No worries, unlike Oprah, the Obama’s are good, & they don’t even care anymore to keep up charades………
Here comes the pain…………
They bought a TON of 10 year (long term) government bonds at low rates. Interest rates have 2.5x and now, if they sell, they lock in losses on those bonds. If they keep to maturity they are all fine.
Everybody started pulling out money and now they are forced to sell more, locking in those losses. The bank failed to manage risk properly, something an undergrad could have spotted. Especialyl since something like 90% of their customers had over the FDIC insured amount of 250k.
This is not an issue with the banking system so that other banks are going to start collapsing.
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Oh….& Soros…………
EDIT: HERE IS A LINK BETWEEN SOROS AND SVB - RICHARD PEREZ:
Richard Perez
"Richard Perez is a Senior Managing Director, MFO with SVB Private. He is responsible for advising family offices and closely-held business owners on investment strategy and portfolio execution.
Mr. Perez brings 20 years of financial services experience and family office expertise. Prior to joining SVB Private, he served as Chief Investment Officer of the family office business of 40 North Management LLC, a large New York-based RIA. In the role, Mr. Perez oversaw an external manager and advisory platform with total AUM of approximately $1.25 billion.
Prior to 40 North, Mr. Perez was a Senior Analyst at Soros Fund Management, where he was a senior member of the external manager selection team investing on behalf of the Soros family and affiliated foundations. Mr. Perez joined Soros from Goldman Sachs, where he was a Vice President in Goldman Sachs Asset Management’s Hedge Fund Strategies group and Head of Research for the Tactical Trading Strategies sector. In this role, Mr. Perez was responsible for due diligence and asset allocation decisions for more than 20 multi-manager portfolios, and worked closely with institutional and UHNW clients to provide guidance related to investment process, risk management, fund performance and market activity."