Silicon Valley Bank is secretly deleting social media
The collapse of the Silicon Valley Bank (SVB) has rocked the financial industry. Popular with venture capitalists, the bank had over $200 billion in assets. Its collapse is the biggest since the 2008 financial crisis.
SVB’s demise has sparked a frenzy of blame across the internet, with some blaming deregulation and others claiming that the bank’s ‘wake up’ policy led to its demise. There is also an intense discussion about whether the federal government should bail out the bank. It has already been agreed to protect everyone’s deposits beyond what is normally guaranteed at the federal level.
In the meantime, the SVB has quietly deleted its social media channels.
His website still links to his Twitter, Instagram, YouTube and LinkedIn accounts. As of Monday afternoon, his Twitter and Instagram accounts were deleted and there are no videos on his YouTube channel. An archive shows that Silicon Valley Bank was active on Twitter until last week.
According to the now-empty YouTube channels, the videos were viewed a total of 12.5 million times before being deleted. That of the Wayback Machine archive shows that the channel contained dozens of videos as late as December.
It is unclear when the bank deleted her Instagram account.
Only Silicon Valley Bank’s LinkedIn account remains. Recent comments there may provide a clue as to why the bank has withdrawn from other platforms.
His post, which linked to the Federal Deposit Insurance Corporation’s (FDIC) press release on the acquisition of the bank and giving insured customers access to their funds, drew overwhelmingly negative reactions with few exceptions. (The FDIC ensures customers receive refunds of up to $250,000 of their funds in the event of a bank failure. The Biden administration has gone further, saying all deposits are protected.)
One opined that “the rollback of Dodd-Frank in 2018 wasn’t a smart idea,” referring to the 2010 legislation that overhauled financial industry regulation in hopes of avoiding another bank collapse. The law was partially repealed in 2018.
When someone asked them to explain how the earlier version of the law would have prevented the SVB’s demise, they replied: “Without Dodd-Frank, the SVB did not have to undergo the Federal Reserve’s stress tests and was no longer able to hold a specific amount.” of cash to protect against the impact of financial shocks.”
“It wasn’t the only domino that set this debacle in motion, but it certainly looks like an early factor.”
Many criticized the bank for paying staff bonuses on Friday, just hours before regulators took over.
“Looks like you handed out bonuses to your executives and managers and then made certain depositors get their money. Left it to the common man to rely on the government to get what they lost,” one commented.
But such comments are not possible on other channels, which may also be the reason why SVB has ceased its social presence.
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*Initial publication: March 13, 2023 2:04 pm CDT
Claire Goforth is a staff writer at the Daily Dot and covers all topics related to politics and technology with a focus on far right and conspiracy theories.
https://www.dailydot.com/debug/silicon-valley-bank-deletes-social-media/ Silicon Valley Bank is secretly deleting social media