SVB collapse: Peter Thiel's role scrutinized as spark of bank run

[peppertree]

Tech mogul and Republican campaign donor Peter Thiel is being accused of sparking the run on the bank that forced regulators to close down Silicon Valley Bank.

Journalists and critics have turned their focus on Thiel in the wake of SVB's collapse, accusing him of influencing businesses to withdraw their funding from the bank. His efforts are thought to be the first that eventually sparked the bank run, leading to California regulators intervening.

"To be clear, SVB did not properly hedge its risks against two threats, 1) concentration of influence by Peter Thiel, 2) rising interest rates," tweeted investigative journalist Dave Troy.

"That was mismanagement, but it still wasn't fraud, and they still have sufficient assets to meet nearly all of the bank's obligations."

At: https://www.washingtonexaminer.com/news/business/svb-collapse-peter-thiel-silicon-valley-

Soft coup?

On Thursday night, Founders Fund - the venture capital fund co-founded by Peter Thiel - advised companies to pull money from the now-insolvent Silicon Valley Bank.

[hippywife]

1. Karma needs to be coming for THIS man...

and soon. The bank was definitely at fault for their investment strategies and needs to pay for that, but Theil is a one man wrecking ball on two legs with way too much influence and control.

[MichMan]

2. Does anyone know what laws were broken by Thiel ?

I didn't see anything about that in the link.

[hippywife]

3. To my knowledge at this point...

Theil didn't break any laws, he just decided to take a sledgehammer to a bank in order to protect himself and his circle, fuck everyone else.

[Warpy]

4. Bloomberg has a bit more detail

https://www.bloomberg.com/news/articles/2023-03-11/thiel-s-founders-fund-withdrew-millions-from-silicon-valley-bank

If you don't have an account, there's Business INsider:

Peter Thiel's Founders Fund got its cash out of Silicon Valley Bank before it was shut down, report says

Peter Thiel's Founders Fund had no cash left in Silicon Valley Bank by Thursday as it began to unravel, Bloomberg reported.

A source told Bloomberg the PayPal cofounder's fund had moved to close its exposure to the failing bank after running into problems using SVB's services.

The venture capital group had been engaging in a "capital call" — where it asked investment partners to send funds to invest in a company — by transferring funds to its Silicon Valley Bank account. However, the funds didn't immediately go through as expected.

Following the withdrawals, the fund no longer had any exposure to SVB as of Thursday morning, the unnamed source told Bloomberg. It wasn't clear whether the transfers happened on that day, or earlier.

https://www.businessinsider.com/peter-thiel-founders-fund-pulled-cash-svb-before-collapse-report-2023-3?op=1

It's about time some of the insider information shit gets splashed all over Thiel.

Note to OP: Washington Examiner is not considered a valid source here. To avoid knee jerk hides when they actually run a valid story, look for other sites to post, instead.