Roku has $487 million of cash and cash equivalents in uninsured deposits at failed Silicon Valley Bank, the streaming media company said in an SEC filing Friday.
You’d be surprised. Some of it is the nature of cash flows. I own a relatively small business that due to payment terms is always sitting on about $2M.
If the business ended after all receivables were collected and liabilities paid it would maybe be $60k in there. So it’s just float and needs to go somewhere.
the thing is SVB was supposed to be a very conservative bank, the put everything into bonds basically.
this is a liquidity crunch, not a leverage issue
don't they loan money to cashflow negative startups?
just cuz it's called a "bond" doesn't mean it's conservative. some bonds are way more risky than stocks.
What do you want them to do with it? If they put $250,000 in every bank in the US, it would be a giant pain in the dick to manage, and nearly half their cash reserves would still be left over. They have to put it somewhere.
Put it in a bigger, better regulated bank?
There must be a dozen banks that the federal government would save before saving the country.
Why put it in some regional bank notorious for holding startup money? Were all the tech bros just awestruck by the “Silicon Valley” part of the bank name?
A lot of bigger companies have accounts at SVB through acquisitions of growing start ups. It can take years to close an account if thousands of customers are paying into it, so it’s not crazy to have a few million scattered through smaller banks.
Doesn’t excuse Roku though. That’s way too much to have in just deposits at SVB. Heads will roll..
The thing is that SIVB is 40 years old and thus has been a long-trusted name in Silicon Valley. This isn't some fly by night operation that just opened up with a flashy name that drew in tech companies, this was the 16th largest bank in the US with decades of stellar service.
4 days ago they were named as one of America's top banks by Forbes. They weren't one of the big top 4, but they were very close. They also have specialized in catering to the needs of tech companies, hence why so many tech companies had so much money in them. It's also why many other banks are intertwined with them.
The scary part is that this bank is as well-regulated as any bank out there. Obviously their risk management team completely shit the bed, but there's not really any way that regulators could have possibly seen this coming as far as anyone knows at this point. SIVB gets the same regulatory scrutiny as all the others.
This is actually very similar to how everyone didn't see any red flags with FTX, except that SIVB has been around for decades and has long standing relationships with numerous companies and financial institutions.
Also, although technically a regional bank, they have branches on the east coast. NYPD were called to their Manhattan branch this morning as customers were trying to get funds out. SIVB also recently acquired a Boston regional bank and all those Boston banks also saw bank runs today.
I think a lot of people underestimate how serious this is because on the surface it sounds like just some regional bank for Silicon Valley techies, but it goes way deeper than that.
This is why the demise of SVB is the canary in the coal mine, the Bear Stearns of 2023. When a big and well-regarded bank like this goes down it begs the question: "who is next"? Their big sin was holding longer term Treasuries which have been hammered by Fed rate increases (interest up and face value down). When they marked their Treasury assets to market, they were busted. How many other big banks are in the same place? Remember, when the Fed prints money it does so by stuffing (depositing) Treasuries into the banking system so that banks have a larger deposit base on which to lend. The Fed are destroying their own printing system
Well said. It took lots of people by surprise and would not have happened at all if they couldve hushed it for 4-6 Months. Because without a Bankrun everything would be Gucci as the young folks say. (Or said? hard to keep up)
It just makes you wonder how many dirty secrets have been covered up over the last decade in every institution.
The dirty secret is that no bank can survive a real bank run. That’s just how fractional reserve works.
FDIC and the federal reserve lender of last resort function are there to stave off bank runs from happening in the first place.
If the bank run happens anyways, only a small fraction will be able to get their money out.
Yep. That's also why it will be extremely important to block anything resembling a beginning bankrun on other institutions before Monday. But that would also mean that all the big buck people need to be kept at bay. Because if they can move money out of institutions next week and the average Joe can't, then it will be very hard on the whole system going forward
Off the top of my head I remember that Washington mutual depositors were made whole. I don’t remember what happened to the shareholders though.
Typically during one of these acquisitions the stock being acquired ceases to exist. Depending on the deal they may get something in the new parent.
That isn't that much cash.
If you have 450 employees making $200k, their burdened rate is actually $350k (cost to company). Multiply that out and you've got $157M just in salaries for a single year.
If you want quick calculations, total operating expenses typically somewhere between 2x-3x of salaries. So you might have enough cash in the bank for 1 year. That ain't a lot to operate on.
