A few pointsSharon Stone net worth approx $60M, claims she lost 1/2 her wealth in SVB. Now
I don't know whether that was all cash equivalent deposits, or she was a shareholder.
Again with these things, details are lacking but crically important in relation to a
bailout judgement.
Fareed Zaccharia on his CNN show covered a very interesting aspect of the SVB
story. He explored the social media aspect of how quickly silicon valley tech ceo"s
were aware of of SVB problems. Apparently the word was spread almost instantly
throughout the sector that SVB was in trouble. That set off a panic and within a few
hours of that dissemination, hundreds of millions of cash was electronically removed
from accounts thereby causing the crisis. Blankfein interviewed on Zaccaria's show
and reinforced by a top media ceo, don't remember her name, said the panic could
have been avoided. Panic is just panic and can easily get started by todays world
of instant acess to information whether it be reliable or not.
Bottom line, our world of instant acess to information is not going away, therefore
attempts to hide or cover up stuff is virtually impossible. Their conclusion was,
there simply needs to be more banking reforms and regulation to guarantee banks
and that the system is safe and reliable. Good luck with that.