Bank Run Watch 2023 after Silicon Valley Bank shutdown - Over 97% of SVB's assets were not FDIC insured

[Overly Serious]

I'm having visions of the bank run scene in Mary Poppins, where a little boy demanding his money loudly triggers a woman to say "there's something wrong!" and demand hers. Which leads to another person demanding their money. Seeing three people all demanding their money others start to demand theirs and soon you have a mob and police and the bank tellers shutting their stations... If there's nothing actually backing the money that's been lent out, it's just one giant powder-keg waiting for a sufficiently large match to set it off. Counter-measures never seem to deal with the powder keg in the first place, just trying to stamp on any sparks ever more quickly.

 

[mandatorylurk]

Scenario 1: no bailout, tech faggots cry and whine that they can't do another Blue Apron or Manscape or Grammarly. California collapses, but the faggots have no money so they can't keep fleeing to other states to infect them. Gavin Newsom can't run for President because he looks like even more of a failure. The recession is so obvious they can't pretend it doesn't exist like they're doing now. It gets so bad they have to stop giving Ukraine free gibs.

Scenario 2: bailout, done by democrats and RINOs like Romney, further making the democrats the new party of the rich and elite. People see California getting a bailout while Ohio is to sit there in poison. People start running cars with CA license plates off the road. Bailout makes inflation and everything you're dealing with even worse, making it more pronounced, right in time for '24. The actual class warfare the democrats always talk about occurs but not the way they expected.

 

[Weebburner]

Crashing silicon valley with no survivor!!!! Cant wait for all the tech bros faggot having to become new-poor.

 

[Elwood P. Dowd]

Its all Drumpf's fault! Twitter
Because, as we all know, Big Tech is such fans of Drumpf, proudly wearing their MAGA hats to this day.

 

[Otterly]

I wouldn't look to Daily Mail to assess overall MSM coverage, being owned by Rupert Murdoch they, unlike the rest of the MSM, occasionally go against the established narrative, as you've probably seen, on FOX News and Sky News. And my family tells me Rupert Murdoch is evil and not to listen to any of his networks.

The mail is essentially two outfits - the print and online sides are run somewhat differently. The mail are a pretty good barometer for sentiment in the UK, they have a large print circulation still which dwarfs the broadsheets. Sometimes, rather a lot of the time they’re dreadful, occasionally they run with something no one else will. But what they are very good for is testing the temperature of the public. You have a narrative, you then crack it slightly, put an article out like this and collate the sentiment in the comments, write it up for the boss and they decide where next. Various dark arts departments have done this for a long time, across all sorts of platforms, but the DM tends to reflect the mainstream British public fairly accurately.
Every board of any relevance whatsoever has people on it from these departments. Even places like mumsnet.
They’re fairly easy to spot, both in the threads they start (testing the waters with posts like guys what about this eh?) and in their posts (various tells, derailing, nudging towards extremist sentiment, name being intermediate between Bot25485 and something actually funny, specific language usage) , and sometimes you can spot the same person coming back again under a different name.

 

[Pentex]

How could this have happened?

https://archive.ph/myram

https://archive.ph/CxXFp

 

[Nointey]

Its all Drumpf's fault! Twitter
Because, as we all know, Big Tech is such fans of Drumpf, proudly wearing their MAGA hats to this day.
View attachment 4759669
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Joe had at least 2 years of his term and a near majority congress to prevent a collapse like this from happening, and he did absolute dogshit other than losing his feeble-mind. Democunts and their followers are afraid to admit that they fucked up, and instead pull up clips of their boogeyman from half a decade ago to feel better about themselves. Its absolutely retarded

 

[Quijibo69]

Who didn't see this coming? This pretty much happen in the early 00's. Watching the world burn, in before we live in Communist Russia.

 

[High Level Rad Waste]

Buy bullets and guns guns never lose their value the always worth pretty much the exact same amount of money or even more.
If Society collapses I'm not taking f****** silver I will take guns bullets tobacco drugs and your first born daughter

Pappy's unsolicited Depression survival guide.

• Lighters, cigarettes, alcohol, food, bullets, gas and batteries, toiletries, shelf stable medicine, favors and similar. Ask any of your third world or military buddies how to trade in goods when money is useless.
• Learn how to keep your house cool and dry without power too. Even something like a swamp condenser in front of a window will drop temperatures pretty hard. This is why you'll occasionally see some Abuela pouring water on their porch and leaving the door open. Warmth is a non-issue, there's no windchill in a house so you just keep bundling until you're comfortable. If you're sweating, you're wearing too much.
• If you're going to grow food, grow shit that's calorie dense and retard proof. Tubers like potatoes and beets. Gourds like pumpkins. Get guinea hens instead of chickens. They're aggressive little fuckers that will chase off anything after their eggs and will eat anything you give them. Dump all your food trash in the woods or in a lake first. It will more or less work as chum to make getting more critters to shoot and fish easier. It's illegal, but no wildlife management fag's going to be coming in your backyard to make sure you've got a baiting license when they're going to be busy with the influx of every hungry redneck into the local nature preserve or national park. Then you compost it with grass and sticks as a poor man's fertilizer. Then you burn the rest. Get a region specific book for all the edible plants and mushrooms in your area. If you are in nature, there is food at least within a hundred feet of you at all times.
• Go get a cheap rifle or shotgun and sight it in or pattern it respectively. Stockpile ammo yesterday. Shotgun shells are piss easy to reload; you just need fresh primers and powder. You can use anything that could survive the firing process for shot. The hull itself can be whatever but the ones you buy off the shelf are generally reusable until the plastic is separating from the brass.
• Get out of the city yesterday. It's easier to be homeless in the woods as long as you have a way to stay dry than it is to bank on the charity of other poor people, especially the ones that are halfway down the behavior sink. You will find charity in a church way easier than you will on any street corner, even if you're not religious.

 

[Whoopsie Daisy]

I wonder if, like the aftermath of the dotcom bubble-burst of 00/01, some huge companies start swallowing up these failing start-ups for fun. Not that we need internet-corporatisation mk 2, but we could be in for even rougher, more expensive, more corporate controlled internet and tech than we are now.

 

[reptile baht spaniard rid]

John T Reed has a well researched without going total prepper book that I highly recommend, even if just for considerations to think about.

Even besides TEOTWOWKI everyone should be prepared to live about 2-4 weeks without outside assistance, power, or utilities, but even some thought is better than none.

How to Protect Your Life Savings from Hyperinflation & Depression, 2nd edition

324 pages, 8 1/2 x 11, paperback, $39.95 This book tells you how to rearrange your assets and liabilities so that you are not devastated by the U.S. dollar hyperinflating or deflating. Each has happened in the past around the world and in the U.S. My approach is an insurance one, not a gambling...

johntreed.com

And yeah massive mergers and purchases are on the horizon - it’s already been happening behind the scenes quietly and it will accelerate.

But most SV startups are worthless and only get bought to “juice” a boring company so many of these will just die.

 

[New Fag]

ZeroHedge has published this:



and an article I just don't understand since economics is a black art but from one graph I gathered reserves are fucking tanking and small banks hardest hit.

https://archive.is/ClowZ

Is it a bad thing that I just want to see it all burn?

 

[TowinKarz]

I wonder if, like the aftermath of the dotcom bubble-burst of 00/01, some huge companies start swallowing up these failing start-ups for fun. Not that we need internet-corporatisation mk 2, but we could be in for even rougher, more expensive, more corporate controlled internet and tech than we are now.

We were already in Web 2.0 with it's oppressive government-backed corporatization killing off independent content and silencing anyone who won't praise the official narrative.

The good news is the gov-tech combo's big plans for forcefully evolving us all to the even-worse standards of Web 3.0 were already crashing with Metaverse, the goods-as-service model for things that aren't services (your own car's AC), excessive DEI initiatives turning entertainment into naked propaganda, clickbait journalism and "smart" devices that shut off if you try and wrongthink on them already being roundly hated, resisted and not making the money the elites expected.

Now they have to cover the fact their warchest just burned down too.

It won't teach them a lesson about how people don't want what they're selling, or that they're not on the Right Side of History, but, it will set them back a bit.

Hopefully by the time they're ready to try it again, the unavoidable hand of the Reaper will have robbed them of a few key Senators and clueless Boomer billionaires like Feinstein and Gates that they need to forge ahead against public desire, and they'll have missed their chance to bugpodderize us for at least another 10 years.....


I've been feeling in my bones lately that the "elite" of the financial world are due for another correction as they've extended unsustainable business models in service of products nobody wants for too long, with their relentless pushing of plantburgers and shows like Velma being the proof- I just never expected it to be so bad it would go back to the roots of the cancer in the VC financers themselves.... I just assumed the total failures of things like Beyond Meat and Disney + would be the limit of the damage.

Not that I'm complaining.

 

[Crex Crex]

Fuck the silicon valley, eat shit techbros and calicunts. I hope this dominoes into the collapse of all web giants and also of cuckfornia's economy.

 

[Scale Smerch]

Well no bailout yet, Yellen came out this morning and said that's not in the cards given the 2008 fallout. Which means if there's a bank run tomorrow the potential bailout will be even larger. Got to love this administration's keen economic insight

I looked at that list someone posted earlier but I’m wondering how you’d check if a specific small biotech type company or midsized pharma has exposure? Have a feeling work on Monday is going to be fun if some of them were exposed

Go to Crunchbase and look up their investors. If they got money from a big Silicon Valley VC in their seed or Series A rounds, chances are they were forced to use SVB. If they didn’t, they likely have another bank.

Probably the best bet is chasing down their investor list. Zerohedge also had this list floating around which shows more of their biotech customers:

• USDC - Crypto Stablecoin run by Circle - Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally.
• ROKU - Roku had 26% of its cash, $487 million with Silicon Valley Bank
• BLOCKFI - BlockFi has $227 million in "unprotected" funds in Silicon Valley Bank, according to a bankruptcy document, and may be in violation of U.S. bankruptcy law.
• RBLX - Roblox said 5% of its $3b cash and securities balance is held at SVB.
• DNA - Gingko Bioworks: Only the cash balance of the company's wholly-owned subsidiary Zymergen Inc. is held in deposit accounts at SVB, representing approximately $74M or 6% of the company's cash and cash equivalents as of December 31, 2022
• RKLB - RocketLab USA had about $38 million in its accounts with the bank, representing about 7.9% of the startup’s cash and equivalents
• LC - Lending Club warned about potentially losing funds on deposit at SVB of $21 million, said amount isn't material to its liquidity position or capital levels, and doesn't pose a risk to the group's business or operations.
• PAYO - Payoneer: Of the company's approximately $6.4B in total cash balances as of December 31, 2022, less than $20M is held at SVB
• PTGX - Protagonist Therapeutics considers its exposure to any liquidity concern at SVB to be limited, given that cash held at SVB is approximately $13 million as of March 9, 2023.
• ACHR - Archer Aviation entered into a $20 million loan with SVB in 2021, $10 million of which is due for repayment in 2023
• COHU - Cohu announced that it has deposit accounts with SVB with an aggregate balance of approximately $12.3M, which is approximately 3.8% of the company's total cash and investments.
• IGMS - IMG Biosciences: 'As of March 10, 2023, the Company holds less than $5.0 million in deposits at SVB. Therefore, the Company believes it does not have any material exposure to any liquidity concerns at SVB.'
• RYTM - Rhythm Pharmaceuticals announced that it has deposit accounts with SVB with an aggregate balance of approximately $3.4 million, which is approximately 1.1% of the Company's total cash and cash equivalents.'
• SYRS - Syros Pharmaceuticals discloses that, as of March 10, 2023, it has two deposit accounts at Silicon Valley Bank. One of these accounts has a balance of less than $250,000, and the other has a balance of approximately $3.1 million pursuant to a letter of credit that the Company was required to provide to its landlord in connection with the execution of the lease for its corporate headquarters...
• EYPT - EyePoint Pharmaceuticals currently maintains a de minimis amount of cash, in the single digit millions of U.S. dollars, with Silicon Valley Bank (SIVB)
• ATRA - Atara Biotherapeutics currently maintains an account at Silicon Valley Bank (“SVB") holding cash deposits of approximately $2 million, which amount the Company considers to be immaterial to its liquidity.'
• ISEE - Iveric Bio currently maintains a de minimis amount of cash and cash equivalents, in the low single digit millions of U.S. dollars, with Silicon Valley Bank ("SVe").'
• VERA - Vera Therapeutics currently holds approximately 1.2% of its cash and investments with SVB. Accordingly, the Company considers its risk exposure relating to SVB to be minimal.
• XFOR - X4 Pharmaceuticals had approximately 2.5% of its cash deposits with SVB.
• CTMX - CytomX Therapeutics does not consider its exposure to any liquidity concern at SVB to be significant. The cash held at SVB in CytomX’s operating CTMX account is at or near the FDIC-insured limit of $250,000. CytomX also maintains a deposit account at SVB under a standby letter of credit issued pursuant to its office lease for approximately $917,000.'
• AXSM - Axsome Therapeutics has material cash deposits with SVB.
• WVE - Wave Life Sciences aggregate amount of the company's cash and restricted cash held at SVB is approximately $1.5M.
• JNPR - Juniper Networks maintains operating accounts at SVB with a minimal cash balance of less than 1% of the company's total cash
• QS - QuantumScape has very limited exposure to SVB, with only a low single digit percentage exposure relative to both the Company's total liquidity and total assets.

 

[TowinKarz]

@Scale Smerch I'm actually fine with no bailout. I'm fine with a crash. I'm even fine with a decade long recession.

The chronic problems of society today are largely the fault of the government not letting unsustainable/stupid ideas just naturally fail for 30 years at this point.... every time the consequences of excessive offshoring, excessive regulation, excessive crunch of the middle class or excessive wasting of capital on "the next big tech" come bubbling to the surface? They get a bailout and we get more inflation.

And, with no reason to stop, if they'll be saved in the end? The madness just continues until we reach the point we're at today: basic consumers aren't even seen as the "real" customers anymore, workers are treated like crap, consumer goods are the cheapest trashiest poorest-quality I've ever seen them in my life, and we have to support whatever the clueless activist-investor class does as a moral imperative, even if it's clearly financial suicide.

I'd rather suffer 8 years of pure economic pain as the farce that has been EVERY economic idea since the 90's all comes crashing down than the daily death of a thousand cuts as I'm nicked constantly by either government directly or universities and media arms being given government permission to dive into my pockets for funding to keep the lie of infinite growth alive......

 

[Phalanges Mycologist]

Personally I am a retard but I would have taken the 2008 crisis and proof that the banks need to be broken down into not too big to fail. And basically chained so they cant have this shit happen.

Your not a retard, you are very sensible that SHOULD have happened but the problem is the Interested Retards are the ones running the show and wont listen to common sense.

Scenario 2: bailout,

Already being talked about in the UK, our markets open 5 hours before yours do and we get the first wave of this so we tend to co-ordinate with the American Government and Markets when this sort of shit happens.

Crashing silicon valley with no survivor!!!! Cant wait for all the tech bros faggot having to become new-poor.

It's going to be intresting for sure, the problem isn't the Geeks it's the dickheads that found a way of forcing their way in the Engineer who designs an maintains a network is safe, so is the guy in the NOC who swaps out hard drives and racks servers - it's the nobheads who think Tech is Social Media and "Learn to Code" types who can barely code and what they do code is of questionable quality.