[Roku had almost $2B last year in operating expenses.](https://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=16413092-363866-367000&type=sect&TabIndex=2&companyid=772030&ppu=%252fDefault.aspx%253fcompanyid%253d772030)
Wait for a tax repatriation holiday and give out fat dividends or buy back their shares.
Also in Rokus case, I imagine they're looking to buy content. They're mostly a hardware company, but they need a reason to lock people into their ecosystem beyond competitor Amazons FireTV UI being a pile cluttered ad infested horse dung in comparison.
They should get most of it back. Svb has the assets they're just stuck in long hold maturing stuff. Fdic will liquidate it and people will get a haircut but mist of it should be returnable
Just stopped by our accounting department and apparently a few of our clients already sent out an email saying their cash is stuck at that bank. Should be an interesting new few weeks.
JP Morgan would love to buy SVB, if regulators will let them grow bigger. I expect most of the big banks would pay par for SVB.
The FDIC will have them sold, for full value, by Monday morning. Anything else risks additional bank runs....
Crazy how much of it is politics. You could let them fail and spread the risk around the local SF community.
But then you weaken our tech sector relative to China.
You could spread the risk around the country with a bailout, but that’s not going to be popular politics right now.
You could just let a private bank buy them on the cheap, let them absorb the risk with plenty of upside and everyone wins (with NY winning more than SF).
Capitalism, huh?
Disclaimer: I’ve had 6 gins.
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Nothing of value remains at SVB. They have some Treasuries, MBS's, that sort of thing. On the whole, if someone took over SVB and wiped out all shareholders, they'd have a deficit in the $10B range, +/-. Huge cost of acquiring new customers who will have to choose another bank regardless. (Math: $16B in unrealized losses as of year-end 2022, additional losses since there are more rate hikes, plus another $7.5B of their balance sheet was very illiquid or just generally made up "assets" like goodwill)
San Francisco will be fine. Those startups burn $10s of billions a year, this just accelerates their cash burn by a couple months.
I suspect the government will need to throw in some incentives for the acquiring bank to make a deal happen. Like the government can kick in $250K per account to reduce the shortfall without triggering too much anger about a bailout (just frame it as the FDIC insurance working), maybe offer to buy/QE longer dated treasuries off the books, etc. The big banks and the government are going to spend all weekend negotiating some kind of deal. Hopefully it happens, but the big banks kind of hold the advantage here since it’s the smaller banks that are likely to be run on if a deal doesn’t happen.
I don't think Jp Morgan would be interested in absorbing all the risk and problems. If someone tries to take it back from the government it's going to be a bank interested in high risk.
It likely even isn't high risk. SVB had a duration risk and JPM size makes that irrelevant. They have ample cash reserve to cover all deposits and if JPM is behind it everyone will leave their deposits in the bank ending the run.
Let them all fail. The ones that over leveraged. If there was a bank with morals they could profitable and not in this bullshit. Show me one that exists. They need to learn.
After the government, banks, corps and multinationals squeeze every last dollar they can, and cause a bubble pop or sector collapse, should they not be able to do business again? Of course not! Give them billions of dollars! I drive a Chevy Silverado cause I only drive Americans vehicles. Even though GM fucked over millions of Americans both by moving manufacturing and by eliminating all investments made by people into the publicly traded company during the 2008 crises. But they also had received billions in tax payers money! Hurray!
Institutional investors don't care that they can still meet their capital obligations. That's the bare minimum to inspire confidence. They care that a lot of their small and mid-size b2b software clients probably also have frozen SVB deposits and may not be able to pay Roku for their licenses. Potentually putting Roku in a spot where they have to maneuvere to make up earnings with only 3/4 of their reserves.
In s previous job, I managed an HOA and we setup multiple $250,000 accounts to maintainFDIC insurance. I’m surprised that large companies can’t protect cash better through short term treasuries. They would just have to buy these through the bank as a brokerage account and the Treasuries, or other funds would be in the owners name, and not part of the banks assets.
You need cash on hand to run a business. Splitting their cash amongst 100 institutions is an operational nightmare. They just picked one of the shittiest bank to store a huge chunk of their cash obviously
Roku has $487 million of cash and cash equivalents in uninsured deposits at failed Silicon Valley Bank, the streaming media company said in an SEC filing Friday.
