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Today's reading list. Links found on Hacker News (hangout of startup people)
Some may be paywalled. archive.ph was down for a while. It's back up now.
No links to tweets. Snapshots posted here.
SVB
https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/
WARNING! WAPO
U.S. officials weigh protecting all deposits at Silicon Valley Bank
Extraordinary step eyed if plan to sell SVB to another institution fails. Lawmaker says Democrats are “praying for a buyer.”
Selling SVB to a healthy institution remains the preferred solution, officials have told members of Congress. Most bank failures are resolved that way and enable depositors to avoid losing any money.
(preferably not "crash and burn" Musk? See below)
https://www.reuters.com/business/finance/regulators-urged-find-silicon-valley-bank-buyer-industry-frets-about-fallout-2023-03-12/
U.S. marshalling 'material action' to stem SVB fallout
NEW YORK, March 12 (Reuters) - U.S. authorities were preparing "material action" on Sunday to shore up deposits in Silicon Valley Bank (SVB) and try to stem any broader financial fallout from its sudden collapse, sources familiar with the matter told Reuters.
Biden administration officials worked through the weekend to assess the impact of startup-focused lender SVB Financial Group's (SIVB.O) Friday failure, with a particular eye on the venture capital sector and regional banks, the sources said.
Details of the announcement expected on Sunday were not immediately available, but one of the sources said the Federal Reserve could take action similar to what it did to keep banks operating during the COVID-19 pandemic.
"This will be a material action, not just words," one said.
Biden administration officials worked through the weekend to assess the impact of startup-focused lender SVB Financial Group's (SIVB.O) Friday failure, with a particular eye on the venture capital sector and regional banks, the sources said.
Details of the announcement expected on Sunday were not immediately available, but one of the sources said the Federal Reserve could take action similar to what it did to keep banks operating during the COVID-19 pandemic.
"This will be a material action, not just words," one said.
https://www.bloomberg.com/news/articles/2023-03-12/fdic-auction-for-svb-said-to-be-underway-final-bids-due-sunday
https://archive.ph/XYuBe
FDIC Auction for Failed SVB Underway, Final Bids Due Sunday
• Final bids due, winner may only be known late Sunday
• FDIC is racing to sell SVB assets before branches open Monday
https://www.wsj.com/articles/how-silicon-valley-turned-on-silicon-valley-bank-ee293ac9
How Silicon Valley Turned on Silicon Valley Bank
https://www.npr.org/2023/03/11/1162805718/silicon-valley-bank-failure-startups
Silicon Valley Bank failure could wipe out 'a whole generation of startups'
https://werd.io/2023/on-the-demise-of-silicon-valley-bank
On the demise of Silicon Valley Bank
https://www.ft.com/content/c95e7708-b903-405d-a017-963844eb3dc3
Silicon Valley Bank is a very American mess
The rules work! They just weren’t applied to SVB Financial
https://gideons.substack.com/p/thiel-svb-potter-bailey-building
Thiel : SVB :: Potter : Bailey Building and Loan?
Why would Silicon Valley's biggest venture capitalists want to start a run on their own bank?
https://www.theguardian.com/business/2023/mar/12/silicon-valley-bank-collapse-no-bailout-janet-yellen
Yellen says Silicon Valley Bank won’t receive bailout after collapse
https://www.ft.com/content/3c6551ff-9778-4713-afc5-f87ba0bb80dd
Uninsured Silicon Valley Bank depositors seek fire sale of assets
https://www.jewishpress.com/news/israel/silicon-valley-bank-tanked-dragging-down-500-israeli-startups/2023/03/10/
Silicon Valley Bank Tanked, Dragging Down 500 Israeli Startups
https://techcrunch.com/2023/03/12/yellen-says-govt-concerned-about-silicon-valley-bank-depositors-but-dismisses-bailout/
Yellen says government trying to help Silicon Valley Bank depositors but dismisses bailout
https://archive.ph/ffuht
Elon Musk May Buy Failed Silicon Valley Bank
Tesla’s CEO says he's open to the idea of Twitter acquiring the California bank that was shut down on March 10 by regulators.
One of the solutions to avoid a disaster scenario and a bailout with taxpayer money would be for a third party to come forward to buy the bank. Elon Musk says he is interested in playing the role of white knight. That's what he just said on Twitter, when a user floated the idea that Twitter, which he owns, should acquire what was left of Silicon Valley Bank.
This scenario would allow the billionaire to realize his ambition to transform the platform into a mega app called X, which would offer financial and other services.
"I think Twitter should buy SVB and become a digital bank," the Twitter user said.
"I’m open to the idea," Musk responded, without providing further details. For example is he in talks with the FDIC?
This scenario would allow the billionaire to realize his ambition to transform the platform into a mega app called X, which would offer financial and other services.
"I think Twitter should buy SVB and become a digital bank," the Twitter user said.
"I’m open to the idea," Musk responded, without providing further details. For example is he in talks with the FDIC?
https://archive.ph/Af4vB
SVB Draws Support From More Than 100 Venture Firms, Investors
More than 100 venture capital and investing firms have signed a statement supporting Silicon Valley Bank, part of mounting industry calls to limit the fallout of the bank’s collapse and avoid a possible “extinction-level event” for tech companies.
