The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 21 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Calacanis: US government could profit by backstopping SVB depositors
“I guarantee you, the US government could get some warrants on those companies or warrants and ownership in Silicon Valley Bank and make at least 50 cents on the dollar, maybe even double, and that's the way this bailout should be structured, and it has to be d…”
Sacks: Banking contagion had already spread beyond SVB to First Republic
“The contagion was absolutely real, and I don't think people outside Silicon Valley could understand that because they weren't in those Friday morning emergency phone calls and board meetings That were happening. So we know it was, it had already moved so far b…”
Sacks: 10% of SVB's portfolio was venture debt to creditless startups
“10% of their portfolio is basically being loaned out to startups who have no credit.”
Sacks: SVB collapse is a Lehman-sized event for Silicon Valley
“This is basically a Lehman sized event for Silicon Valley.”
Friedberg: Systemic bank runs will occur without immediate 100% deposit backstop
“If that money is not available to them within the first 48 or 72 hours of the end of this weekend, then we are going to have a real crisis on our hands, because then you will see a lot of people trying to move money away from any institution that stores their …”
Calacanis: SVB reaction would differ if bank had different name
“If it wasn't called Silicon Valley bank, this would have been a totally different thing.”
Ramaswamy: SVB depositors would have received 94 cents per dollar without intervention
“If everybody had run and gotten their money out, I think it would have been like 94 cents on the dollar that everybody would have walked out with.”
Sacks: SVB shareholders, bondholders, and management options should be wiped out
“I was really clear that SVB shareholders should be wiped out. Their bondholders should be wiped out. Their management stock options should be wiped out.”
Sacks: I did not tweet about SVB until after FDIC receivership
“I personally never tweeted anything about SVB until Friday afternoon when SVB was already in receivership, and the run on the bank had already started with Signature and First Republic, and we could see it with our own eyes.”
Chamath: SEC filings show every major Silicon Valley VC had SVB custody accounts
“It's every single major VC in Silicon Valley.”
Sacks: Craft Ventures swept $45M from SVB right before its collapse
“We had about forty-five million dollars that we were about to distribute to LPs. And I'm like, whoa, that's crazy. So we were able to sweep that to an account we used to make in-kind distributions.”
Friedberg: Venture debt comprised only 10% of SVB's loan portfolio
“If you look at SVB's loan portfolio, 70% are really these asset-backed loans, which are 56% of the portfolio is like, you know, pre-payments on, on LP commitments, and then 14% is private banking loans, which is loans against, you know, public securities that …”
Friedberg: Rippling missed payroll cycle due to Silicon Valley Bank collapse
“Today it was announced that Rippling, one of those companies could not hit their payroll cycle today, because they had money tied up at Silicon Valley Bank.”
Sacks: Moody's gave SVB an A rating a week before receivership
“Moody's gave SVB an A rating the week before it went into receivership.”
Chamath: SVB, Signature, and Silvergate suffered traditional liquidity crises
“Signature, Silicon Valley Bank, and Silbergate all had very traditional liquidity crises, right?”
Sacks: Craft Ventures never had SVB as LP or directed startups there
“We never had SVB as a limited partner, and we also never directed our startups to bank at SVB.”
Friedberg: SVB faced $42B in withdrawals against $40B in liquid assets
“Forty-two billion dollars of withdrawals is 25% of total deposits, but forty-two billion is greater than the fourteen billion of cash they had on hand, and the twenty-six billion of liquid securities that they had.”
Calacanis: Silicon Valley Bank serves 50% of venture-backed startups
“Silicon Valley Bank is used by 50% of venture backed startups.”
Friedberg: Silicon Valley Bank had only $15 billion in true net book value
“They only had fifteen billion dollars of true net book value, which is the difference between their assets and their liabilities.”
Friedberg: SVB warrant profits dropped from $560M in 2021 to $148M in 2022
“They made five hundred sixty million dollars in profit on their warrants that they had in their venture debt portfolio in 20, 21. That number collapsed to one 48 in 20, 22.”
Friedberg: SVB had $195B in total liabilities at end of 2022
“In total, Silicon Valley Bank at the end of the year had about one hundred and ninety five billion dollars In liabilities, one hundred and seventy three billion of customer deposits that they owe to customers and twenty two billion of other debt.”