Top Tweets for #SaveSVB
1/ 🙏 @msuster - You're right. It's understandable to be angry about decisions at #SVB, but the bottom line is that VC & tech are better off with a healthy SVB. But in order to #savesvb @SozoVentures and I are asking clients to #redeposit at SVB. Here's why:
1/ Update on what I know about SVB situation. New info on industry call with new CEO last night.
Their main message, "we are open for business, your deposits are fully FDIC insured & safe"
They understand you will have cash in multiple banks, they would like to be one of them
This comment letter is being submitted jointly by five domestic banking organizations (non- #GSIB Banks).
We appreciate to comment on advance notice of proposed rulemaking (the ANPR) published @federalreserve and @FDICgov /14
@USTreasury #FSOC
@CFPB #saveSVB @FinStbBoard
PLEASE RETWEET! Help @PatriotSoftware ensure tens of thousands of Main Street American small business employees get paid now! SVB collapse must not stop payroll for America- Ohio is startup country! #savesvb #svbbanksmainstreet @SenSherrodBrown @JDVance1 @Scott_Oelslager
Hi, we're Patriot Software:
1. We employ 185 humble, hardworking people
2. We process payroll for small businesses nationwide
3. The financial future of us all is at risk with the SVB collapse #savesvb #svbbanksmainst @SenSherrodBrown @RepBeatty @JDVance1 @Scott_Oelslager (1/13)
We request that you consider the small businesses and their employees nationwide and #savesvb. This isn’t a handout for the tech-elite and their investors. This is a lifeline for the backbone of our economy and the prevention of catastrophic ripple effects. (10/13)
Hi, we're Patriot Software:
1. We employ 185 humble, hardworking people
2. We process payroll for small businesses nationwide
3. The financial future of us all is at risk with the SVB collapse #savesvb #svbbanksmainst @SenSherrodBrown @RepBeatty @JDVance1 @Scott_Oelslager (1/13)
@BillAckman @SVB_Financial @jpmorgan @Citi #SaveSVB 2/5 Bill, you are right that SVB is too important to fail! Among the headlines on SVB crisis, what is missing is how critical SVB is as a critical finance infrastructure to the entire VC ecosystem and tens of thousands of VC-backed companies in the US and globally.
This picture is why you need to read this post by @biancoresearch right now
#StopTheBankRuns
#SaveSVB 🏦
https://t.co/ocWALAmB9x
Shades of 1930’s. This is my bank in Wellesley this morning. Boston Private Bank, recently acquired by Silicon Valley Bank. Ruh, roh.

