Gregory's Server
Where do people think all those equities on #SVB's balance sheet came from?
Why do people think that Y Combinator-investors are vocally demanding a bailout?
Hint: some folks will lose all their profits when their convertible notes are sold at a discount.
Let's be crystal clear: this was a bank run directed by one group of venture capitalists, which left another group of venture capitalists holding the bag. The latter is vocally demanding that taxpayers "make them whole" which translates into: rewarding them for assuming unmitigated risk.
The FDIC will ensure that bills are paid, loans are serviced, and payrolls are funded. The VCs that go out of business played the game and lost. That's capitalism. They can't have it both ways.
#SVB