This MUST have been illegal!!!
You’re about to see lots of articles with titles like this…
If you look at these 2 charts, you can see how many insiders – that doesn’t necessarily mean decision-makers – took out loans from SVB and for how much.
At the end of 2022, the number of recipients doubled from 2 to 4, and the amount of money skyrocketed from $40M to $219M.
5X more than 2011 when there were 13 people borrowing.
So what does this mean???
I don’t know.
And neither do you.
But charts like this look scary.
And they make it easy for journalists to make you believe it’s scary.
But what’s important right now, is that we don’t jump to conclusions.
We need FACTS.
The good news is, it shouldn’t be hard to find the facts.
All that’s really needed is the loan approval memorandum,
And the minutes from the loan committee on these 4 loans.
When we have those, we will know why these loans were approved, and what they were for.
It could even be that these were years-old lines of credit that were finally drawn on.
It could have nothing to do with 2022 Q4.
We just don’t know yet.
I’ll be keeping an eye on this.
But for now…
Let’s wait for the facts.
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