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   Jean-Francois Mezei (jfmezei@mstdn.ca)'s status on Tuesday, 28-Mar-2023 21:57:34 JST Jean-Francois Mezei

   in reply to

   • Roger McNamee

   @rogermcnamee The reason FDIC became willing to cover all deposits is that SVB had sufficient assets to back those deposits. The problem is that SVB could not convert those assets into cash overnight. When you can buy treasury bills at 2% today, you're not going to buy SVBs treasury bills yielding 1%, but those bill are sill solid. No bank can survive a bank run, especially when started by someone like Thiel.

   • clacke likes this.
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     Roger McNamee (rogermcnamee@sfba.social)'s status on Tuesday, 28-Mar-2023 21:57:35 JST Roger McNamee

     I wrote for the @latimes about lessons we should take from the collapse of SVB. Top of the list: if titans of Silicon Valley would not rally around their community’s bank, they will never prioritize the public interest. We should not trust them.

     https://www.latimes.com/opinion/story/2023-03-26/silicon-valley-bank-svb-big-tech-regulations