iliana

pure of heart and dumb of ass

computer toucher (derogatory); recreational bureaucrat; longer intro


ktiiy, full-stacked shitpost development engineer, and crow appreciator


get shrdled, idiot


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iliana@buttslol.net

TECHCRUNCH: I have to wonder if you were publicly trying to calm your peers while privately advising founders to move their money out of SVB, just to be on the safe side.

MARK SUSTER (UPFRONT VENTURES): I assure you I did not. Every single VC I know was telling people, ‘We think your deposits are safe with SVB. It would be prudent to take some money because you could have a liquidity crisis for a week, but we don’t think a run on the bank makes sense.’ Experienced, professional VCs of Silicon Valley understand that a bank run damages everybody.

Are you saying the partners at Founders Fund and Coatue and Y Combinator are not experienced, professional VCs? They were among the firms that reportedly advised their startups to get their assets out.

I said a handful of people were telling people to run for the door and congratulating themselves for it. Leave aside what this does to SVB. If the Fed didn’t step up, how many bankruptcies would there be and other knock-on effects? These VCs are congratulating themselves. I’m seeing emails from VCs to their LPs — of which I am in some firms — and they are forwarding these things like, ‘Aren’t I super smart?’


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