Saturday, March 11, 2023

But They're All Important

So few accounts.
The problem at Silicon Valley Bank is compounded by its relatively concentrated customer base. In its niche, its customers all know each other. And Silicon Valley Bank doesn’t have that many of them. As at the end of 2022, it had 37,466 deposit customers, each holding in excess of $250,000 per account. Great for referrals when business is booming, such concentration can magnify a feedback loop when conditions reverse.
We're going to hear about workers not getting paid (bad!) they're going to bail out some rich assholes on this excuse. This isn't many people, and I bet it's a lot of rich guys' recreation money accounts.

Payroll not going out can pierce the corporate veil, meaning Directors are on the hook. That's what they're going to be screaming about