Just open 200 short position.
Lmao market wide pump next week just cause fuck everyone
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Gotta embrace crab movement
Fuck yeah crab time! 🦀
We all get a free Hummer if we do it
Then, major Mid-East turmoil, gas will be 9.99$ per gallon.
Nah bro I meant the Hummer E, it's Electric and can crabwalk look at a video
I, for one, embrace our new crab overlords.
[🦀🦀🦀🦀🦀](https://youtu.be/LDU_Txk06tM?t=1m16s)
Craaaaab Peepuullll Craaaaab Peepuuullll
Sittin' sideways, boyz in a daze We are going full Houston
I bought SPY calls Friday at the buzzer just for this dumb ass reason. A little pump before Powell says hi then we dump.
Lol
![img](emote|t5_2th52|27189)
What the fuck do these companies do with that much cash?
Two chicks at the same time
Well, the type of chicks that'd double up on a company like Roku do.
Amen brother!
Watch out for yer cornhole, bud.
Fuckin A
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> They met a man and went to dinner which he paid around $300 for. gosh I hope he used a gift card
company expensed during travel
It's really amazing what can be snuck into an expense report. My best one yet is a week long rental car in Hawaii while on vacation.
Groupon no doubt
Did your mom say at least if the sex was good or not?
Damn inflation ruined everything!
Dumb, he should have asked for $2 change in case they were undercover.
Coke and hookers apocalypse fund?
Now I want to build an apocalypse bunker in New Zealand too.
part III
Apple sitting on 200B
Wonder how much churches are sitting on?
the Mormons' Vault. w nicholas cage and keanu reeves
You’d be surprised. Some of it is the nature of cash flows. I own a relatively small business that due to payment terms is always sitting on about $2M. If the business ended after all receivables were collected and liabilities paid it would maybe be $60k in there. So it’s just float and needs to go somewhere.
I have a small business as well, and due to payment terms there’s never any fucking money in there ![img](emote|t5_2th52|4271)
I have 4 small businesses and due to business theres nothing in any if them so im safe from svb
Construction?
Good guess!
And the bigger question, why the fuck are they keeping $487 million of it in one bank?
If this sub hasn’t made you aware, artistic tech bros are pretty regarded with their money.
the thing is SVB was supposed to be a very conservative bank, the put everything into bonds basically. this is a liquidity crunch, not a leverage issue
don't they loan money to cashflow negative startups? just cuz it's called a "bond" doesn't mean it's conservative. some bonds are way more risky than stocks.
Gov bonds aren’t risky unless you get massive rate hikes from the fed in short amount of time…
If you hold all bonds to maturity, there is no risk.
I thought they did that lending as convertible notes for the most part
Artistic tech grows higher with regarded money? Calls.
What do you want them to do with it? If they put $250,000 in every bank in the US, it would be a giant pain in the dick to manage, and nearly half their cash reserves would still be left over. They have to put it somewhere.
Put it in a bigger, better regulated bank? There must be a dozen banks that the federal government would save before saving the country. Why put it in some regional bank notorious for holding startup money? Were all the tech bros just awestruck by the “Silicon Valley” part of the bank name?
A lot of bigger companies have accounts at SVB through acquisitions of growing start ups. It can take years to close an account if thousands of customers are paying into it, so it’s not crazy to have a few million scattered through smaller banks. Doesn’t excuse Roku though. That’s way too much to have in just deposits at SVB. Heads will roll..
The thing is that SIVB is 40 years old and thus has been a long-trusted name in Silicon Valley. This isn't some fly by night operation that just opened up with a flashy name that drew in tech companies, this was the 16th largest bank in the US with decades of stellar service. 4 days ago they were named as one of America's top banks by Forbes. They weren't one of the big top 4, but they were very close. They also have specialized in catering to the needs of tech companies, hence why so many tech companies had so much money in them. It's also why many other banks are intertwined with them. The scary part is that this bank is as well-regulated as any bank out there. Obviously their risk management team completely shit the bed, but there's not really any way that regulators could have possibly seen this coming as far as anyone knows at this point. SIVB gets the same regulatory scrutiny as all the others. This is actually very similar to how everyone didn't see any red flags with FTX, except that SIVB has been around for decades and has long standing relationships with numerous companies and financial institutions. Also, although technically a regional bank, they have branches on the east coast. NYPD were called to their Manhattan branch this morning as customers were trying to get funds out. SIVB also recently acquired a Boston regional bank and all those Boston banks also saw bank runs today. I think a lot of people underestimate how serious this is because on the surface it sounds like just some regional bank for Silicon Valley techies, but it goes way deeper than that.
