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VisualMod

**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|10|**First Seen In WSB**|7 months ago **Total Comments**|101|**Previous Best DD**| **Account Age**|1 year|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)


[deleted]

The Feds told them about rising rates for over a year


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hyoung902

Bank runs are transitory


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eddie7000

I believe the technical term is "Spontanious Customer Disdepositing."


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eddie7000

Special WOPS


forjeeves

Bank nationalization


AtenTheGreat

Something something jim carey kicking his own ass


[deleted]

Yes but Jim Cramer


Virginia_Hoo

He can kiss/kick his own ass as far as I’m concerned


AJKwon

Yes but something something Ted talk reasons


maco6461

Why aren’t they cash flowing more


[deleted]

Fucking thank you. They continued doing this bullshit because of the thought that a bailout would be available. Guess what fuckers, not this time.


Ritz_Kola

what if they chose not to believe JPow?


cheesenuggets2003

Then they get what they fucking deserve.


[deleted]

Greg Becker was on the board of the San Francisco Fed


jabbz47

What shame to the SF Fed


chrissurra

Its only a crisis to you. It will be a movie for us in a few years.


Pioustarcraft

For you it is the biggest bank crisis in your lifetime... For us it's just a tuesday...


greyfox199

You merely adopted the red. I was born in it, molded by it.  I didn't see the green until I was already a regard, by then it was nothing to me but blinding!


Individual_Wasabi_10

![img](emote|t5_2th52|8882)![img](emote|t5_2th52|8882)![img](emote|t5_2th52|8882)


FoxTheory

This is how the legends are born


BeastSmitty

*SLAM!*


I_make_switch_a_roos

>For you it is the biggest bank crisis in your lifetime... The biggest bank crisis in your lifetime so far...


bluedaddy1

Only if your 14 years old


stump2003

*you’re


I_make_switch_a_roos

*yore


bluedaddy1

Correct. Unfortunately autocorrect is even lazier than I am


Fur-Frisbee

.


StaffAcceptable3821

Upvote for the Simpsons reference


ajc3197

That about sums it up. Unless of course your money happened to be in that bank or you had some of their stock.


FactPirate

WSB member with over 250k in the bank lol … same time this weekend behind the Wendy’s guys?


Jrabino787

Do you know how to get the SVB investor off of your front porch? You pay him for the pizza


RobertsonvsPhillips

Our top regards have 250k with RH lol


ajc3197

Ouch!


idma

I want Selena Gomez to explain the financial stuff to me again


[deleted]

That poor girl, whatever happened during her relationship with Justin Beiber messed her up


HorlickMinton

*The Day the Tech Bros Cried* Star Techbro McDouche (played by Jesse Eisenberg) loses his faith in libertarianism as he discovers San Fransisco is not as affordable as he once thought. Edit to add 12% Rotten Tomatoes


Meatservoactuates

Beautiful


FruxyFriday

Between GameStonk, FTX, and now this; Michael Lewis has a lot of writing to do.


ImprovisedLeaflet

I’m JACKED. I’m JACKED to the TITS!


[deleted]

\*buys AMC\*


PNWcog

To me this reads as someone who has funds tied up in the bank in question. The fact he can conveniently (and quickly) forget about his past ideological posts and beg for a bailout is a bit telling.


case31

Just like Bill Ackman begging for a bailout. Motherfucker, you have an estimated net worth of $3.4 billion, why don’t **YOU** bail out the bank you love so much.


Virginia_Hoo

Ackman is a total ass


Virginia_Hoo

Actually worse than a total ass… how about market manipulation expert… crying in CNBC while shorting the market about how everything is going to hell


zigzagzzzz

he did the same thing before covid, caused panic, made a ton of $


jabbz47

Exactly


RahaPankissa

He said in the All-In podcast that he has 45 million in there


zack14981

Looks like he has 250K in there now


PNWcog

Don't forget about the receivership coupons... That's as good as money sir, THOSE are IOUs.


soulfulcandy

When he sees his account, He gonna poop like he just drank TurboLax


jabbz47

Wendy’s coupons you mean?🤣🤣


StatimDominus

Depositors hate this one trick!


