Peter Thiel’s role in SVB collapse under scrutiny

Bloomberg Businessweek’s Max Chafkin tells “Nightcap’s” Jon Sarlin that the run on Silicon Valley Bank suggests venture capitalists are not as smart as they think they are. Plus, crypto podcaster Jacob Silverman discusses why the collapse of two crypto banks is a big deal for the industry. And SocialProof Security’s Rachel Tobac explains why legacy password rules, like frequent changes and special characters, might not keep you from getting hacked. To get the day’s business headlines sent directly to your inbox, sign up for the Nightcap newsletter.

00:00 – Welcome to "Nightcap"
00:28 – The first "Twitter" bank run
06:46 – Crypto unbanked
10:06 – The truth about password security


  1. Well if the people with school loans got together and formed a bank then they could get a BAILOUT. Because is there anything that’s acceptable to the American Public, it’s privatized profit and socialized losses. Americans paid in 2008 and will pay again now. Let the banks fail. Rip the bandage off already. I’d much rather deal with that pain while I’m younger rather than when I’m older.

  2. Peter Thiel is one of the slimiest dudes around… and not just with business. On a personal level, I remember him giving a speech and getting booed at one of Trump’s events celebrating the election of 2015 when he announced he was a “proud gay Republican.” Now he’s working with the same people to rid lgbt+ rights in red states and via SCOTUS for across the country. It’s just amazing how much of a creep this guy is. He was ready to flee the country to New Zealand before making a u-turn when an equally creepy dude won for POTUS.

  3. He just buries the lead like Sure the bank had some problems on their balance sheet. $2 billion hole in the balance sheet a failed attempt to raise capital. That the bank stated itself needed for operating expenses. The bank would of been in even worse shape if interest rates were to rise 50bps next week. Silicon Valley bank was hopelessly insolvent.

    I hate how the media always tries to shift blame away from the bank

  4. The Banking sector and railroads have proven regulations are necessary and less expensive. No to Bank and investor bailouts.

    1. When I first read your post it appeared to say “the barking sector” and I thought baying fascist dogs barking out “lock her up”
      PTSD from the mini-dark age of trump carnage I guess

  5. “It is better to take refuge in the LORD than to trust in humans.”
    – Psalm 118:8

    “Enter through the narrow gate. For wide is the gate and broad and easy to travel is the path that leads the way to destruction and eternal loss, and there are MANY who enter through it.”
    – Matthew 7:13

    “Jesus told him, ‘I am the WAY, the TRUTH, and the LIFE. No one comes to the Father except through Me.”
    – John 14:6

    “Salvation is found in no one else, for there is no other name under heaven given to mankind by which we must be saved.”
    – Acts 4:12

    “And I will give you a new heart, and I will put a new spirit in you. I will take out your stony, stubborn heart and give you a tender, responsive heart.”
    – Ezekiel 36:26

    “Again Jesus spoke to them, saying, ‘I am the Light of the world. Whoever follows Me will not walk in darkness, but will have the Light of Life.”
    – John 8:12

    “I called you so often, but you wouldn’t come. I reached out to you, but you paid no attention.”
    – Proverbs 1:24

  6. The theory is he was outed by a liberal website called Gawker years ago which looking back is an awful thing to do. And now he’s punishing the left and pursuing right wing policies. Not sure if this theory is correct but I understand his initial anger. But it’s been years and it’s not healthy if he’s still angry all these years later.

  7. Freedom of speech except to criticize a billionaire. Freedom to face consequences except for corporate subsidies and bailouts.

  8. Boy, these banks are really going to learn their lesson make bad investments….. and then they get bailed out by the working Taxpayers

  9. It’s about time. If this had been a stock trade, Theil would be guilty of insider trading.
    He was given a heads up from someone inside SVP, and sold off all his shares using that information.

  10. Most passwords are stolen from corporate and institutional data bases. Password managers used by individuals will be totally useless.

  11. because computer servers at major companies get audited some places as much as 4 times a year so system administrators who manage these servers have to enforce password expiry otherwise when they fail audit requirement they have to answer to their mangements.

  12. Do most people like Amazon? I could be in a bubble but pretty much the only things I ever hear about Amazon are worker exploitation, union crushing and tax avoidance.

  13. Once the lastpass data was stolen, they only need to crack one bad pw to get the cypher for cracking the rest of them. So even if your pw was strong and uncrackable, your neighbor’s might not have been. In other words, your pw is only as safe as the weakest pw that got stolen. Change your pw

  14. So Peter Thiel should have left his money in a failing bank to prop up the illusion that all was well and prevent a run on the bank? To mislead other depositors as to the actual state of affairs? Where have we seen such altruism among those advocating such a suicidal strategy?

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