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Mar 12, 2023
the unexpected victim of the SVB crash
The crash of SVB, Silicon Valley Bank, has sent shock waves throughout the financial and hi-tech worlds, and that includes Israel. PLenty of Israeli hi-tech companies, and investment funds, surely held some money in SVB, not even including the few companies that recently spoke about moving their money out of Israel, and lost some, or a lot of, money in the crash. Maybe some will be recouped in the near future when the bank will be bailed out, but surely some will remain lost, and nothing can really make up for the anguish they are all going through over the fear and uncertainty.
All that being said, there is a victim that is totally unexpected.
Kikar is reporting that it seems some wealthy Jews who are supporters of yeshivas and kollels in Israel were heavily invested in SVB and held a lot of money in the bank, and spoke to someone connected in some way that many of these gvirim invested there did not pull their money out in time and are in a predicament.
The concern reported on in Kikar is because of the crash of SVB with the loses of the invested gvirim, many or several yeshivas and kollels in Israel will crash as well, from the domino effect.
I do trust that the yeshivas and kollels will mostly survive this, and hope the gvirim and everyone else invested will come out only minimally scathed, but I must say this victim was unexpected.
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Unlikely to be true, Kikar does not mention any names. Those who invested in HiTek companies might lose some. But it would not have made sense for them to make deposits at SVB.
ReplyDeleteI wonder how much of the money that high tech companies took out of Israel recently over the De-Mo-Crat-Ya issue was put into SVB. And now Banks Discount and Poalim and pitching in to help keep them liquid. Will you hear any mea culpas? Any hakarat hatov? Naahhhh...
ReplyDeleteI'm laughing. The same companies that threatened to destroy Israel's economy (note: most of them do business with China so it's not about the democracy thing) have now been destroyed.
ReplyDeleteWait, doesn't 'democracy' mean that the right people are in power?
Delete