As I understand it, many of Silicon Valley Bank’s clients were tech companies, who should have had finance professionals handling the dough for the company. Since even *I* know that deposits are only insured up to $250,000, how could these finance professionals make such a stupid mistake?
As I understand it, many of Silicon Valley Bank’s clients were tech companies, who should have had finance professionals handling the dough for the company. Since even *I* know that deposits are only insured up to $250,000, how could these finance professionals make such a stupid mistake?
SVB went out of its way to cater to the tech/start-up community. They were the "go-to" bank because they were one of them, and they understood the "special needs" of tech and start-up companies.
What none of those tech companies ever identified as a "need" was prudent and conservative cash management.
If you've ever been around companies liberally funded by venture capitalists you'd appreciate that very few of them can balance a checkbook, or count to twenty without taking off their shoes and socks.
How could they make such a stupid mistake? Because they really are that stupid.
As I understand it, many of Silicon Valley Bank’s clients were tech companies, who should have had finance professionals handling the dough for the company. Since even *I* know that deposits are only insured up to $250,000, how could these finance professionals make such a stupid mistake?
SVB went out of its way to cater to the tech/start-up community. They were the "go-to" bank because they were one of them, and they understood the "special needs" of tech and start-up companies.
What none of those tech companies ever identified as a "need" was prudent and conservative cash management.
If you've ever been around companies liberally funded by venture capitalists you'd appreciate that very few of them can balance a checkbook, or count to twenty without taking off their shoes and socks.
How could they make such a stupid mistake? Because they really are that stupid.
Mind boggling and disturbing. I like the phrase you’ve used: ‘epic stupidity’.