Lots of really bad takes about SVB. Let’s try and correct
This is not a solvency crisis like 2008. Bad loans or poor investments were not made. Money was not lost. So, everyone is going to get their money back. (And please no takes about no interest rate hedging. Asset/liability mismatches are how banking works.)
Instead this is an old fashion 1930s liquidity crisis. Too many depositors demanded cash at once (as in right now) and SVB (and SI) could not convert loans and securities (and crypto) to cash that quickly. So, everyone is getting their money back from SVB (and SI), just not at 8AM Monday. And, yes this is a big problem as this is working capital for a lot of companies. They have payrolls to meet and vendors to pay next week. And if they don’t pay bills and employees, they in turn don’t pay their bills and this can quickly cascade into a major economic problem.
The important question is why so many demanded their money back at once. And I’m not referring to the last two days. I’m asking about the days/weeks leading up to this last two days forcing SVB to sell securities and realize a $1.8B loss, necessitating a capital raise. Why were depositors withdrawing in big enough amounts before Thursday/Friday?
First, welcome to the world of mobile banking. Gone are the frictions of standing in line with tellers instructed to count money slowly. (Media images of lines Friday were largely gawkers)
How did $42 billion get withdrawn Friday alone without thousands in line? Answer, your phone! This is not the Bailey Savings and Loan anymore.
This should scare the hell of bankers and regulators worldwide. The entire $17 trillion deposit base is now on a hair trigger expecting instant liquidity.
Add in social media and millions get a message, like Peter Thiel telling Founders companies to pull out, or Senator Warren gloating that SI went under, and pick up their phone open a Chase account and Venmo-ed their life savings into it in 10 minutes. Instant liquidity (not solvency) crisis with everyone still in bed.
Banking will never be the same.
The second, and I did a long thread on this on Friday … banks are over-reserved, after 14 years of QE, and are still paying 0.50% on accounts when T-bills are yielding 5.00%. They don’t need to compete for deposits.
Initially as rates passed 2%, 3% and 4%, the public did not notice. So bankers thought deposits were well anchored at their bank and not moving regardless of the interest rate paid.
But at 5% the public finally noticed, and millions reached for the phone at once and transferred to a money market account or Treasury direct to buy T-bills. Banks were squeezed to convert loans and securities to cash instantly so depositors could leave for better rates.
Add in the bleed out from tech firms struggling, and Senator Warrens tweeting with glee about SI going out of business, and depositors at SVB got the message and picked up their phones and acted.
This is why I have been tweeting that this has to stop now. The Fed is meeting Monday at 11:30. Too late! They need to meet today (Sunday) at 11:30.
What needs to be done? Two things.
The FDIC needs to raise the deposit insurance ceiling to unlimited as they did this in 2008. Besides $250k is a made up number anyway. So make up a bigger number.
Banks need to get their deposit base to stop figuring out how to buy a 4.5% money market fund. They need to raise the interest rates they pay 3.00% - 3.50%, from 0.50%, immediately. Yes, this will kill bank profitability so expect Bank Execs to balk at doing this.
This way the public gets the message that you money is safe, no matter the bank, or the amount, and the rate paid on your money is at least competitive with other alternatives. So, do nothing.
Otherwise, if we are all waiting for the Fed to START a meeting at 11:30 Monday, hundreds of billions of deposits will have moved by phone and it will be far worse.
I feel like I’ve aged significantly trying to keep up with the SVB news. I can only imagine what the people and companies affected by it are going through. #saveSVB
@weisselbergers I'm not a millionaire or a high-paid exec. I'm an employee at a startup and most of our money was/is in SVB and I'm worried about getting paid next week.
The victims here are the depositors and the employees of the depositors.
#SaveSiliconValleyBank #SaveSVB
A system with 0 accountability is designed to fail before it was born.
It’s not about bailing out a bank. It’s about protecting entrepreneurs like Lindsey. If something needs to be done bring the ones in charge, the bankers, who got their big bonuses and sold their shares before the collapse, in front of the SEC or whoever investigates this.
#SaveSVB 🏦
The Largest Bank Failure Since 2008 | Weekly Round Up
https://t.co/uvJtSltFLx via @MarkYusko @MikeIppolito_

#SVB is a critical institution that supports innovation and wealth creation, now is the time to run toward them, not away… 💪🏼💰
#StopTheBankRuns
#SaveSVB
While there are many conversations underway, we are opening our statement to the broader VC Community to signal our collective need for a strong banking partner for our community. To add your firm, email [email protected]. https://t.co/jWIOmiwqo1 #SVB
#SaveSVB
Venture Capital Statement of Support for SVB https://t.co/7XRk9aPAmD
@EvanKirstel @FDICgov @SVB_Financial @startuphealth @IrmaRaste @daniel_kraft @AndrewYNg @andrewintech @ASlavitt @AndrewArruda @JoeBabaian @techguy Really sad for the countless entrepreneurs and #startup heroes who’ve done nothing wrong in this #SVB fiasco. And whose futures are oh so uncertain right now…
#SaveSVB #SVBBank
The tragedy of SVB is that its not the wealthy taking the hit. It's the thousands of companies who borrowed from SVB and were required to keep their cash in SVB. Those entrepreneurs and their employees and vendors are feeling the pain. And they are who the Fed should protect
Several VC leaders met today to discuss the aftermath of SVB’s downfall. This is a joint statement from all of us. @Accel @altcap @BCapitalGroup @generalcatalyst @eladgil @GreylockVC @khoslaventures @kleinerperkins @lightspeedvp @MayfieldFund @Redpoint @RibbitCapital @upfrontvc

#saveSVB How many more examples like @SVB_Financial needed for @federalreserve to act ? #stressTesting #doddfrank #creditRisk #marketRisk #compliance #governance #risk @sshanmugavel

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