Or in another
"How was your weekend?"
"Oh nice had a walk with the boys, saw a bald eagle"
We don't know that this would have been a crisis without a sudden 42 billion dollar withdrawal over 24 hours
"How was your weekend?"
"Oh nice had a walk with the boys, saw a bald eagle"
We don't know that this would have been a crisis without a sudden 42 billion dollar withdrawal over 24 hours
The fault here is with SVB management making some very bad decisions and with VCs not looking at the publicly available data and moving away from SVB a lot sooner. Of course, hindsight is alway's 20/20. Once the Moody's trigger had happened the choices were simple.
There is a clip I saw on twitter as this was happening of Jason Calacanis bragging insufferably about his special treatment from SVB in obtaining quick and favorable terms for a private mortgage, likely thanks to the amount of business he and other investors brought the bank.
So no, I reject your claim that the same people that would design Class A shares to be inferior to Class B shares, then say “no takesy backseys!” when executing a hostile takeover of your company are not at fault here.
How can a discipline that prides itself in superior networking ability, information gathering, and prudent decision making not be at fault for pooling a stupid amount of wealth in the first bank to go broke post COVID bubble?