Show notes
Pod 90:
- inflation weekly; SVP bank collapses, 2008 part 2 https://www.reuters.com/business/finance/global-markets-banks-wrapup-1-2023-03-10/ people trying to get their money https://www.reddit.com/r/Bitcoin/comments/11o2hoq/bank_run_at_boston_private_bank_recently_acquired/
- bank shares plummeting https://twitter.com/gurgavin/status/1634202459051638785?s=46&t=rA_ujwhNyH0Pv6-5p8oapg
- Linked with the above, Coinbase pause USDC:USD conversions https://twitter.com/coinbase/status/1634399032767307776?s=46&t=rA_ujwhNyH0Pv6-5p8oapg stable coin bruh https://twitter.com/gurgavin/status/1634452457253109761?s=46&t=rA_ujwhNyH0Pv6-5p8oapg
- Circle lost $3.3b in SVB, explains the collapse in USDC https://www.theblock.co/post/218971/circle-says-3-3-billion-of-usdc-reserves-are-with-silicon-valley-bank
- bank run on exchanges as bitcoin balances tumble https://www.reddit.com/r/Bitcoin/comments/11oq66e/bank_run_on_bitcoin_exchanges_happening_now/
- SVB depositors are made whole with no cost to the taxpayer https://www.theguardian.com/business/2023/mar/12/silicon-valley-bank-collapse-no-bailout-janet-yellen
- official fed response “everything’s fine .gif https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm
- the UK arm of SVB is brought for £1 by HSBC and deposits guaranteed for an insolvent bank yet. I taxpayer money was used https://www.linkedin.com/posts/rishi-sunak_innovation-svb-siliconvalleybank-activity-7040968194064330753-y_kv?utm_source=share&utm_medium=member_ios
- Auditing works 🙃 KPMG audited SVB and Signature within 2 weeks of their collapse and gave a clean bill of health https://www.linkedin.com/posts/michaeljacksonvc_tech-technology-innovation-activity-7041345346995638274-UGdb?
- SVB had no head of risk but they did have a lesbian visibility day (Daily Mail deleted their link so here’s a new one https://www.businesstoday.in/silicon-valley-bank/story/get-woke-go-broke-silicon-valley-banks-top-woman-executive-lgbtq-activist-gets-targeted-for-lenders-failure-373067-2023-03-12)
- How many canaries in the coalmine need to die before people see sense https://twitter.com/Lynxabi/status/1635283829027131394?s=20