And while I thought I’d closed my cat out of my office, it turns out she had been hiding in the closet and wanted to join us, too. Cat enthusiasts can simply scrub forward to 1:35
FT Alphaville rounds up the Signature Bank music videos.
Yes, that’s right. In addition to loans, Signature made music videos. This seems weird until you remember that it’s one of two banks that heavily serviced Broadway productions — so they’re meeting their customers where their customers are, I guess.
[FinancialTimes]
And so now the federales are looking into stock sales made by Silicon Valley Bank’s leadership before the bank failed.
Axios got some details on Peter Thiel’s Founders Fund and its decision to advise portfolio companies to pull funds from the troubled Silicon Valley Bank.
The story assures us that Thiel wasn’t “part of the conversation” and that Founders Fund told “LPs that this was all about prudently protecting their investments.”
The fall of Silicon Valley Bank, explained.
Silvergate is gone. The FDIC took over Silicon Valley Bank. Several other banks have lost billions in value, and it’s unclear whether a number of tech companies will be able to keep operating while all of this gets figured out.
If you’re unclear why our situation is the way it is, go back and take a look at Liz Lopatto’s article from a few weeks ago about interest rates and what they mean for tech companies right now.
Silicon Valley Bank, one of the most important banks for startups, said it would sell stock after the slowdown in VC funding and losses on some investments left a hole in its balance sheet. This does not seem to be the same situation as Silvergate, for what it’s worth.
But Founders Fund is advising its companies to pull the money all the same.
If you’ve been following the case closely, most of the facts here won’t be a surprise to you. Hearing from the people who put their money into Celsius, around 15:24, is the stand-out here: people who lost money saved from years of work, and one person who couldn’t put a down payment on a house because his funds were locked in Celsius.
Bad actors prey on hope. Be careful when someone tells you what you want to hear.
