Silicon Valley Bank

josh10 · 2023-03-11T02:07:28.875Z

Does anyone know if Bubble is safe from the Silicon Valley Bank crash? I was just curious if they utilized this bank.

brian · 2023-03-11T04:13:21.752Z

Great question @josh10.

This does seem like something it would be helpful for Team Bubble (@josh or @emmanuel maybe) to clear up for clients - either here or via an email to active accounts.

In particular it would be helpful to know whether (i) Bubble had any deposits at SVB that got locked up today and (ii) how that impacts (or doesn’t) Bubble’s liquidity position.

I wouldn’t think there would need for many details - especially if there’s no exposure to SVB (either directly or indirectly) - but for people who have built businesses here, transparency is always helpful so we can understand any underlying risks and plan next steps accordingly.

Admittedly a low probability, but 2008 taught us all that who your partners are exposed to matters a lot when large counterparties start failing.

josh · 2023-03-11T12:19:29.774Z

We do have some exposure to SVB, but we were able to transfer enough cash out to ensure operations aren’t disrupted. Thank you for checking!

brian · 2023-03-11T13:37:16.383Z

Thanks @josh - that’s good to know. Thanks for taking time to respond after what must have been a pretty hectic week.

josh10 · 2023-03-11T16:07:24.510Z

Happy to hear that. Thank you!

jonah.deleseleuc · 2023-03-11T17:37:40.353Z

Brought to you by … the FED’s (Trump apointee) very own Jason Powell!

The U.S. Federal Reserve cannot disrupt its cycle of interest rate increases until the nation enters a recession, according to TS Lombard Chief U.S. Economist Steven Blitz.

“There is no exit from this until he [Fed Chair Jerome Powell] does create a recession, 'til unemployment goes up, and that is when the Fed rates will stop being hiked,” Blitz told CNBC’s “Squawk Box Europe” on Wednesday.

Story by Elliot Smith • Wednesday CNBC