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SVB Bank's CEO implores VC clients to bring back their money - or else get sued (implied)
Posted on 3/16/23 at 8:07 am
Posted on 3/16/23 at 8:07 am
6
Posted on 3/16/23 at 8:24 am to the_truman_shitshow
i wonder if gavin newsom or his vineyards have put their money back into svb. newsom made a lot of phone calls to get his bailout.
Posted on 3/16/23 at 8:56 am to the_truman_shitshow
Honestly, anyone who signs an exclusivity clause with a bank deserves whatever they get.
This post was edited on 3/16/23 at 8:57 am
Posted on 3/16/23 at 9:05 am to billjamin
quote:
who signs an exclusivity clause
Right? Kind of feel like depositors were set up.
Posted on 3/16/23 at 9:06 am to the_truman_shitshow
Posted on 3/16/23 at 9:08 am to the_truman_shitshow
He proved they can’t mange risk. Why would anyone let them miss manage their funds again?
Posted on 3/16/23 at 9:11 am to DaBike
Kind of depends WTF happened.
From what has been said, JP Morgan and other banks poached their depositors, meaning they had to cough up billions for them and fricking up their cash flow.
Depositors leaving is normal. Competitors actively soliciting them doesn’t appear to be.
From what has been said, JP Morgan and other banks poached their depositors, meaning they had to cough up billions for them and fricking up their cash flow.
Depositors leaving is normal. Competitors actively soliciting them doesn’t appear to be.
Posted on 3/16/23 at 9:16 am to DaBike
quote:
they can’t mange risk
Gee, I wonder why?
Posted on 3/16/23 at 9:18 am to the_truman_shitshow
Large loans typically have a clause stating that the borrower must maintain a primary deposit account with the lender. Sometimes it’s exclusive and sometimes it’s a bit more vague.
Posted on 3/16/23 at 9:22 am to lighter345
SVB’s suits would have to wind their way through the court system, which will take years, and discovery could highlight a bunch of issues that legitimized depositors bailing because of an impending collapse.
SVB may have the law by their side but this country isn’t necessarily governed by laws anymore.
SVB may have the law by their side but this country isn’t necessarily governed by laws anymore.
Posted on 3/16/23 at 9:24 am to the_truman_shitshow
quote:
“If our clients choose to take their deposits and keep them in other institutions, that clearly limits the range of options that we have in terms of the ultimate outcome.”
well yeah no shite. To the bigger point if you got out unscathed than consider yourself lucky and stay the frick away.This post was edited on 3/16/23 at 9:27 am
Posted on 3/16/23 at 9:26 am to DaBike
quote:
He proved they can’t mange risk.
You realize that this is a new CEO, right?
Posted on 3/16/23 at 9:44 am to the_truman_shitshow
quote:I'm not sure I understand the joke. Sounds like SVB is in the driver's seat on that.
The CEO implored venture clients to bring funds back to the bank, noting that if they did so, the firm would try to forego pursuing any violations of exclusivity clauses.
Posted on 3/16/23 at 10:18 am to NC_Tigah
If that is a jury trial, what are the chances that SVB gets a verdict and their judgment is over $1?
People aren’t going to side with a failed back against investors who managed to leave unless there is proof they did so in order to force a failure, IMHO.
People aren’t going to side with a failed back against investors who managed to leave unless there is proof they did so in order to force a failure, IMHO.
Posted on 3/16/23 at 10:21 am to teke184
quote:
If that is a jury trial, what are the chances that SVB gets a verdict and their judgment is over $1?
People aren’t going to side with a failed back against investors who managed to leave unless there is proof they did so in order to force a failure, IMHO.
Most of these contracts have jury trial waivers. These are purely contractual and are based on loans taken out by these companies. The companies can pay the loans back and take their money elsewhere, or they can try to negotiate an amendment to the contract.
Posted on 3/16/23 at 11:09 am to teke184
quote:Not the equation. The new CEO says he understands their moves last week. But there is no longer a risk, and there still is a contract. Unless there is an escape clause, that money will need to return ASAP by contractual obligation.
People aren’t going to side with a failed back against investors who managed to leave unless there is proof they did so in order to force a failure, IMHO.
Put another way, a start-up on the other side of a US government legal action won't be a start-up for long. It will be a shut-down
Posted on 3/16/23 at 1:11 pm to the_truman_shitshow
What a perfect snapshot of society, too many people riding the cart and not enough people pulling the cart
The days of the competent carrying the weight for the grossly incompetent are over
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