Paul Krugman

@paulkrugman ↗

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Last Checked April 3, 2023

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Sun Mar 12 13:33:33 +0000 2023

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Paul Krugman @paulkrugman

So what was all the "dedicated to global innovation" stuff about? Some real business — but largely, I think, a form of marketing: a way to sell crypto, startups etc on the idea that SVB was their kind of bank, and hence a place to put large uninsured sums 4/ — PolitiTweet.org

Posted March 12, 2023

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Paul Krugman @paulkrugman

And in fact longer-term securities paid more than short precisely because there was a one-sided risk that what did happen, would happen — that short rates couldn't go down, but could go up. So this wasn't a brilliant investment strategy, just unacknowledged risk-taking 3/ — PolitiTweet.org

Posted March 12, 2023

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Paul Krugman @paulkrugman

In a deep sense — though not a legal sense — what SVB actually did was a kind of affinity fraud a la Madoff. It managed to convince the VC/startup/crypto etc world that it was one of them, part of their community, and hence trustworthy 5/ — PolitiTweet.org

Posted March 12, 2023