"... and the executives of these banks will be fired."
(heart lifts hopefully)
FDIC coverage guaranteed. And no taxpayer bailout. I don't recall if prosecutions were promised, but I loved the reminder that investors chose risks the rest of us don't, and that's how capitalism works.
Sure seems like Thiel & his cronies had some advance knowledge that there would be trouble at SVB. If I were truly paranoid, I wouldn't put it past him to have precipitated this run just to have something to blame Biden for. He got his $ out. The people who didn't seem to be a bunch of startup techies using VC loans to bring their various, supposedly miracle products to market. Always plenty more of them for VC types to latch onto. One specialty bank for unsympathetic rich geeks going poof ain't so much of a price to pay.
Even if Thiel didn't plan it though, it seems like his announcement that there was"no downside to pulling your $ out of SVB" was about as well thought out as an Elon Musk tweet. That kind of dopiness should at least get him a big fine from the SEC.
Greg Becker should be forced to publicly admit he was wrong, then barred for life from ever having a job in the financial sector. $250K per depositor is perfectly adequate. If corporations are people, then they'd better learn how to act human.
And now banks are trying their darnedest to tank the economy because Biden won't fork over unnecessary bailout billions. A couple screwballs fucking around too much causes all the vultures to hold out their hands.
"... and the executives of these banks will be fired."
(heart lifts hopefully)
FDIC coverage guaranteed. And no taxpayer bailout. I don't recall if prosecutions were promised, but I loved the reminder that investors chose risks the rest of us don't, and that's how capitalism works.
Sure seems like Thiel & his cronies had some advance knowledge that there would be trouble at SVB. If I were truly paranoid, I wouldn't put it past him to have precipitated this run just to have something to blame Biden for. He got his $ out. The people who didn't seem to be a bunch of startup techies using VC loans to bring their various, supposedly miracle products to market. Always plenty more of them for VC types to latch onto. One specialty bank for unsympathetic rich geeks going poof ain't so much of a price to pay.
Even if Thiel didn't plan it though, it seems like his announcement that there was"no downside to pulling your $ out of SVB" was about as well thought out as an Elon Musk tweet. That kind of dopiness should at least get him a big fine from the SEC.
Am I looking for a scapegoat? If I'm honest, yes.
Greg Becker should be forced to publicly admit he was wrong, then barred for life from ever having a job in the financial sector. $250K per depositor is perfectly adequate. If corporations are people, then they'd better learn how to act human.
And now banks are trying their darnedest to tank the economy because Biden won't fork over unnecessary bailout billions. A couple screwballs fucking around too much causes all the vultures to hold out their hands.