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Thanks to many VCs asking all of their portfolio companies to withdraw at once, SVB had $42b in withdrawal requests on Thursday. On Friday there would have had

Thanks to many VCs asking all of their portfolio companies to withdraw at once, SVB had $42b in withdrawal requests on Thursday. On Friday there would have had many more billions if they hadn't ceased taking them. I wonder if any US bank could muster up $100b in 24 hours. (On most days with lots of withdrawals, like on common pay days, banks will see lots deposits too. They aren't one-directional and out of the blue.)

twelve40 4y ago
Nobody owes them their money. That's not the bank's money and if the customers decide that the bank is no longer safe and is engaging in shifty shit the only reasonable thing to do is to take your own money and move it somewhere safe. The bank's whole job is to make sure it doesn't get to that point, and they failed at that. The CEO knew they were going to crash, probably for quite a while now.