Posted on 03/15/2023 6:00:46 PM PDT by DoodleBob
The 40-year-old institution now supported by the U.S. government is making a plea to customers following its collapse last week.
“Please consider cancelling any outgoing wires this morning and send as many deposits as possible back to SVB today,” Minh Le, a longtime market manager for SVB’s Washington and Western Canada region, wrote in a LinkedIn post Wednesday morning. “If you moved funds seeking safety, there is now no safer institution to hold deposits at than SVB.”
He added: “If you’ve asked how you can support us, this is the best way to do it.”
CEOs and investors rushed to withdraw their funds from SVB amid a massive bank run that took down the 40-year-old institution used by a majority of Seattle-area startups.
Many breathed a sigh of relief over the weekend when regulators vowed to fully protect insured and uninsured SVB deposits after the bank collapsed.
“We are open for business and are hard at work bringing all systems and solutions back online to support you,” Tim Mayopoulos, CEO of Silicon Valley Bridge Bank, the newly established firm created by regulators to manage the bank, wrote in a memo Tuesday. “We are making new loans and fully honoring existing credit facilities.”
...
“SVB is making the case that they are technically the safest bank in the world given the Fed backstop,” he said. “This is probably true but tough for founders and boards to wrap their heads around.”
(Excerpt) Read more at msn.com ...
Maybe they should offer a toaster. It worked back n the day.
“ Maybe they should offer a toaster. It worked back n the day.”
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I’m holding out for S&H Green Stamps…. I’ve got some books needing filled.
Do they give high interest rates on the Christmas fund?
Some customers may be waiting for an Air Fryer.
Closed for less than a week, and already trying to fleece dumb customers.
Democrat campaign coffers may get dangerously low without embezzlement funding
Come ride the Titanic! It’s really unsinkable this time!
Note where this guy is: Seattle. A place full of people who would happily say “Why sure!”
this guy is an idiot ... an FDIC-operated bridge bank is a temporary institution so people can get their money back while the FDIC *TRIES* to sell it to some other bank ...
thus there’s no telling what, if anything, will happen to the bridge bank ... no telling which, if any, bank it might be sold to and whether that would be a bank one would want to do business with ...
if this guy is indicative of the remaining bank employees and if there’s any chance this fool and any of his equally foolish co-workers would be kept on, then existing customers should run screaming from this bridge bank ...
Everybody Wang Chung tonight.
Anybody else hear the band playing "Nearer, My God, to Thee" in the background?
Regards,
Reminds me of the movie “The World According to Garp” and the scene where the house they are looking to buy gets hit by an airplane.
“We’ll take it! We’ll be safe here - what are the odds that a plane will ever crash into it a second time!?”
Why does Minh Lee still have a job as a Market Manager for SVB?
Why is he not rotting in prison for the rest of his worthless, miserable existence?
This whole story reminds me of the orchestrated FTX implosion. All the money is gone, but the ‘right people’ ended up with it.
BETCHA they are tied to CRYPTO
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