At Least Peter Thiel Got His Money Out In Time

JOINT STATEMENT FROM POWELL, YELLEN AND GRUENBERG:

*SVB has been resolved and "fully protects all depositors. Depositors will have access to all of their money" tomorrow

*New York's Signature Bank has been closed

full statement here:https://t.co/QS8ruEys18 pic.twitter.com/awFwZEqkzP

— Brendan Pedersen (@BrendanPedersen) March 12, 2023

We still gotta assess the blame “woke” had in all of this.

This has absolutely NOTHING to do with a bank being "woke".
- 1 bank with an extreme Industry concentration got caught on the wrong side of the trade investing in MBS/UST.
- bad timing + communication around SVB raising $$ led to MASSIVE withdrawals & a run on the bank. https://t.co/OVtiwcvpyr

— Stephanie Ruhle (@SRuhle) March 12, 2023

Given the questions about whether Peter Thiel contributed to this bank run, is @JamesComer telling us something we should know about Thiel?

Will he subpoena Thiel, to find out if he's "woke"? https://t.co/gYCwyZD0so

— emptywheel (@emptywheel) March 12, 2023

Thiel is not just a Twitter concern/discussion:

Bloomberg had a good piece Friday on some VCs asking founders to hold tight, not panic, that SVB was key part of SV ecosystem but far more, including Thiel/Founders pressing all their start ups to get out asap and at least hastening if not causing the collapse.

— Josh Marshall (@joshtpm) March 12, 2023

it's basically free-thinker, wheel-skeptic pats himself on the back for reinventing the wheel

— Josh Marshall (@joshtpm) March 12, 2023

Woke Peter Thiel https://t.co/nJt4v51ZcP

— Schooley (@Rschooley) March 12, 2023

Yeah, this is the fun part.

Has @davidsacks apologized for complaining that Yellen was busy fixing Silicon Valley’s mess rather than holding his hand, yet?

— emptywheel (@emptywheel) March 12, 2023