Administered by:
Silicon Valley Bank collapse sends tech startups scrambling
https://edition.cnn.com/2023/03/10/tech/silicon-valley-bank-tech-panic/index.html
That story again:
#SiliconValley tech startups learn first hand about the dangers of centralization. 
Hypercapitalist techbros already calling for, wait for it, government intervention!
What happened to "the market will solve it"? 
"The market solves it" only if it's your money on the line, not their stock options. 
Remember all this bullshit about "we get the big payouts because we take the big risks"? Yeah, well… observe what happens when the risks actually materialize. Crying for risk-mitigating bailout *checks notes* literally the next day.
So next time you hear a libertarian talking head lay it on thick about the "entrepreneurial spirit", how "investors take risks and these need to be rewarded", "the market regulates itself", "taxes are an undue government intervention" — remember this.
Because the moment shit goes south for *them* it becomes "saving the economy" or some other bullshit excuse for an undue government intervention that benefits *them*.
Tax the rich!
Regulate tech!
Support public tech infrastructure!
/end
Oh, and one more thing: should some kind of government intervention happen here? Maybe!
But it needs to be designed in a way such that it prioritizes protection of the *employees* of the companies affected, not the investors.
Investors knew or should have known the inherent risks well enough. Every investment brochure warns about them.
@rysiek@mstdn.socialThe plot thickens!
Silicon Valley Bank chief pressed Congress to weaken risk regulations
https://www.theguardian.com/business/2023/mar/11/silicon-valley-bank-weaken-risk-regulations-svb
> CEO Greg Becker personally led the bank’s half-million-dollar push to reduce scrutiny of his institution – and lawmakers obliged
> [T]he bank was lobbying lawmakers on “financial regulatory reform” and the Systemic Risk Designation Improvement Act of 2015 – a bill that was the precursor to legislation ultimately signed by President Donald Trump
Thanks Obama! 
> “Without such changes, SVB likely will need to divert significant resources from providing financing to job-creating companies in the innovation economy to complying with enhanced prudential standards and other requirements,” said Becker, who reportedly sold $3.6m of his own stock two weeks ago, in the lead-up to the bank’s collapse.
So… Silicon Valley tech startups got screwed by a bank that pushed Trump to deregulate it. 
Doesn't get more Schadenfreude than that!
@Spiricom CW that face
@rysiek Specifically, undermined by Thiel & Co, because portfolio companies are neobanks operating in the same space