Running to the Fed for help as soon as shit got real; made a lot of the bootstrapping libertarian ethos stereotypically espoused by a certain of VC seem very hollow.
Court records also show he spent months last year making suggestions to Musk on how to engineer a sufficiently hostile environment to mass-sack Twitter staff while evading severance arrangements.
But sure, these guys are so concerned with the posibility of ordinary people getting hurt.
Deposit money in a bank and expect to be able to withdraw it later as agreed seems compatible with borrow money for education and expect to pay it back later as agreed.
When you deposit money at a bank, it is made very clear to you that only $250K is protected by the FDIC. Any more, and you either buy insurance for it or take a risk on losing it in a bank failure.
These depositors knew that and still acted irresponsibly, yet they are going to be made whole. It’s not that much different from taking out a loan you don’t understand.
They benefited with White Glove treatment and easy access to loans. They weren't depositing it there out of the goodness of their hearts. That's why SVB was hunting for yield.
This is why Thiel was first, he can stick to his ideological guns. He also forced Silicon Valley valley to setup the massive bluff that they were too big to fail (and maybe they are indeed to big to fail) that the government refused to call.
So meat is back on the menu. No need for Ramen gents.
