$42B wasnāt pulled out by 8 guys. It was hundreds, if not thousands, of withdrawals.
Show me the math
45% versus 4.5 % ?
How many depositors withdrew funds? I want that math. Itās probably thousands but I canāt find average deposit balance for SVB.
Yes, too many depositors over $250k.
SAJ-99
Well-known member
I agree. It is/was a problem. I think trying to assign the failure to a single cause is silly. Itās a little of everything. You seem to be wondering the same thing as me. How is the Silicon Valley tech eco-system so tied to SVB? I donāt know. But I pointed out that there may be a bank Texas bank with a similar concentration to oil. Hard to say. But clearly diversification of depositor base is not regulated.
D
Deleted member 28227
Guest
Not since the crazy era of Hunts and Silver Thursday etc.
Most companies are using the big banks.
SAJ-99
Well-known member
Sure. Like I said in last post, it was a problem. But the fact that they were all connected in the same ecosystem is the problem. Peter Thiel? Maybe. Twitter? Maybe. We have a banking system running on 1950ās structure, 1970ās technology, meeting an instantaneous 2020ās culture. Not sure the solution.
We have to keep in mind that if 90% of JP Morganās deposits were pulled in 48hrs it would be out of business too, without a Fed backstop. Hence why the gov stepped in. The whole US economy is levered, to some extent.
VikingsGuy
Well-known member
westbranch
Well-known member
It's funny that the guy in the original meme wasn't even important enough at Lehman to make this list. He wasn't the "CFO" of Lehman just the CFO of a division. All of the execs at Lehman moved on to bigger and better things, no issues finding new gigs:
www.foxbusiness.com
The 80k employees at Arthur Anderson all moved on to other Big 4 and national CPA firms. Pretty sure nobody at Arthur Anderson went to jail over Enron but its been a few years since I read the details. And even the Enron guys that went to jail are now running companies and own new businesses now that they are out. I think we could start with blacklisting anybody that has ever worked for McKinsey & Co. from ever being able to work again and we might be able to start making some changes to risk management in corporate America.
Lehman Brothers executives ā where are they now?
Ten years after the collapse of the global financial services company, what happened to its key executives?
The 80k employees at Arthur Anderson all moved on to other Big 4 and national CPA firms. Pretty sure nobody at Arthur Anderson went to jail over Enron but its been a few years since I read the details. And even the Enron guys that went to jail are now running companies and own new businesses now that they are out. I think we could start with blacklisting anybody that has ever worked for McKinsey & Co. from ever being able to work again and we might be able to start making some changes to risk management in corporate America.
VikingsGuy
Well-known member
Dude - don't harsh an excellent meme-vibe on a Friday.It's funny that the guy in the original meme wasn't even important enough at Lehman to make this list. He wasn't the "CFO" of Lehman just the CFO of a division. All of the execs at Lehman moved on to bigger and better things, no issues finding new gigs:
Lehman Brothers executives ā where are they now?
Ten years after the collapse of the global financial services company, what happened to its key executives?
The 80k employees at Arthur Anderson all moved on to other Big 4 and national CPA firms. Pretty sure nobody at Arthur Anderson went to jail over Enron but its been a few years since I read the details. And even the Enron guys that went to jail are now running companies and own new businesses now that they are out. I think we could start with blacklisting anybody that has ever worked for McKinsey & Co. from ever being able to work again and we might be able to start making some changes to risk management in corporate America.
D
Deleted member 28227
Guest
VikingsGuy
Well-known member
Frankly, it might be the best idea every offered on HT
D
Deleted member 28227
Guest
Why don't we put a pin in that idea for the moment, we can circle back in a couple of threads, right now I want to focus on the disconnect we are having between meme humor and angry old man rants.Frankly, it might be the best idea every offered on HT
Perhaps we could do some break out sessions and discuss how different modalities of expression on the forum can be used to create synergies in this space.
You and Ken seem to be real thought leaders, perhaps you could lead those.
Bam Bam
Well-known member
westbranch
Well-known member
Gotta look at the resumes of all of those guys that worked at Enron, Worldcom, etc. etc. McKinsey is a common denominator. And my post should also not be taken seriously.
VikingsGuy
Well-known member
This thread has become too meta
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