I genuinely cannot tell any more if "tech" is as fart-sniffingly high on their own supply as they look, or if it's an act to sucker in more money. Or if there's even a difference.
Inciting a bank run is illegal (edit: only if done with false statements so may not apply), I wonder if coordinating one through multiple investments that are supposed to act as independent entities is too?
>> But the firm learned that its limited partners were encountering issues using SVB services as they tried to transfer the funds — they weren’t immediately going through as expected, the person said.
Quickly, Founders Fund asked its investors to transfer the money to other banks instead. The fund acted to ensure that startup funding deals that were slated to close in the coming days were not delayed, the person said.
Having issues with SVB services seems like a legitimate source of info.
What do you expect on their official statement? "ahh we got a call from the CEO saying they were probably going to collapse in a few months, so we got our money out". I get it's unprovable/conspiracy stuff, but to think that doesn't happen at the top end is simply naive.
On the All-In podcasts, David Sacks discussed how he noticed something off with SVB that lead him to move his accounts. They all seemed to agree SVB did nothing illegal or wrong. It doesn't appear to be an Enron or Bernie Madoff situation.
Before triggering a bank run, make sure to save yourself first and by the time you've done that, announce to your portfolio companies to move their funds when you already know they are too late to save themselves.
It's almost as if this was an exit scam and someone knew that the bank with the VC pyramid scheme was going to collapse, very quickly.
The title makes you think Thiel provoked a bank run. But the content shows they found issues with SVB when doing transfers while on regular business operations.
No insider info. No conspiracy. But Bloomberg got the catchy headline and people love to hate on Thiel.
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[ 3.9 ms ] story [ 71.0 ms ] thread[1] that the farts smell good.
Under what law?
This though was not in Thursday.
>> But the firm learned that its limited partners were encountering issues using SVB services as they tried to transfer the funds — they weren’t immediately going through as expected, the person said. Quickly, Founders Fund asked its investors to transfer the money to other banks instead. The fund acted to ensure that startup funding deals that were slated to close in the coming days were not delayed, the person said.
Having issues with SVB services seems like a legitimate source of info.
https://www.youtube.com/watch?v=CEee7dAk25c
Oh right cause they didn’t have a CRO.
They bought one of the worst assets you could’ve in that time frame. MBSes with barely any interest and long maturity times.
It's almost as if this was an exit scam and someone knew that the bank with the VC pyramid scheme was going to collapse, very quickly.
No insider info. No conspiracy. But Bloomberg got the catchy headline and people love to hate on Thiel.