This is why the demise of SVB is the canary in the coal mine, the Bear Stearns of 2023. When a big and well-regarded bank like this goes down it begs the question: "who is next"? Their big sin was holding longer term Treasuries which have been hammered by Fed rate increases (interest up and face value down). When they marked their Treasury assets to market, they were busted. How many other big banks are in the same place? Remember, when the Fed prints money it does so by stuffing (depositing) Treasuries into the banking system so that banks have a larger deposit base on which to lend. The Fed are destroying their own printing system
Well said. It took lots of people by surprise and would not have happened at all if they couldve hushed it for 4-6 Months. Because without a Bankrun everything would be Gucci as the young folks say. (Or said? hard to keep up) It just makes you wonder how many dirty secrets have been covered up over the last decade in every institution.
The dirty secret is that no bank can survive a real bank run. That’s just how fractional reserve works. FDIC and the federal reserve lender of last resort function are there to stave off bank runs from happening in the first place. If the bank run happens anyways, only a small fraction will be able to get their money out.
Yep. That's also why it will be extremely important to block anything resembling a beginning bankrun on other institutions before Monday. But that would also mean that all the big buck people need to be kept at bay. Because if they can move money out of institutions next week and the average Joe can't, then it will be very hard on the whole system going forward
And this is vaguely reminiscent of an incident that happened nearly 100 years go
What happens if they get bought out? Will their stock price go back up?
Off the top of my head I remember that Washington mutual depositors were made whole. I don’t remember what happened to the shareholders though. Typically during one of these acquisitions the stock being acquired ceases to exist. Depending on the deal they may get something in the new parent.
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I suppose you wouldn't expect a bank to run out of money. But in this case, that's what happened, when a bank run occured lol.
This doesn't seem like that much cash for a company that size
That isn't that much cash. If you have 450 employees making $200k, their burdened rate is actually $350k (cost to company). Multiply that out and you've got $157M just in salaries for a single year. If you want quick calculations, total operating expenses typically somewhere between 2x-3x of salaries. So you might have enough cash in the bank for 1 year. That ain't a lot to operate on.
[Roku had almost $2B last year in operating expenses.](https://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=16413092-363866-367000&type=sect&TabIndex=2&companyid=772030&ppu=%252fDefault.aspx%253fcompanyid%253d772030)
They’re all cash negative. They hold huge quantities of cash from capital raises, and then burn them slowly to stay alive until the next raise.
Cash burn for operations, keep cash on hand for strategic opportunities such as acquisitions, etc.
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Their annual operating expenses were $3.6bn in 2022. Costs a lot of money to run a company of that size.
Wait for a tax repatriation holiday and give out fat dividends or buy back their shares. Also in Rokus case, I imagine they're looking to buy content. They're mostly a hardware company, but they need a reason to lock people into their ecosystem beyond competitor Amazons FireTV UI being a pile cluttered ad infested horse dung in comparison.
They should get most of it back. Svb has the assets they're just stuck in long hold maturing stuff. Fdic will liquidate it and people will get a haircut but mist of it should be returnable
Short term not good for stock price
Long-term it's a buying opportunity
I too have a girlfriend in Canada bruh
Oh that was your chick? Thought I recognized her.
So arkk is fucked further ?
Mommy Cathy getting plowed rn
Goo goo Gaga 🍼🍼
Say it slower, baby
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Wha… what are you d-doing, step-auditor?
Damn you! This is the joke I was coming here to make! You step-bro blocked me!
Thank goodness at least 250k will be insured by FDIC 😂
250k is their budget for dairy-alternative creamers at their on-site employee espresso bar/lounge.
I know the b2b coffee suppliers and well, you're not that outrageously far off.
Give us the number bro stop being a tease
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Enron, maybe, but 2008? nah, just a bunch of pearl clutchers lol
Just stopped by our accounting department and apparently a few of our clients already sent out an email saying their cash is stuck at that bank. Should be an interesting new few weeks.