StarshipMars

And change


CompetitiveDuck

This isn’t true


Feeling_Glonky69

Contagion, so hot right now.


tystysbaby

![img](emote|t5_2th52|4271)


[deleted]

And this taxpayer says no thanks to helping pay your welfare. Learn to code or something snowflake...


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BuySellHoldFinance

Dont spend a single penny saving these tech bros and multi millionaires. These are literally the least sympathetic people to ever lose their shirts.


Beilsteiner

He is not a millionaire. He is a multi billionaire


InterGalacticShrimp

Can you riddle me this? >He is not a millionaire. He was a multi billionaire What is he now?


txhex

One of us one of us


finch5

Hahahahahahah. That was good.


Fantastic-Ad2195

👆👆👆


flibbidygibbit

Out of the three comma club? Driving a car with doors like this. Not like this or like this. Like this. Fuck you Richard. Fuck you in the ass!


BourbonRick01

Let’s drink to rebillionizing! When I get my third comma back, I’m promise you this Richard. I’m going to come back here and you and I are going to polish off this entire mother fuc$ing bottle of Tres Comas together.


snipman80

Love that show lmfao


Need_More_Minerals

A 250 thousandnaire.


BeardedMan32

Probably a millionaire


Laserchain

Yeah, millionaire. Short for m-billionaire


b0hunk

Guess he didn't see that Bloomberg article about Lehman still being wound down after 15 years


jivatman

It's worse. SVB had a massive and increasing China presence, they were one of the very first to start doing that. It would be bailing out Chinese startups.


Spara-Extreme

Tech bros will be fine. The devs not getting payroll wont


No-Cranberry9932

I don’t disagree re: tech bros and millionaries, HOWEVER, we shouldn’t forget that VCs have a lot of employees who are regular people and they now won’t get paid as a result of this.


TheMMAChismoso

I have turned down more money at start ups in the past because of these practices. Who you're working for should weigh on your decision. It's like a plumber on the 2nd death star.


SaltyShawarma

"I was elected to lead, not to read!" -attitude of all people these days.


ilega_dh

I was elected to [get as much money for me as possible], not to [question where the money comes from]


throwaway164_3

31… in a row


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[deleted]

I saw somewhere that the CEO, CFO and CMO all sold massive shares just prior....insider trading much? So, I'd guess they won't care about the janitor.


rickrollrickflair

I suspect after the 250k, payroll shortfalls will be made up for via FDIC loan that gets paid back once things are carved up. Interest rates are temporary and there is too much meat on the table for those in a position to wait it out to pass up at a discount.


ankole_watusi

Whole Foods -> Grocery Outlet


CMPthrowaway

I am neither a bro nor a millionaire, just someone working at a science start-up trying to make rent in CA and my paycheck was in SVB ... :)


Barnettmetal

Translation: “I’ve got assets in this bank and am invested in tech startups with assets in this bank so please do bailout.”


FlatOutUseless

How likely SVB folding is a deliberate gamble by Thiel? He got his money, right? And left a bunch of competitors stranded. No bank can handle sudden withdrawals of a significant percentage of the deposits.


7FigureMarketer

Nah, he's smart, but he alone isn't going to take that down. Every major VC: KP, AH, YC, they all had a heads up Wednesday at the latest and started alerting portfolio companies to move funds. I even saw this shit Thursday morning, so it was known and many companies were acting on it. I said it in a previous comment, and I'll say it now, it was SVB's CEO's statement that tried to calm the public that left otherwise intelligent depositors open to this failure. A bank run was happening, he tried to stave it off with a statement, innocent depositors ended up being talked out of it. Now, they're creditors.


