Didn't UK say they were going to extend help beyond the £85k limit for SVB's UK subsidiary?
To be fair, SVB is an important lessons banks and just how social media can cause major problems if the narrative is not controlled.
They obviously paid no attention to CZ and FTX, how in the space of 2 days, SBF went from Sam BankMan Fried to Sam BankMan Fraud.
SVB wasn't in bad shape, there aren't many institutions right now that do not unrealised losses if taken marked to market (I'd hate to look at insurers right now). But now with the ability to move deposits almost instantaneously a situation can get out of hand real quickly if left unabated.
The bank has more than enough assets to cover depositors if all assets were liquidated today. Just a shame, it has played out like this as it puts business operations at risk.
Grand / Grand
npub14t…65up9
2023-03-12 10:22:09
in reply to nevent1q…sz3r
Author Public Key
npub14t8dquz744cfdvmnn70u8cv0d87l2ygml6vugvwy6lxhj3ne3zhqg65up9Published at
2023-03-12 10:22:09Event JSON
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