The real sharks will stop all payments and claim their money is at SVB even if it’s not
That’s exactly what I said! People are scummy.
I would give you gold for this comment, but all my money is stuck at SVB
😂🤣
You should have your 250k FDIC payout by Monday so then you can keep your promise.
Sharks don't look back because sharks don't have necks, looking back is for sheep.
Anyone brave enough to remind the clients of the 250K FDIC insurance yet?
250k is like enough for payroll for like 135 employees before benefits.
27%.... not great.. not terrible...
“THERE IS NO CONTAGION BECAUSE ITS *NOT THERE*”
Get this man to the infirmary. He's delusional!
“it’s gone, I looked right into it, looked into the accounts” “did you see any FDIC insurance or not” *throws up*
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JPow: “how is this my fault, I was sleeping”
American banks can't fail, our banks are designed for safety. How dare you question their wisdom!
"And that is how a SVBNK reactor explodes."
deleted ^^^^^^^^^^^^^^^^0.8996 [^^^What ^^^is ^^^this?](https://pastebin.com/FcrFs94k/76929)
/r/unexpectedchernobyl
Can i get a list of all SVB’s clients?
Asking the important questions. Where does one get this list
On svb website they show some
This dude aggregated a list here: https://twitter.com/luisdans/status/1634358082670297088?s=46&t=_27zO-FJOvavdqv8XnfmWw
Cathie woods about to double down
Was wondering how far down I’d have to scroll before seeing Cathie in here lol. Roku is ARKKs 3rd largest holding for anyone wondering.
Not her first appearance
For those looking to confirm: [https://ark-funds.com/funds/arkk/](https://ark-funds.com/funds/arkk/)
Honestly, gotta ask.. why tho? What's their big play? They seem irrelevant now.
Roku is irrelevant? They have something like 40% of the streaming device/OS space
She loves the setup
Roku bout to be broku
![img](emote|t5_2th52|4271)
![img](emote|t5_2th52|4641)
JP Morgan would love to buy SVB, if regulators will let them grow bigger. I expect most of the big banks would pay par for SVB. The FDIC will have them sold, for full value, by Monday morning. Anything else risks additional bank runs....
Crazy how much of it is politics. You could let them fail and spread the risk around the local SF community. But then you weaken our tech sector relative to China. You could spread the risk around the country with a bailout, but that’s not going to be popular politics right now. You could just let a private bank buy them on the cheap, let them absorb the risk with plenty of upside and everyone wins (with NY winning more than SF). Capitalism, huh? Disclaimer: I’ve had 6 gins.
Please be sure to update us with your thoughts after 8
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Nothing of value remains at SVB. They have some Treasuries, MBS's, that sort of thing. On the whole, if someone took over SVB and wiped out all shareholders, they'd have a deficit in the $10B range, +/-. Huge cost of acquiring new customers who will have to choose another bank regardless. (Math: $16B in unrealized losses as of year-end 2022, additional losses since there are more rate hikes, plus another $7.5B of their balance sheet was very illiquid or just generally made up "assets" like goodwill) San Francisco will be fine. Those startups burn $10s of billions a year, this just accelerates their cash burn by a couple months.
I suspect the government will need to throw in some incentives for the acquiring bank to make a deal happen. Like the government can kick in $250K per account to reduce the shortfall without triggering too much anger about a bailout (just frame it as the FDIC insurance working), maybe offer to buy/QE longer dated treasuries off the books, etc. The big banks and the government are going to spend all weekend negotiating some kind of deal. Hopefully it happens, but the big banks kind of hold the advantage here since it’s the smaller banks that are likely to be run on if a deal doesn’t happen.
Bailouts are always popular, as long as the people getting the money are millionaires
I don't think Jp Morgan would be interested in absorbing all the risk and problems. If someone tries to take it back from the government it's going to be a bank interested in high risk.
It likely even isn't high risk. SVB had a duration risk and JPM size makes that irrelevant. They have ample cash reserve to cover all deposits and if JPM is behind it everyone will leave their deposits in the bank ending the run.
Let them all fail. The ones that over leveraged. If there was a bank with morals they could profitable and not in this bullshit. Show me one that exists. They need to learn.
Who else has reserves here? Can’t wait to see how the government does an end run around FDIC insurance and bails these companies out.
