March 15, 2023
by Ethan Huff | Collapse.News
The aftermath of the implosion of Silicon Valley Bank (SVB), the country’s premier financial institution for Silicon Valley tech startups for the past four decades, is creating chaos for several corrupt industries, most notably biotechnology-pharmaceuticals and technology.
The biggest banking failure so far since the infamous 2008 global financial crisis, the fall of SVB is affecting numerous venture capital investors and technology executives. Many of them wish to remain anonymous, but we can tell you that the following entities maintained accounts at SVB and are now seeking bailouts:
• USDC, a cryptocurrency stablecoin run by Circle • Roku, a media streaming company • BlockFi, another crypto firm • Roblox, a global gaming platform • Ginkgo Bioworks, a biopharmaceutical company • Rocket Lab USA, a space exploration company • Lending Club, a full-service banking and loan firm • Payoneer, a cross-border digital payment platform • Protagonist Therapeutics, a biopharmaceutical company • Archer Aviation, an aircraft company • Cohu, a semiconductor manufacturing firm • IMG Biosciences, a biopharmaceutical company • Rhythm Pharmaceuticals, a pharmaceutical company • Syros Pharmaceuticals, a pharmaceutical company • EyePoint Pharmaceuticals, a pharmaceutical company • Atara Biotherapeutics, a biopharmaceutical firm • Iveric Bio, a biopharmaceutical company • Vera Therapeutics, a biopharmaceutical company • X4 Pharmaceuticals, a pharmaceutical company • CytomX Therapeutics, a biopharmaceutical company • Axsome Therapeutics, a biopharmaceutical firm • Wave Life Sciences, a biopharmaceutical company • Juniper Networks, an artificial intelligence (AI) company • QuantumScape, a solid-state, lithium-metal battery technology company
(Related: Check out the Health Ranger’s coverage of the banking collapse and “non-bailout bailout” of SVB.)
Why are SVB depositors receiving special treatment? Because they push the globalist agenda
As you will notice, most of the above depositors come from industries that, quite frankly, are a scourge to humanity. Biotechnology, pharmaceuticals, and AI are all tools of control and oppression that were being funded by the SVB banking scheme.
Thanks to Treasury Secretary Janet Yellen’s promise to make these depositors whole, despite their maintaining deposits above the $250,000 limit set by the Federal Deposit Insurance Corporation (FDIC), these entities apparently have nothing to worry about because they will receive special repayment treatment that ordinary American bank account holders do not receive.
At the same time, the aforementioned industries are already feeling the contagion of SVB’s collapse, which is prompting layoffs and other cutbacks. This is really bad news for the employees of these companies who are now out of a job and back in the needing employment market.
According to CNBC, many are comparing the situation at SVB to that of Lehman Brothers, which infamously filed for bankruptcy in 2008. The general sentiment is that SVB did a very poor job of communicating to its clients that it would be raising $500 million from venture firm General Atlantic while simultaneously unloading holdings worth about $21 billion at a loss of $1.8 billion.
SVB was apparently telling its account holders that everything was “fine” as this was all happening, which is exactly what Lehman Brothers did before ultimately pulling the plug and wrecking its clients.
As late as last Thursday evening, the night before SVB went belly-up, the company was falsely reassuring its clients that they need not worry. One email the company sent to its customers before its default claimed that it was just “business as usual at SVB,” which was obviously a lie.
“Moreover, we have a 40 year history navigating bear and bull markets and have developed leading risk mitigation capabilities to ensure our long term financial health,” the company further promised its customers.
“So, unfortunately, they repeated mistakes in history, and anyone who lived through that period said, ‘Hey, maybe they’re not fine; we were told that last time,'” one venture capitalist is quoted as saying about the deception.
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Sources for this article include: