Post ATn8Ylp3yAWLPnhP7I by alaric@ioc.exchange
(DIR) More posts by alaric@ioc.exchange
(DIR) Post #ATUAovqq3ZmAwB5LKC by alaric@ioc.exchange
2023-03-10T20:41:23Z
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#twitter #mastodon While I was on Twitter, every time there was something that was newsworthy, VC bros would wax poetic on the 🐦about their expertise on epidemiology, vaccines, the efficacy of cow paste as medicine, the "science" behind not masking, international relations (Iran, Russia, missile strikes), how to get a cargo ship unstuck from a canal, the Constitution.They must having a field day today about SVB and it's failure based on their "expertise" in banking...LOLLLLL...
(DIR) Post #ATUAowMk8xISX80p3Q by alaric@ioc.exchange
2023-03-10T21:14:17Z
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@alaric #twitter #SVB There are going to be a LOT of VCs/funds asking for the government to bail them out, if they haven't already given how quickly SVB has gone under. They will probably claim that "Innovation" will be "stifled" unless there is a government bail out. The same government that they rail about daily and accuse of being "too big" and "having too many regulations"#ironic
(DIR) Post #ATW7lL6aJHPUYYxunw by alaric@ioc.exchange
2023-03-11T19:57:15Z
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@alaric #SVB #quotesWe all too often have socialism for the rich and rugged free market capitalism for the poor.- Martin Luther King, Jr.
(DIR) Post #ATn8YKLM8ViOBqanZ2 by alaric@ioc.exchange
2023-03-12T01:10:25Z
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@alaric #SVBAbout the rolling back of financial regulations 👇🏾" Remember when Trump and the Republican leadership, in collaboration with a critical group of moderate and conservative Democrats, rolled back some of the regulations Dodd-Frank placed on regional banks? Well:"https://www.lawyersgunsmoneyblog.com/2023/03/the-collapse-of-svb-and-the-partial-repeal-of-dodd-frank
(DIR) Post #ATn8YL9h7Lyshy901g by alaric@ioc.exchange
2023-03-12T01:31:32Z
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@alaric#SVBAnd, as always, read Matt Levine at Bloomberg, for the best analysis about this situation 👇🏾https://www.bloomberg.com/opinion/articles/2023-03-10/startup-bank-had-a-startup-bank-run
(DIR) Post #ATn8YLlcqKK2bbtI9I by alaric@ioc.exchange
2023-03-12T04:17:06Z
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@alaric #SVB #SVBFailLOLLLLL..."No libertarians in a bank run"
(DIR) Post #ATn8YMSsFWuulk7pYm by alaric@ioc.exchange
2023-03-20T01:23:49Z
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@alaric #SVB #SVBFail This, by, @molly0xfff is brilliant 👇🏾She calls out the massive 💩stains S&cks & C&l&c&nis for their blatant hypocrisy https://newsletter.mollywhite.net/p/the-venture-capitalists-dilemma
(DIR) Post #ATn8YMYtt7jn4QwdxA by alaric@ioc.exchange
2023-03-12T21:52:19Z
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@alaric #SVB #SVBFailBrilliant 👇🏾 “nobody on Earth is more of a herd animal than Silicon Valley venture capitalists” - Matt Levine https://www.bloomberg.com/opinion/articles/2023-03-10/startup-bank-had-a-startup-bank-run
(DIR) Post #ATn8YMjBGtxdaJkqye by alaric@ioc.exchange
2023-03-12T18:21:46Z
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@alaric#SVBArticle 👆🏾 updated. According to Matt Levine, another bank is very likely to pay $1:$1 for SVB because SVB is not out of money. A larger bank could absorb this in a larger portfolio, and make a profit. He also points out that another bank WILL step up to prevent contagion.
(DIR) Post #ATn8YO20QOc5czZOxU by alaric@ioc.exchange
2023-03-12T22:16:37Z
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@alaric #SVB #SVBFail" One way to guarantee the deposits: find another bank to buy SVB.Federal officials spent the weekend pressing for an acquisition of the failed bank's assets and attempted to serve as a facilitator for a private sector solution that would immediately address concerns of a dramatic crisis for holders of uninsureddeposits in the bank.The FDIC opened an auction Sunday for bids to acquire the bank, the Treasury Department said in a briefing with lawmakers in the California delegation, two sources familiar with the briefing told CNN."https://www.cnn.com/2023/03/12/investing/svb-customer-bailout
(DIR) Post #ATn8YPFrsLIPQH3zCi by alaric@ioc.exchange
2023-03-12T22:44:13Z
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@alaric #SVB #SVBFail Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors 👇🏾https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm
(DIR) Post #ATn8YSuOI8Uckp2tHc by alaric@ioc.exchange
2023-03-12T23:39:13Z
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@alaric #SVB #SVBFailJoint 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 👇🏾https://home.treasury.gov/news/press-releases/jy1337
(DIR) Post #ATn8YTzkFiN07iYgGe by alaric@ioc.exchange
2023-03-13T00:04:15Z
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@alaric #SVB #SVBFail More on Signature Bank that failed today. It was one of the main banks for cryptocurrency companies 👇🏾https://www.wsj.com/articles/federal-reserve-rolls-out-emergency-measures-to-prevent-banking-crisis-ba4d7f98
(DIR) Post #ATn8YVYATDV0wlfgYq by alaric@ioc.exchange
2023-03-13T11:22:56Z
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@alaric #SVB #SVBFail #UK 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
(DIR) Post #ATn8YWyRB26fMWyB96 by alaric@ioc.exchange
2023-03-13T16:54:43Z
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@alaric#SVB #SVBFAILThis weekend was an opportunity for people to learn that S&cks, C&l&c&nis and B&l&ji are bat💩crazy, if they didn't already know it.Intentionally spread FUD in order to ensure that their self inflicted bank run would be covered by the government (no direct tax payer 💵used)Truly a Slack and Twitter powered bank run on SVB.
