David Sacks

@DavidSacks ↗

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Last Checked April 3, 2023

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Tue Mar 14 21:02:36 +0000 2023

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David Sacks @DavidSacks

The match was lit when SVB announced on Wednesday March 9 that it had sold substantially all of its available-for-sale securities and needed to raise fresh capital because of large unrealized losses from its mortgage bond portfolio. https://t.co/KBXOFp1q7A — PolitiTweet.org

Posted March 14, 2023

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David Sacks @DavidSacks

If you want to understand the context for the crisis, look at the FDIC Chair’s March 6 testimony — a week before SVB’s collapse — where he explains that banks were sitting on $620 billion of unrealized losses from long-dated bonds. This provided the tinder for the crisis. https://t.co/G3jw3TMKTr — PolitiTweet.org

Posted March 14, 2023

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David Sacks @DavidSacks

On Thursday morning, the financial press widely reported SVB’s need for new capital, and short sellers were all over the stock. The CEO’s disastrous “don’t panic” call later that morning only heightened fears and undermined confidence in the bank. https://t.co/7u0KDRbvdH — PolitiTweet.org

Posted March 14, 2023