techno-ag said:

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Roku says they had 487 billion, or about a quarter of their cash reserves, in SVB.

https://www.cnbc.com/amp/2023/03/10/roku-says-26percent-cash-reserves-stuck-in-silicon-valley-bank.html

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487 billion, with a "B"?

P.H. Dexippus said:

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techno-ag said:

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Roku says they had 487 billion, or about a quarter of their cash reserves, in SVB.

https://www.cnbc.com/amp/2023/03/10/roku-says-26percent-cash-reserves-stuck-in-silicon-valley-bank.html

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487 billion, with a "B"?

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That seems bad.

Actualaly million, still bad

ZIRP chickens comin home to roost

I think players will step up to keep most of these start ups operational while this is resolved. There will be lots of loans from other banks or the VC funds themselves to keep their investments from going under, maybe some further fund raising and VCs taking more equity while these companies are desperate, and in a few weeks most company will get access to their funds.

You may be right. And that's best case scenario.

Oof

The list of companies with money in Silicon Valley Bank is starting to roll out. (@business)

• Roku - $487M
• BlockFi - $227M
• Roblox - $150M
• Rocket Lab - $38M

— Morning Brew ☕️ (@MorningBrew) March 10, 2023

About 15 years ago, I ran a small CUSO that was majority owned by WesCorp Corporate CU (basically a credit union for member credit unions). They were conserved by the NCUA under similar circumstances (not exactly the same, but close). Funny how history repeats itself.

$487 million not billion

P.H. Dexippus said:

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techno-ag said:

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Roku says they had 487 billion, or about a quarter of their cash reserves, in SVB.

https://www.cnbc.com/amp/2023/03/10/roku-says-26percent-cash-reserves-stuck-in-silicon-valley-bank.html

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487 billion, with a "B"?

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Typo, my bad. And that's why I'm not in accounting.

Lots of rumors out there that people like Oprah, Prince Harry and Meghan Markle have lost millions in the SVB collapse. No wonder you've got people like Swalwell talking about making everyone whole.

https://dailyhodl.com/2023/03/11/22-trillion-in-us-banking-system-backed-by-just-225-billion-at-fdic-bitcoin-proponent-gabor-gurbacs/

The initials MS in that text can be very telling.

Red Pear Realty said:

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My lead investor just texted me this about SVB. pic.twitter.com/hNVha385gj

— Roshan Patel (@roshanpateI) March 10, 2023

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It'd pretty interesting how quickly value shifts to keep SOME money in these scenarios.

Really good podcast discussing this.

Stat Monitor Repairman said:

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Quote:

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ZURICH, March 9 (Reuters) - Credit Suisse has postponed publication of its annual report after a last-minute call from the United States Securities and Exchange Commission (SEC), which raised questions about its earlier financial statements.

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They closed at 2.66 Friday.

Thanks for the link. Very interesting and informative

Yeah, they can just write another book.

This SVB thing is like a rotten board on a house.

When you pull it off to replace it, you discover they whole side of the house is infested with termites.

Thats worst case scenario.

Maybe the single board gets replaced no problem and we all get on down the road.

But maybe not.

I'm less optimistic than I was yesterday that this is all going to settle out.

I saw an email with my own eyes from a bank headquartered in Dallas asking my contact to withdraw money from the big banks like Chase, BOA, etc and deposit with them. This email was sent Friday afternoon. The person who this email was sent to said they would be withdrawing their money from this bank Monday.

#10 Payoneer is fairly popular in eastern Europe.

TCB?

The more I read about SVB, the more I think it's not really their fault, except not having more diversified client base, but it's a regional bank so that's not easy. Texas oil banks had same issue back in 2016. They are a victim of circumstances.

SVB received a ton of new deposits suddenly. They had to invest it somewhere, that's what a bank does. Interest rates were super low so they had to go further out the yield curve. Fast forward to recent months, Capital is tight and deposits aren't growing and securities are underwater. It doesn't appear they made several bad loans and that money is now gone.

Do I have this right? Solution seems simple to me, let the bank fail. Tough break they got rich super fast and they die super fast. Live by the sword die by sword type of thing. But get those depositors their money back. A collapse of Silicon Valley and California economy will be more costly.

It is not TCB. I was hesitant to post what I did because I didn't want to spread panic unnecessarily, but I think it's important for people to understand that this might not be limited to just NorCal.