As of Saturday afternoon in San Francisco, about 125 venture firms including Sequoia Capital had signed on to the statement, spearheaded by venture firm General Catalyst, according to a person familiar with the matter. First released Friday by a smaller group of signatories, the statement called the events of the last two days “deeply disappointing and concerning,” and said that the investors would continue relationships with the institution if it were bought by another entity.
Also on Saturday, the startup incubator Y Combinator posted a petition signed by hundreds of founders and chief executives to US Treasury Secretary Janet Yellen and other regulators, asking for “relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank.” The petition asked for small businesses that had deposited funds at Silicon Valley Bank to be made whole, and for Congress to “restore stronger regulatory oversight and capital requirements for regional banks.”
On Friday, a group of investors for high-profile firms met over Zoom in a series of meetings, according to one person familiar with the discussions. General Catalyst Chief Executive Officer Hemant Taneja posted the resulting statement on Twitter following the meetings, indicating the support of Kleiner Perkins, Khosla Ventures and others. In the hours that followed more than 100 other firms signed on, including Sequoia, said one of the people, who asked not to be identified because the discussions were private.
As of Saturday afternoon in San Francisco, about 125 venture firms including Sequoia Capital had signed on to the statement, spearheaded by venture firm General Catalyst, according to a person familiar with the matter. First released Friday by a smaller group of signatories, the statement called the events of the last two days “deeply disappointing and concerning,” and said that the investors would continue relationships with the institution if it were bought by another entity.
Also on Saturday, the startup incubator Y Combinator posted a petition signed by hundreds of founders and chief executives to US Treasury Secretary Janet Yellen and other regulators, asking for “relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank.” The petition asked for small businesses that had deposited funds at Silicon Valley Bank to be made whole, and for Congress to “restore stronger regulatory oversight and capital requirements for regional banks.”
On Friday, a group of investors for high-profile firms met over Zoom in a series of meetings, according to one person familiar with the discussions. General Catalyst Chief Executive Officer Hemant Taneja posted the resulting statement on Twitter following the meetings, indicating the support of Kleiner Perkins, Khosla Ventures and others. In the hours that followed more than 100 other firms signed on, including Sequoia, said one of the people, who asked not to be identified because the discussions were private.
https://www.cnbc.com/2023/03/11/silicon-valley-bank-employees-received-bonuses-hours-before-takeover.html
Silicon Valley Bank employees received bonuses hours before government takeover
https://www.nytimes.com/2023/03/11/technology/silicon-valley-bank-crypto-investing.html
Silicon Valley Bank Collapse Sets Off Blame Game in Tech Industry
The implosion of the Silicon Valley bank led to finger-pointing, as executives and investors jumped on the crisis for their own messaging.
https://fortune.com/2023/03/11/silicon-valley-bank-support-after-bank-run-from-100-plus-venture-capital-and-investing-firms/
Silicon Valley Bank draws support from 100-plus venture capital and investing firms after ‘unintended consequence’ of bank run
https://noahpinion.substack.com/p/why-was-there-a-run-on-silicon-valley
Why was there a run on Silicon Valley Bank?
Screwing workers in general.
https://www.businessinsider.com/fair-labor-standards-act-hiring-child-laws-worker-shortage-iowa-minnesota-2023-2
Instead of paying adults more, some states might let companies hire kids as young as 14 to fill the labor shortage
Deranged people:
https://www.buzzfeednews.com/article/pranavdixit/mexican-drug-cartels-twitter-elon-musk-report
Murderous Mexican Drug Cartels Are Thriving On Elon Musk’s Twitter
“Twitter shouldn’t provide a platform for Mexican cartel members to spread their hate and incite violence," an official for the organization behind a new report said.
https://www.gq-magazine.co.uk/lifestyle/article/jaw-surgery-men
Meet the men paying to have their jaws broken in the name of ‘manliness’
A growing number of men – often motivated by the darkest corners of the web – are paying vast sums to have their jaws broken and reshaped in the hope that a manlier mandible might transform them into ‘alphas’ or ‘Chads’.
https://archive.ph/ffuht
Elon Musk May Buy Failed Silicon Valley Bank
Tesla’s CEO says he's open to the idea of Twitter acquiring the California bank that was shut down on March 10 by regulators.
BAD NEWS
https://www.nytimes.com/2023/03/10/us/car-thefts-kia-challenge-tiktok.html
Teens Are Stealing More Cars. They Learn How on Social Media.
Violent crime is largely receding from pandemic highs, but cities face a surge in car thefts, driven in part by videos that show how to hot-wire models by Kia and Hyundai.
IS IT APRIL FOOLS DAY YET?
https://www.cnn.com/2023/03/11/politics/mike-pence-gridiron-dinner/index.html
Pence says ‘history will hold Donald Trump accountable’ for January 6
Has the worm turned?
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Confiscate every fucking penny responsible parties have. Every. Single. Penny.
So long as this doesn't fall on taxpayers' shoulders!
