Courage Award
Famous names are generally sparing of information on their investments, as is obvious, but details of the most well-known account holders are slowly emerging from the news of the Svb crash. Stone, 65 beautifully carried (“Basic Instinctwas released in 1992) broke down in tears as she accepted the Courage Award at a fundraiser for the nonprofit Women’s Cancer Research Fund. She said it took “courage” on her part to make the donation despite the bank’s failure. “I’m an idiot on technical matters related to money. But I can write a fucking check – she said from the stage -. And right now, that’s courage too, because I know what’s going on, I just lost half my money on this bank thing. Yet that doesn’t mean I called myself out».
The crash of the incompetent
O’Leary, hugely popular on social media for his aggressive 80’s style finance raider, during an appearance on the show Hannity Of Fox Newshe admitted that “many companies” in his private equity portfolio had deposits in SVB (O’Leary had recently lost 15 million in the crash of Ftx, the cryptocurrency exchange of which he was also a testimonial). Among these companies there is also Circle, which had a good 3 billion dollars deposited in the bank which, before the government intervention, guaranteed insurance coverage for up to $250,000. “That bank was run by idiots, with an incompetent board of directors,” O’Leary said in his usual heavy-handed style. It’s one of many, many banks where I keep my money. I am an adult (he is almost 70 years old, ed) and I think if you have more than $250k deposited in any institution, you are basically a hedge funds or an experienced investor or a company. Understand the level of risk and act accordingly.
The wineries
Three wineries owned by California Gov. Gavin Newsom (but currently operated by a blind trust) are clients of Silicon Valley Bank, and the governor has maintained personal accounts at the institution “for years,” according to the site. The Intercept. A Silicon Valley Bank executive also made a $100,000 donation to the California Partners Project, a charity founded by Newsom’s wife, Jennifer Siebel Newsom. An executive of the SVB sits — for a while, it is supposed — on the charity’s board of directors.