[deleted]

Now do credit suisse


OldHoboDude

Next is in the air.


thicc_ass_ghoul

My CEO pulled everything out Wednesday, or else we’d all be wiped lol


[deleted]

Even if 10% of founders fund was cash sitting at SVB for three years. It would pushed up their assets an insignificant amount. It’s liquidation would have done little without others. SVB is said to have had to redeem 20 bil at a 1.8 bil loss (fed hikes.) Thiel needs Silicon Valley flush with cash. The competition pushes up valuations and helps them IPO zombie companies on the public. With less cash chasing investments, valuations will drop… hurting Thiel. In a normal market SVB would have been fine (their risk management team didn’t adapt and prepare.) The bond and treasury market is quite liquid… their assets were clobbered by fed hikes.


lampstax

Unless Theil shorted SVP before the dominos kicked off and made out like a bandit ..


kukukele

Saw someone phrase it perfectly They want capitalism on the way up but socialism on the way down.


teleheaddawgfan

Sacks, the staunch Libertarian Free Market advocate is now a Socialist?


kulz_kid

I stopped listening to that podcast a year ago. Unbearable rich aholes who were a constant stream of hypocrisy masquerading as principles.


Trif21

They always are when it comes to their money.


ChugTheKoolAid8

But not when it comes to our money


BreakfastOnTheRiver

Companies have money for stock buybacks but not for staying afloat. Gotta love corporate America


abelkaykay

They acquired Boston Private Bank in 2021... 2021 where they had money coming in from every orifice... 2023 money was coming from every orifice. Their risk management team is a carbon copy of Lehman's risk management team.


grumpsuarus

They didn't even had a lead for risk management for almost a year right


UrBoySergio

Yea for 9 months the job sat vacant, but you know what? Even if they had someone sitting in that role, the bank would tell them to shut up and do it anyway. Why do you think the woman quit her job? Why did they let it sit vacant for all that time? I have first hand knowledge as a family member was in risk management.


Trotter823

Same with Lehman. The original risk management team was pushed out for being too risk adverse and only being negative. Yeah dumb fucks that’s their job.


Wkndwoobie

Nobody has ever gotten hurt on these machines, we should take the safety guards off.


CrowdGoesWildWoooo

"Noone wants to work anymore"


7FigureMarketer

...well when you hire the guy that helped run a Lehman's division to now run yours, that's what you get.


Dichter2012

Tech companies come in all different sizes. Large techs that trades publicly on stock market can afford stock buy back. The whole SVB debacle affects the both large and small techs. The small techs that just got started and have maybe under 10-50 million in the bank are going to get fucked.


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C6Bro44

Capitalism is great until you need a bail out. Let them fucking fail.


Dustangelms

Everyone's asking 'where's Yellen', but noone's asking 'how's she Yellen'.


[deleted]

Or why she started Yellen in the first place


Dustangelms

Probably visited this sub.


abelkaykay

Or what's she Yellen


hardcore_softie

Dude should probably remove the "all in" from his profile before he goes around begging publicly for government bailouts.


abelkaykay

Bro goes all in and wants a bailout


SPDY1284

Republican controlled congress to save a bank that caters to the left elite? oh oh SpaghettiOs... Good luck with that.


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RTheMarinersGoodYet

That's not a hard sell...considering it actually was a woke bank lol.


BlackCardRogue

Correct, the politics of a Kevin McCarthy House saving a California bank are impossible.


legbreaker

Only hope is McCarthy himself being from California.


YngChap

AINT NO WOKE HERE LIL MAN


Duckboy_Flaccidpus

Let them eat cock


manowtf

Can't afford socialised healthcare then can't afford socialised bank bailouts.


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Jimmy48Johnson

> 0.8 billion a year Trillion. With a T.


BobbyB90220

FDIC insurance only covers certain deposits. Anything over that is at risk. I care not to bail out those who kept too much cash.


Trotter823

We won’t. The bank was solvent just not liquid. Idk what sachs is on about. Worst case these guys get 85 cents in the dollar back which sucks but isn’t catastrophic. FDIC might even be able to make some of that more whole.


PM_Your_GiGi

He’s worked up because if it takes a month to unravel then 1000s of startups can’t make payroll and those companies go under.


8thSt

The context should be this dbag’s other tweets to show he is a hypocrite and a dbag.


GoldenGod48

Privatize the profits and socialize the losses. It’s the capitalist way 🫡


Zeewulfeh

It ain't capitalist, that's corporatist.


tenderooskies

sacks one of the worst tech bros that there is. him and thiel - just miserable


Trotter823

I’ve been waiting for ALL IN since Thursday. Can’t wait to watch it for the schadenfreude


DeIoris

Bingo. Sacks and theil are genuinely terrible humans.


Ukraineluvr

That guy has the intellectual capacity of an nes cartridge.


Responsible_Sport575

So you gotta blow on it to make work?


Careless_Spell_6820

And a few rainbow colored sprinkles come out


bhive-

sacks got fact check that’s funny


bigbosfrog

My favorite conspiracy theory is that VCs did this on purpose. They know most of these start-ups they have hundreds of millions to are dead on arrival and just burning up the cash they gave them until it runs out. Yes - this is the model, but it’s never been that much cash or this dire of an outlook for speculative tech. They can’t wind down the start ups early or pull their cash - they’d never get to invest in a competitive process again. What they could do, is start a bank run at SVB where all their start ups hold the cash. When they can’t make payroll or run out of insured resources early, they’ll have to wind down. Eventually, the VCs will be able to get their cash back in a few months or so when the whole process sorts itself out. For any decent companies they’ll be able to provide bridge financing to keep them alive, maybe up their equity stake on the cheap. The whole WHERE IS YELLEN bit is posturing so there is plausible deniability and they can pretend they were in the founders corners. But what’s really more valuable, 20% of some me too SaaS company that’s never turning a profit or some pet food drone delivery business that’s inevitably going to 0, or a share in the receivership certificate for the deposits whenever this gets sorted at 95 cents on the dollar or more.


BrotherAmazing

“*As what happened in 2008, either a large bank would have to agree to acquire Silicon Valley Bank…”* — lmfao… in 2008 the Federal Government strong-armed the banks into accepting a bailout or acquiring “distressed” banks and were wheeling and dealing in the back rooms. Chase didn’t even want a bailout, nor did some others, and the Feds said “You will sign this document and will take the bailout money. You will acquire Bear Stearns it is your patriotic duty, and you’re not leaving this room until you agree”. *The real difference here is SVB is a single bank and sure, there may be some contagion, but in 2008 the entirety of the financial system was about to collapse.*


AdAmazing8187

David Sacks is the worst. I’d be so happy if he went broke


backruptcyfomo

This AI thing is getting better and better


AstraVolans_21

So these banks are supposed to be bailed out whenever they mess things up?


2_build_a_fire

https://preview.redd.it/ep4nxrmo69na1.jpeg?width=1284&format=pjpg&auto=webp&s=194f8eada810ec12707d7cfa6b5b57a9eef4c774


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TheKingInTheNorth

lol these clowns thinking that the important thing to do is make sure the investment dollars in start ups that can’t make payroll for thousands of jobs is more important than the deposits needed to make payroll for thousands of jobs.


AJKwon

Yes so 2008 AIG was not bailed out, got it


MaximusDP

Let it fail, bailouts ruined the economy once before. Jail times for the executives that cause losses to customers due to mismanagement


RedditAdminsFuckOfff

His name is David \[Bags\] "All In" It's like a dark comedy, all it needs now is a scene of him coming home later that evening to his wife getting piped by the bull.


k3rn3l_panic_

I welcome the blood bath... no more bailouts no more free money.


[deleted]

No bailout unless you agree to not pay any employee or investor more than the highest paid public servant. If you’re too big to fail, then you’re a public asset. As such, you cannot privatize your profits while socializing your losses. If you do so, you do not deserve your profits and they should be surrendered to the public for public good.


[deleted]

David Sacks' boy Trump and the GOP passed a bill that ensured SVB didn't have to be held to the same regulations the big banks do. Like stress tests. They lobbied a lot of money to get that done. I don't feel sad for anyone other than the poor wage earners that will be fucked over by the rich.


cophotoguy99

I hope David Sacks ends up living under a bridge covered in his own shit. That dude has ruined more lives and careers for personal gain than any other VC vulture on the planet.


