Jamie True

Dad, spurs & classic car fan, entrepreneur, Founder & CEO @LifeWorks making employees feel loved!

[Jamie True @truejamie]

@FannersB @easyJet @easyJet_press Yep it’s down

[Jamie True @truejamie]

@darrengrimes Thank you

[Jamie True @truejamie]

@GoldsteinBrooke Spot on

[Jamie True @truejamie]

@swash_jo Haha

[Sir Jeremy Hunt MP @Jeremy_Hunt]

This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC

Deposits will be protected, with no taxpayer support

I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise

[Jamie True @truejamie]

@Jeremy_Hunt Thank you for facilitating this! So impressed with the UK governments fast and responsible action here.

[Atomico @atomico]

A joint statement for @Jeremy_Hunt & @hmtreasury, from a number of leading UK venture capital funds, in support of @SVB_UK

[Bill Ackman @BillAckman]

The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or @BankofAmerica acquiring SVB before the open on Monday, a prospect I believe to be unlikely, or the gov’t guaranteeing all of SVB’s deposits, the giant sucking sound you will hear will be the withdrawal of substantially all uninsured deposits from all but the ‘systemically important banks’ (SIBs). These funds will be transferred to the SIBs, US Treasury (UST) money market funds and short-term UST. There is already pressure to transfer cash to short-term UST and UST money market accounts due to the substantially higher yields available on risk-free UST vs. bank deposits. These withdrawals will drain liquidity from community, regional and other banks and begin the destruction of these important institutions. The increased demand for short-term UST will drive short rates lower complicating the @federalreserve’s efforts to raise rates to slow the economy. Already thousands of the fastest growing, most innovative venture-backed companies in the U.S. will begin to fail to make payroll next week. Had the gov’t stepped in on Friday to guarantee SVB’s deposits (in exchange for penny warrants which would have wiped out the substantial majority of its equity value) this could have been avoided and SVB’s 40-year franchise value could have been preserved and transferred to a new owner in exchange for an equity injection. We would have been open to participating. This approach would have minimized the risk of any gov’t losses, and created the potential for substantial profits from the rescue. Instead, I think it is now unlikely any buyer will emerge to acquire the failed bank. The gov’t’s approach has guaranteed that more risk will be concentrated in the SIBs at the expense of other banks, which itself creates more systemic risk. For those who make the case that depositors be damned as it would create moral hazard to save them, consider the feasibility of a world where each depositor must do their own credit assessment of the bank they choose to bank with. I am a pretty sophisticated financial analyst and I find most banks to be a black box despite the 1,000s of pages of @SECGov filings available on each bank. SVB’s senior management made a basic mistake. They invested short-term deposits in longer-term, fixed-rate assets. Thereafter short-term rates went up and a bank run ensued. Senior management screwed up and they should lose their jobs. The @FDICgov and OCC also screwed up. It is their job to monitor our banking system for risk and SVB should have been high on their watch list with more than $200B of assets and $170B of deposits from business borrowers in effectively the same industry. The FDIC’s and OCC’s failure to do their jobs should not be allowed to cause the destruction of 1,000s of our nation’s highest potential and highest growth businesses (and the resulting losses of 10s of 1,000s of jobs for some of our most talented younger generation) while also permanently impairing our community and regional banks’ access to low-cost deposits. This administration is particularly opposed to concentrations of power. Ironically, its approach to SVB’s failure guarantees duopolistic banking risk concentration in a handful of SIBs. My back-of-the envelope review of SVB’s balance sheet suggests that even in a liquidation, depositors should eventually get back about 98% of their deposits, but eventually is too long when you have payroll to meet next week. So even without assigning any franchise value to SVB, the cost of a gov’t guarantee of SVB deposits would be minimal. On the other hand, the unintended consequences of the gov’t’s failure to guarantee SVB deposits are vast and profound and need to be considered and addressed before Monday. Otherwise, watch out below.

[Tottenham Hotspur @SpursOfficial]

✍️ We are delighted to announce the appointment of Antonio Conte as our Head Coach on a contract until the summer of 2023, with an option to extend.

[Jamie True @truejamie]

100K users in 100 days! 🎉⚡️Couldn’t be more proud of the team at Uptime | Knowledge Hacks for their hard work and dedication so far. And thanks to our growing user base whose feedback has been essential to build the best product that inspires people to l…https://t.co/iTCzmAuHGw

[Uptime @uptimeapp]

Thanks @Apple for featuring us as App of the Day 🙌 #UptimeApp #KnowledgeHacks

https://t.co/z2bvHHFq5h

[Jamie True @truejamie]

https://t.co/pScDJb0evx https://t.co/hbxjW2JAz3

[Jamie True @truejamie]

Great article today on TechCrunch https://t.co/U7sWXVToiu

[Jamie True @truejamie]

@RevolutApp your customer service rep andy baker promised to call back didn’t. App asking for a code which is not on my statement. Frozen, locked out and your chat broken! Need a call now or churning...lousy support

[Jamie True @truejamie]

@EE I did that

[Jamie True @truejamie]

@EE 4G in SW3 hasn’t worked for a month! Up and down! Look at this! Please sort ASAP...having to@only use 3G. Your network is not working properly.

[Jamie True @truejamie]

@EE Please can you have them contact me

[Jamie True @truejamie]

@EE It’s a wider issue and been going on a while

[Jamie True @truejamie]

@EE No

[Jamie True @truejamie]

@daniellexshort @EE Yes me also @EE please sort out these issues