5th June 2023
20VC: SVB: What Happened? What Happens Now? Will Depositors Have Deposits Guaranteed? How Long Will It Take? Will There Be a Buyer? Who is the Most Likely Buyer? What is the Best and Worst Outcome?
Jackie Reses is the CEO of Lead Bank and previous Exec Chair of Square Financial Services and Head of Lending and Banking. One of only people to have started a bank as a de no; Only tech company to get approved for a de novo. Chair Economic Advisory Council of SF Federal Reserve.
Kris Dickson is the CFO of Lead Bank and previously the CAO / CFO of post-BK Lehman Brothers parent co-estate for 10 years. Lehman Holdco estate has liquidated and distributed $129 billion to unsecured creditors through the end of 2022.
Episode Transcript
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In Today’s Episode on SVB We Discuss:
What Happened?
- How and why did SVB fail so fast?
- Was it the result of systemic problems or a series of management mistakes?
- What role did VCs play in the downfall of SVB?
- What role did social media and online banking play in the failing of SVB?
What Now?
- What happens now?
- Will depositors have their deposits guaranteed?
- Will there be a buyer for SVB? Who is the most likely?
- Should founders be worried about moving their money to neo-banks?
- Should founders in any circumstances transfer money to their personal accounts?
- What is the best and worst outcome?
