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I sure hope Rivian doesn’t have funds in Silicon Valley Bank

moosehead

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COdogman

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And here I always thought they store it in the frunk and gear tunnel of every R1T/R1S until it's time for delivery!
That would make more sense. If true I hope they forget to check my gear tunnel/ frunk before it leaves Normal!
 

cleex024

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Seriously, it's a publicly traded company. If their asset position was at adverse risk, they would have to disclose it. Can't hide shite like that.
what adverse risk? svb is a bank just like any bank such as bank of america where you just store you money for say payroll. they have tons of accounts for this exact reason for many tech companies which is why they are so big now. they support all these tech startups and just wondering where they stored their money is all.

im sure its not svb as we would have heard it by now but just as a semi joke wondering where its at. :CWL:
 

Rivianation

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what adverse risk? svb is a bank just like any bank such as bank of america where you just store you money for say payroll. they have tons of accounts for this exact reason for many tech companies which is why they are so big now. they support all these tech startups and just wondering where they stored their money is all.

im sure its not svb as we would have heard it by now but just as a semi joke wondering where its at. :CWL:
I get that, but I'm referring this this line right here ($12 billion), their biggest asset - a huge pile of 'cash'.

Rivian R1T R1S I sure hope Rivian doesn’t have funds in Silicon Valley Bank 1678552779064


The IPO of $65 Billion (at the time) was handled by Morgan Stanley, Goldman Sachs, and J.P. Morgan. So I don't think that remaining $12 Billion is sitting in SVB, the country's 16th largest bank. I could be wrong, but we'll know soon enough.
 

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Sgt Beavis

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The bank is still mostly solvent and even uninsured deposits see the majority of their money back. Let's say they took a 10% bath on their long-term equities, and and all shareholder value was wiped out first, I bet they will see most of not nearly all their money back post liquidation.
The Fed has stepped up to protect depositors. Their money should be available this morning.
https://finance.yahoo.com/news/us-says-svb-deposits-safe-230714841.html

Mark Cuban said he had millions in there for CostPlusDrugs.com. He spent the weekend creating new bank accounts to make sure his employees got paid.
https://www.thestreet.com/technology/mark-cuban-had-millions-at-failed-silicon-valley-bank

Of course yesterday another bank went under and a 3rd is in bad shape. I don’t think this is a contagion but it also depends on depositors not panicking. There is also a chance this could lead to Powell not raising interest rates any further. .
 

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riviantogo

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The Fed has stepped up to protect depositors. Their money should be available this morning.
https://finance.yahoo.com/news/us-says-svb-deposits-safe-230714841.html

Mark Cuban said he had millions in there for CostPlusDrugs.com. He spent the weekend creating new bank accounts to make sure his employees got paid.
https://www.thestreet.com/technology/mark-cuban-had-millions-at-failed-silicon-valley-bank

Of course yesterday another bank went under and a 3rd is in bad shape. I don’t think this is a contagion but it also depends on depositors not panicking. There is also a chance this could lead to Powell not raising interest rates any further. .

As folks have probably seen, the depositors will be made whole, so they won't lose, including Rivian. Investors, on the other hand, whether bond or stock holders are finished.

There is still the question of moral hazard, bailing out banks like this, but perhaps the Fed has it right. They'll backstop the depositors, but ultimately make all banks pay through the FDIC insurance fund, and future increased premiums. Where there's a fire, first thing is to put it out.

But it does seem to be a disappointing lack of oversight. Odd, that the office of the comptroller could not have anticipated this situation. But they are probably chronically understaffed and overworked. Interesting that China has reduced their issues with these situations in recent years with much tighter oversight of their banking sector.

And sad that it seems to mean the Fed is effectively adding even more liquidity into an already overheated economy.
 

Sgt Beavis

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As folks have probably seen, the depositors will be made whole, so they won't lose, including Rivian. Investors, on the other hand, whether bond or stock holders are finished.

There is still the question of moral hazard, bailing out banks like this, but perhaps the Fed has it right. They'll backstop the depositors, but ultimately make all banks pay through the FDIC insurance fund, and future increased premiums. Where there's a fire, first thing is to put it out.

But it does seem to be a disappointing lack of oversight. Odd, that the office of the comptroller could not have anticipated this situation. But they are probably chronically understaffed and overworked. Interesting that China has reduced their issues with these situations in recent years with much tighter oversight of their banking sector.

And sad that it seems to mean the Fed is effectively adding even more liquidity into an already overheated economy.
PART of the problem is the rollback of Frank/Dodd under the last administration. But the bigger issue, IMO, is that we’ve totally ditched Glass Stegal. We will continue to have calamity after calamity until we once again separate commercial and investment banking.
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