds are frozen. The big question is how long will the money be locked up for? Could it be 6+ months?

Re: FDIC Takes over Silicon Valley Bank

#223

Post by bagels »

preinheimer wrote: post #112

I know SVB was an early partner for Stripe Atlas[1], I hope they've got other options now, and not too many companies get really hurt here. [1] https://www.svb.com/news/company-news/silicon-valley-bank-pa...

They had three choices. Mercury and one other.

Re: FDIC Takes over Silicon Valley Bank

#224

Post by loeg »

idlewords wrote: post #139
banku_brougham wrote: post #107

Earlier quoted context omitted.

Its so funny until you realize your seed-round investment in a friends company used SVB. Gonna be quite a show, this.

That makes it even funnier, though. At least to the rest of us.

Not now, Maciej.

Re: FDIC Takes over Silicon Valley Bank

#225

Post by stephenhuey »

testfoobar wrote: post #43

What a debacle. Some gallows humor from twitter: "Imagine raising $100m for your AI enabled dog washing app - and your bank sets it on fire before you can". Original: https://twitter.com/88888sAccount/status/1634028258500169731...

Disrupt disrupt disrupt! Those old stodgy banks just slow us down with their old-fashioned risk-averse ways! The cool kids can do it better!

If I had a nickel for every time I heard this from actual friends in the past couple decades, or for when I said it myself a few times... :)

Re: FDIC Takes over Silicon Valley Bank

#228

Post by idlewords »

tiffanyh wrote: post #207
testfoobar wrote: post #43

What a debacle. Some gallows humor from twitter: "Imagine raising $100m for your AI enabled dog washing app - and your bank sets it on fire before you can". Original: https://twitter.com/88888sAccount/status/1634028258500169731...

Imagine having a life changing amount of personal wealth deposited at a Crypto exchange, and before you can spend it - the exchange sets it on fire.

It's still life-changing after!
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