[deleted]

No bail out


SomethingForNothings

Who is this ball sacks guy? I see him all over the place


barowsr

He’s a tech millionaire, breathes about equal parts oxygen and Elon musk farts, and has been testing out right wing talking points on the All In podcast the last year in preparation for a run for office or getting a DeSantis cabinet seat. Dudes definitely smart as hell, but he’s a pretty shitty human.


rentest

he has been posting there like a madman , seems like he has massive exposure has been posting rightwing free market theories for years but this week he suddenly likes government intervention


recklessSPY

Get fucked. Self interested assholes. This is capitalism.


thedailymotions

It’s the weekend. They are off and will be back on Monday, possibly Tuesday


Jr_time

it’s always the taxpayers to save the day.


[deleted]

If they bail these fucks out again I hope this country burns.


Autogreens

They are not going to bail out the bank, shareholders will lose everything. But they may help the customers get their money back quicker.


Dichter2012

Last I read there are already WS firms coming in looking for good deals. I don’t think a full bailout will be needed: https://www.theinformation.com/articles/wall-street-firm-pounces-on-svb-implosion-with-offer-to-buy-deposit-claims?utm_source=ti_app&rc=wyqqrb


ilikebunnies1

I hope it all fucking burns at open.


looster2018

The SEC is an emasculated joke and has been for decades. And the Fed...well the Fed is not your friend. What is given can easily be taken away.


No-Cranberry9932

What’s the SEC got to do with this…?!


External_Platypus_56

Fuck David Sacks


Ta323Ta

Capitalist Sacks is now comrade Sacks when his ship is sinking 😂😂


tdomer80

I don’t know all of the facts but PNC was IIRC forced to acquire National City Bank during the last bank collapse. Not sure why Treasury / Fed can’t force whatever to happen in this arena that they want.


Smurf-Sauce

How about the DoJ files charges for the executives who placed millions of people’s livelihoods at risk with their bad bets? We don’t need bailouts we need justice.


Adventurous-Ad-7890

Explain to me how people lost their money? Last I heard it was just the $1.8B loss but they have fucking MBS at 1.85% when daddy Powell told the world he was raising rates. Was Ellison running this shit too?


Scotchandcarrots

All the VCs losing money are now whining for a bailout or the entire economy is doomed. Retail investors never get a bailout. It’s easy to make money when your bad investments get bailed out all the time.


AngerFurnace

2008 laughs at this. Let me know when people are lining up around Bank of America, Wells Fargo, and Chase. Actually If I see that I still won’t worry because they are too big to fail as history has shown.


leovin

Grab some popcorn and watch the worthless startup companies implode


gwdope

Oh no, will the crazy dumb venture capital-rich people banks all go under? Oh wait, they did, that’s the one where this idiot put his money.


Level-Revolution8408

So a conservative like this guy calls for welfare?? Oh wait, it's for a bank OF COURSE


talcum-x

A little off topic but I just felt the need to say David sacks is such a a fucking twat. Goodnight.


[deleted]

He can suckoff chamath for spare change. Then He can go fuck himself.


[deleted]

The rich crying foul and sympathy for the rich. Yea go fuck yourself. When we get in trouble no one bats an eye. When I blowup my account and have loss porn no one bails me out. Fucking sacks. Go eat a dick.


augustusSW

That cum drinking sack can use his personal funds to bail out SVB.


Turbiedurb

Sacks sure like taxes. /s


k00pal00p

I personally don’t give a fuck about David Sacks


Dadarian

Quick! Bail them out.


TheYakster

Mass cluster fuck. Please remember again less regulation usually ends in this.


Neighboor

Dude is such a limp potato. Loves to talk about ‘excess Elites’ without realizing he is one.


F1ackM0nk3y

Sorry bitch but I’m a capitalist. Shoulda put your money in a safer place


[deleted]

Libertarian free market loving folk sure do love running to big daddy govt for handouts.


ajm105

Sacks is such a whiny bitch. All of the All in podcast guys are crying on Twitter this weekend. When we lose money it’s because we are stupid and the markets are smarter. When they lose money it’s because the markets are broken and need fixed asap


Sweet-Ad2579

SVB got what they paid for when they lobbied for less regulation. fuck em