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Thousands of British tech firms left on the brink after collapse of Silicon Valley Bank in US


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Posted

British tech firms left on the brink after Silicon Valley Bank collapses in biggest failure since 2008 crash: Jeremy Hunt warns of 'serious risk' to UK businesses but promises help (and won't rule out bailout) after crisis talks with PM and Bank of England

 

The Bank of England announced on Friday that the UK arm of SVB was to go into insolvency on Sunday night after Californian authorities took control of the business this week.

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Posted

Tech and life science sector formed big portion of the 3.500 SVB's customers and stand a bigger risk than the wider economy. Few private banking giants like HSBC and Barclays are lining up for a private bailout. In Asia, the fallout seem muted this morning from gauging the banking stocks. Hope it stay this way. 

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Posted (edited)
39 minutes ago, Chomper Higgot said:

Never any shortage of socialism when a bank needs it.

 

 

Go woke, go broke!

https://nypost.com/2023/03/11/silicon-valley-bank-pushed-woke-programs-ahead-of-collapse/

 

"While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs"

 

"Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth."

Edited by BritManToo
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Posted
49 minutes ago, nigelforbes said:

Our money, are you paying UK tax in Thailand?

On pension..paid tax there for 50 years so I think that gives me the right .. don't you 

 

18 minutes ago, nigelforbes said:

Indeed, I do, I wanted to know if that poster does.

 

Posted
Just now, Harveyboy said:

On pension..paid tax there for 50 years so I think that gives me the right .. don't you 

 

 

 

Just now, Harveyboy said:

On pension..paid tax there for 50 years so I think that gives me the right .. don't you 

 

 

Tax on pension...don't we all

Posted
Just now, Harveyboy said:

On pension..paid tax there for 50 years so I think that gives me the right .. don't you 

 

 

You got an interest in SVB .mate you seem upset by my comment ..just sayin H

Posted
19 minutes ago, nigelforbes said:

Matron, HB's talking to himself again.

I think you might need to get off your barstool.. wouldn't want you to fall now sir would we ....Nah!!!

Posted
Just now, Harveyboy said:

I think you might need to get off your barstool.. wouldn't want you to fall now sir would we ....Nah!!!

How long you Been out of the Shoothole UK.or are you one of the very unfortunate ones still there..seems you might need a holiday old pal ..

Posted

All joking aside Harvey.....but first, you really should get someone to show you how to use the quote function et al because it looks hilarious.

 

When Brits say, "our money", I understand the sentiment but most often it comes from people who don't pay tax and have told HMRC that they live in Morecambe when really they live in Pattaya. That means they get paid pension increases, heating allowance, Xmas bonus etc etc. You see the hypocrisy. Anyway, I know that a fine upstanding fellow kike you would never do such things so all's good.

Posted
8 minutes ago, nigelforbes said:

All joking aside Harvey.....but first, you really should get someone to show you how to use the quote function et al because it looks hilarious.

 

When Brits say, "our money", I understand the sentiment but most often it comes from people who don't pay tax and have told HMRC that they live in Morecambe when really they live in Pattaya. That means they get paid pension increases, heating allowance, Xmas bonus etc etc. You see the hypocrisy. Anyway, I know that a fine upstanding fellow kike you would never do such things so all's good.

Ok mate apologies accepted ....Quote function Bah!! That's for techno's I'm a pen and paper man..I get nothing from UK except a pension which o had to wait a couple of years longer for tks to the wonderful British government..I'm declared as living here in Thailand no address in UK ..no benefits..no scam get sweet FA from them ...I'm an angel ask anyone in Soi 6. have a good day mate thanks for the banter..H 

 

Posted

Banks leveraged 100:1

What could possibly go wrong..

(Ok..I went overboard with the 100 to 1 ratio but who knows the real number)

 

The whole banking system is insolvent as far as I am concerned.

They didn't fix it in 2008 and they ain't gonna fix it now.

 

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Posted

BlackRock is the one to watch

 

BlackRock had $8.59 trillion in assets under management as of Dec. 31

 

As of December 31, 2022, Silicon Valley Bank's top shareholders were Vanguard Group (11.3%), BlackRock (8.1%), StateStreet (5.2%) and the Swedish pension fund Alecta (4.5%).

 

    https://www.zerohedge.com/markets/silicon-valley-bank-followed-exactly-what-regulation-recommended

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Posted

It is always nice to see the employees and management getting their bonuses, before the business goes bust. It show the honesty of them all. NOT..

 

  I hope people did not have all their savings and such in this bank alone.

 

Only trust the major banks a bit more, as they will likely not go bust as quickly.

Posted
21 hours ago, Harveyboy said:

Bail out banks again..with our money of course. As usual..

That "our money", is that USD money or UK pounds money ?  I've a feeling the FDIC will be paying Brits from that fund. Could be the UK has an equivalent.

Posted
2 hours ago, IAMHERE said:

That "our money", is that USD money or UK pounds money ?  I've a feeling the FDIC will be paying Brits from that fund. Could be the UK has an equivalent.

Whichever it will be tax payers...

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