/
Navigation
C
Chronicles
Browse all articles
C
E
Explore
Semantic exploration
E
R
Research
Entity momentum
R
N
Nexus
Correlations & relationships
N
~
Story Arc
Topic evolution
S
↻
Drift Map
Semantic trajectory animation
D
P
Posts
Analysis & commentary
P
Browse
@
Entities
Companies, people, products, technologies
◇
Domains
Browse by publication source
☉
Handles
Browse by social media handle
Detection
?
Concept Search
Semantic similarity search
!
High Impact Stories
Top coverage by position
+
Sentiment Analysis
Positive/negative coverage
*
Anomaly Detection
Unusual coverage patterns
Analysis
vs
Rivalry Report
Compare two entities head-to-head
/\
Semantic Pivots
Narrative discontinuities
!!
Crisis Response
Event recovery patterns
Connected
Nav: C E R N
Search: /
Command: ⌘K
Embeddings: large
VOICE ARCHIVE

Brad Hargreaves

@bhargreaves
12 posts
2023-03-12
CEOs yesterday faced a hard choice: Pull your deposits and go into default on your venture debt or risk losing everything if the bank failed. Many chose to hold tight as SVB's outright failure seemed outlandish.
2023-03-12 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or... https://twitter.com/... Bob Elliott / @bobeunlimited : Fed/FDIC decisions on SVB determine whether they r...

View original
$SIVB closure & receivership is going to have a massive impact on the tech ecosystem. SVB was not just a dominant player in tech but were highly integrated in some nontraditional ways. A few things we'll see in the coming days / weeks...
2023-03-12 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or... https://twitter.com/... Bob Elliott / @bobeunlimited : Fed/FDIC decisions on SVB determine whether they r...

View original
One more thing: SVB also offered *wealth management services* to many of its founders. So your corporate lender, corporate bank, personal mortgage lender, and family's wealth manager is... all one bank, which is now in FDIC receivership. Fun.
2023-03-12 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or... https://twitter.com/... Bob Elliott / @bobeunlimited : Fed/FDIC decisions on SVB determine whether they r...

View original
Two, any “uninsured” balances at SVB - those above $250K - are in jeopardy. FDIC plans to pay them out “as it sells the assets of SVB”. Lots of startups exclusively banked with SVB as *this was a covenant of their debt*!
2023-03-12 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or... https://twitter.com/... Bob Elliott / @bobeunlimited : Fed/FDIC decisions on SVB determine whether they r...

View original
One, SVB was incredibly integrated into the lives of many founders. Not just their startup's bank & lender, but also provided personal mortgages and other financial services. A whole mess for FDIC (or the eventual buyer) to unwind.
2023-03-12 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or... https://twitter.com/... Bob Elliott / @bobeunlimited : Fed/FDIC decisions on SVB determine whether they r...

View original
And given the weak fundraising environment, a number of startups have been reliant on venture lenders - e.g., SVB - not aggressively pursuing amortization of debt or triggering default for covenant foot faults (e.g., cash balances). How will the FDIC handle this? Mass defaults?
2023-03-12 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or... https://twitter.com/... Bob Elliott / @bobeunlimited : Fed/FDIC decisions on SVB determine whether they r...

View original
2023-03-11
$SIVB closure & receivership is going to have a massive impact on the tech ecosystem. SVB was not just a dominant player in tech but were highly integrated in some nontraditional ways. A few things we'll see in the coming days / weeks...
2023-03-11 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

Programming note: Money Stuff was supposed to be off today, but: bank run!  —  SVB

View original
One more thing: SVB also offered *wealth management services* to many of its founders. So your corporate lender, corporate bank, personal mortgage lender, and family's wealth manager is... all one bank, which is now in FDIC receivership. Fun.
2023-03-11 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

Programming note: Money Stuff was supposed to be off today, but: bank run!  —  SVB

View original
Two, any “uninsured” balances at SVB - those above $250K - are in jeopardy. FDIC plans to pay them out “as it sells the assets of SVB”. Lots of startups exclusively banked with SVB as *this was a covenant of their debt*!
2023-03-11 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

Programming note: Money Stuff was supposed to be off today, but: bank run!  —  SVB

View original
One, SVB was incredibly integrated into the lives of many founders. Not just their startup's bank & lender, but also provided personal mortgages and other financial services. A whole mess for FDIC (or the eventual buyer) to unwind.
2023-03-11 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

Programming note: Money Stuff was supposed to be off today, but: bank run!  —  SVB

View original
And given the weak fundraising environment, a number of startups have been reliant on venture lenders - e.g., SVB - not aggressively pursuing amortization of debt or triggering default for covenant foot faults (e.g., cash balances). How will the FDIC handle this? Mass defaults?
2023-03-11 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

Programming note: Money Stuff was supposed to be off today, but: bank run!  —  SVB

View original
CEOs yesterday faced a hard choice: Pull your deposits and go into default on your venture debt or risk losing everything if the bank failed. Many chose to hold tight as SVB's outright failure seemed outlandish.
2023-03-11 View on X
Bloomberg

As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality

Programming note: Money Stuff was supposed to be off today, but: bank run!  —  SVB

View original