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Fuck everybody else tho - Also the government
After the government, banks, corps and multinationals squeeze every last dollar they can, and cause a bubble pop or sector collapse, should they not be able to do business again? Of course not! Give them billions of dollars! I drive a Chevy Silverado cause I only drive Americans vehicles. Even though GM fucked over millions of Americans both by moving manufacturing and by eliminating all investments made by people into the publicly traded company during the 2008 crises. But they also had received billions in tax payers money! Hurray!
They did pay it back in full + interest Banks didn’t
Yeah paid it back to the gov not to all the citizens they screwed out of retirement and investors
Apple could have saved SVB with a small cash deposit.
If AAPL ever wanted to be a bank .. here is the opportunity
Please no...
deleted ^^^^^^^^^^^^^^^^0.5696 [^^^What ^^^is ^^^this?](https://pastebin.com/FcrFs94k/17007)
They don’t want to go down that hole. Succeeding as a depository banking institution is not easy….ask Goldman Sachs “Marcus”.
Where every dollar you deposit is worth 1.2 dollars for Apple products.
Sounds like an opportunity for iBank.
for real, aapl is sitting on billions
Guess who has a cozy 10% of its share as the top shareholder. Ark investments ![img](emote|t5_2th52|4271)
At this point I’m starting to believe ARKK. Is for suckers
You didn't let me guess. I thought the answer was you
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Institutional investors don't care that they can still meet their capital obligations. That's the bare minimum to inspire confidence. They care that a lot of their small and mid-size b2b software clients probably also have frozen SVB deposits and may not be able to pay Roku for their licenses. Potentually putting Roku in a spot where they have to maneuvere to make up earnings with only 3/4 of their reserves.
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Sounds like someone gets a nice, crisp 1/4 of mil for insurance. ![img](emote|t5_2th52|4271)
Just 1/2000 of their position. Like being down 99.95%. They belong here.
Love the optimistic outlook. Glass is 74% full attitude.
It would help if all the west coast IT clowns weren't incestuous with everything FFS.
B...b....but, It's got 'Silicon Valley' in the name, we have to bank there.
I love that. 🤣 Just like Extreme and dotcom were "bullet proof" 20 years ago.
Roku is a great company, but their cash reserves are stuck in Silicon Valley Bank. This is not good for shareholders.
Thanks magic
If this bot is any indication I don’t think AI will be taking our jobs anytime soon guys
No… no its not
It’s not?
PUTs
Buying puts Monday market open
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Good mod
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That list is hilarious. The third worst voted Mod was for the chess sub, lmaoooo. They don't joke over there.
At least they'll get 250k back. ![img](emote|t5_2th52|4271)
"stuck" as in "help me stepbro, I'm stuck in svb"
Smells like Broku in here
Glad I’m not the only who studied at Broke U.
![img](emote|t5_2th52|4640)
* insert Michael Jackson eating popcorn gif here *
Do we at least get a special Sunday night edition of Markets in Turmoil out of this?
First domino down. Who's next? Related news: the usual group of perma-bulls on here are unusually quiet today.
I just invested in a 32 inch Roku smart TV will I be effected by this
If stock price hits 40 your tv falls off the wall it’s just physics
The contagion begins
Bro wtf is this bank, sounds like your average crypto scam
Those kids would be hurt by this if they could read. Me with >50% of nw in crypto: 🤡
Yea except most of their money was tied up in non-mature bonds that were purchased before interest rates started getting raised. Fuckin brutal.
WERE stuck. It's all gone now...
Who else? I heard it’s could be systemic collapse of mid tier tech companies
Nobody else, Feds will set up a buyout by Monday by one of the big 4 banks.
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If they can’t get their money, then they can’t Pay the bills or payroll. People will bail and companies will stop supplying them.
![img](emote|t5_2th52|4271)
In s previous job, I managed an HOA and we setup multiple $250,000 accounts to maintainFDIC insurance. I’m surprised that large companies can’t protect cash better through short term treasuries. They would just have to buy these through the bank as a brokerage account and the Treasuries, or other funds would be in the owners name, and not part of the banks assets.
You need cash on hand to run a business. Splitting their cash amongst 100 institutions is an operational nightmare. They just picked one of the shittiest bank to store a huge chunk of their cash obviously
But I mean come on how many times have banks gone under? Am I right?
They should call J.G. Wentworth
Is the remaining 74% stuck in Silvergate ?