I wonder if, like the aftermath of the dotcom bubble-burst of 00/01, some huge companies start swallowing up these failing start-ups for fun. Not that we need internet-corporatisation mk 2, but we could be in for even rougher, more expensive, more corporate controlled internet and tech than we are now.

A few will sure, I can see Ebay buying Etsy if things go tit's up for them - Ebay is remarkably recession proof and grows in times like this but after bearly surviving .com bubble 1.0 they are really allergic to headcounts and keeping everything relying on VC or investor funding.

It won't teach them a lesson about how people don't want what they're selling, but, it will set them back a bit.

The big "What IF" is I want to see what happens to the SAS market, I have to have MS office (it's wrote into a couple of contracts I have but I get a massive discount through one of them - stupid I know but that's how it works with some of the funding) and some other software that's prety much SAS - Subscription based only and if they do offer single licences it's not for one man bands like myself and even resellers don't want to touch it but the subscriptions that they have are either stupidly expensive or only offer per seat licencing in multiples of users so I can't buy a single licence I'd have to buy 3 or more.

Before anyone say's such and such exists why not use that? Simply because I can't in a lot of cases as the contract specify software (contract was written by a non IT person who's not in the Restoration field) and I can get audited on it so I grin an bear it, there is also the problem that with some of the software I need is very specific like CAD and the 2d an 3d options that are open source are not mature enough for professional use despite the developers best efforts.

I have Libre Office and MS office installed on my Mac, and I also use OpenSource as much as I can but it's not always possible from a contractual or business POV - I have a Win11 VM running in parallels just for the purchasing system I use on one contract so that was £89 for parallels plus the cost of the Win11 licence (I had a 10 licence key) that had to be PRO or the software wouldnt work, and the additional card reader. For essentially just logging into a webpage using an old .net framework and filling in data I have already submitted in another system an clicking approve.

 

[Starved Artist]

So far, I'm loving this. I don't care that two of my investments had their money in that bank, I wasn't getting dividends and I've eaten bigger losses in medical bills.

The dudes screaming that "It was the Woke's fault" are absolutely unable to cope and cannot comprehend seething right now. They don't know who to blame but hey, spending a million bux on a diversty program they created to get tax dollars totally accounts for the billions they just magically lost. Lmao. Also, Yellen just announced no bail out for the bank, which is hilarious. I'm all for fuck these people, but then I remembered, she just promised to bail out Ukraine not too long ago. So, there's no point celebrating, there's no "Take that bankerboy" , Americans are still going to lose massive amounts of money through the sheer greed of the people with the money.

 

[macrodegenerate]

There aren't enough founder reactions to TOTAL STARTUP DEATH in this thread. I'll start.

 

[Whoopsie Daisy]

The good news is the gov-tech combo's big plans for forcefully evolving us all to the even-worse standards of Web 3.0 were already crashing with Metaverse, the goods-as-service model for things that aren't services (your own car's AC), excessive DEI initiatives turning entertainment into naked propaganda, clickbait journalism and "smart" devices that shut off if you try and wrongthink on them already being roundly hated, resisted and not making the money the elites expected.

My concern is that those small, woke, pro-web 3.0, SAAS start-ups which had good ideas ( certainly the ones that got larger investments) will be gobbled up by the same pro-web 3.0, woke-agenda pushing mega-corporations. Then there are the start-ups, that while not directly funded by SVB, maybe looking at the situation with a twitching bumhole, while thinking about selling out.

If you were a start up, not connected to the situation but looking in nervously, and Google or whomever offered you 20% above rate for your company, wouldn't you jump and sell? I would.

A few will sure, I can see Ebay buying Etsy if things go tit's up for them - Ebay is remarkably recession proof and grows in times like this but after bearly surviving .com bubble 1.0 they are really allergic to headcounts and keeping everything relying on VC or investor funding.

Hopefully the purchases, if any happen, will be brand-reinforcing purchases and not start ups designed to make internet interaction more costly, expensive and risky.