[aristophenes]

I’m sorry, this was an utter mess, shouldn’t have happened and lots of people share blame. But I don’t think it was wrong for depositors to pull deposits from an insolvent (or nearly insolvent) bank. Neither is it wrong to encourage companies you’ve invested in to move money. The only thing I have a problem with is when some of the VCs, like Jason Calacanis, deliberately tried to spread panic to other banks to make SVB more important to the government so they’d backstop his deposits. That was pretty bad.

But realizing your badly run bank is badly run and pulling your funds and encouraging others to do the same is a very reasonable thing to do. Certainly not worthy of this virtual tar and feathering. They are, or would have been, the innocent victims of this banks poor risk management.

Edit: Link to tweet of screenshot of Jason trying to get everyone to panic about the entire banking system, with the only fix is the government to backstop large SVB deposits. https://mobile.twitter.com/nuancerocket/status/1634922146555...

[breck]

Agreed.