> Really it comes down to irrational VCs starting this bank run
I really wish there was more investigation of Peter Thiel on this. He issued very specific edicts to startups he was invested in on Wednesday night saying that they were all to have all funds out by COB Thursday.
He also then specifically directed one of his companies to have a loan application app up and running, and that it would need to be ready by noon on Friday (the Feds shut the doors Friday morning).
These were remarkably ... prescient ... predictions, and very precise and specific.
I cannot help but wonder if Thiel had some insider information on this going down. I'm sure he's probably quite friendly with SVB's board given how much money he's pushed their way.
It should also be noted that encouraging or pushing a bank run is in fact a felony.
I really wish there was more investigation of Peter Thiel on this. He issued very specific edicts to startups he was invested in on Wednesday night saying that they were all to have all funds out by COB Thursday.
He also then specifically directed one of his companies to have a loan application app up and running, and that it would need to be ready by noon on Friday (the Feds shut the doors Friday morning).
These were remarkably ... prescient ... predictions, and very precise and specific.
I cannot help but wonder if Thiel had some insider information on this going down. I'm sure he's probably quite friendly with SVB's board given how much money he's pushed their way.
It should also be noted that encouraging or pushing a bank run is in fact a felony.