(DIR) Post #ATn8YY9omCnv27ImWW by alaric@ioc.exchange
2023-03-13T18:00:36Z
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@alaric #SVB #SVBFail 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." https://slate.com/technology/2023/03/silicon-valley-bank-rescue-venture-capital-calacanis-sacks-ackman-tantrum.html
(DIR) Post #ATn8YZkiqTuzyrZlgW by alaric@ioc.exchange
2023-03-14T05:16:14Z
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@alaric#SVB #SVBFailThe 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
(DIR) Post #ATn8YbAzYIWeOcsGGm by alaric@ioc.exchange
2023-03-14T07:05:53Z
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@alaric#SVB #SVBFailEVERY 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? 🤡🤡🤡🤡
(DIR) Post #ATn8YcT6kQbwP6MF96 by alaric@ioc.exchange
2023-03-14T19:43:55Z
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@alaric #SVB #SVBFail #history Speaking of bank runs/failures, receivership, and massive financial chaos (which we seem to have avoided now), this is a great time to watch, Too Big to Fail (on HBO) if for nothing else, than the fantastic Paul Giamatti portrayal of Ben Bernanke. The book, Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves, by Andrew Ross-Sorkin, is also incredible. 15 years ago.https://m.imdb.com/title/tt1742683/
(DIR) Post #ATn8YdQfB0FXNoDnyS by alaric@ioc.exchange
2023-03-14T21:33:51Z
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@alaric #SVB #SVBFail 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 LevineHe 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
(DIR) Post #ATn8YewbXjOU5AApOq by alaric@ioc.exchange
2023-03-16T03:44:33Z
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@alaric #SVB #SVBFail Credit Suisse secures $54 billion lifeline as authorities rush to prevent global bank crisis 👇🏾https://www.reuters.com/business/finance/credit-suisse-borrow-up-54-bln-it-seeks-calm-investor-fears-2023-03-16/
(DIR) Post #ATn8YexfTmFE8Sfg3c by alaric@ioc.exchange
2023-03-17T11:02:48Z
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@alaric#SVB #SVBFail 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
(DIR) Post #ATn8YgMWGriYTpJ2Qq by alaric@ioc.exchange
2023-03-16T19:18:36Z
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@alaric #SVB #SVBFail #CreditSuisse 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 🙄
(DIR) Post #ATn8YgQm137Wh1IR3w by alaric@ioc.exchange
2023-03-16T20:04:48Z
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@alaric#SVB #SVBFail #FirstRepublicBank 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
(DIR) Post #ATn8YgblMBuXF6RDBw by alaric@ioc.exchange
2023-03-17T19:58:13Z
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@alaric #SVB #SVBFail #uspol #uspoliticsBank run organized and orchestrated on Slack/Whatsapp by panicked VC bros high on their own supply and then tweeting about how "if the government didn't step in, it would be chaos and the end of innovation ", reminded me of this Albert Einstein quote 👇🏾An oligarchy of private capital cannot be effectively checked even by a democratically organized political society because under existing conditions, private capitalists inevitably control, directly or indirectly, the main sources of information.
(DIR) Post #ATn8YidxmyrLYVTzto by alaric@ioc.exchange
2023-03-18T15:30:12Z
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@alaric#SVB #SVBFail #CreditSuisse15 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
(DIR) Post #ATn8Ylp3yAWLPnhP7I by alaric@ioc.exchange
2023-03-18T19:54:31Z
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@alaric#SVB #SVBFailGood Marketplace episode on how in the early hours of Silicon Valley Bank’s collapse, the news spread like wildfire through startup messaging chains on WhatsApp, Slack, Signal and Telegram. Bank runs fueled by social media fueled by rumors and anxiety among the VC bros 👇🏾Herd mentality https://podcasts.apple.com/us/podcast/marketplace/id201853034?i=1000604709880
(DIR) Post #ATn8YlsFmJ4ZZhBx5c by alaric@ioc.exchange
2023-03-19T16:19:16Z
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@alaric #SVB #SVBFail #CreditSuisse UBS makes $1 billion all-share offer for embattled Credit Suisse 👇🏾Credit Suisse is a penny stock https://www.msn.com/en-us/money/markets/ubs-makes-1-billion-all-share-offer-for-embattled-credit-suisse-reports/ar-AA18OIU2
(DIR) Post #ATn8Ynmeg5mbUuaVdo by alaric@ioc.exchange
2023-03-19T18:21:17Z
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@alaric #SVB #SVBFail #CreditSuisse $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.https://www.msn.com/en-us/money/companies/ubs-reaches-agreement-to-buy-credit-suisse-after-upping-offer-report/ar-AA18OPNO
(DIR) Post #ATn8YoqEkGF4mJGsrY by alaric@ioc.exchange
2023-03-19T23:37:08Z
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@alaric #SVB #SVBFail #CreditSuisse UBS Agrees to Buy Credit Suisse for More Than $3 Billion👇🏾https://apple.news/A7n9DxCw7TiKporrpvccaBQ