Israhellies got their money out of Silicon Valley Bank before it collapsed

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From If Americans Knew
Israeli firms transfered $1 billion from Silicon Valley Bank to Israel
https://israelpalestinenews.org/israeli-firms-transfered-1-billion-from-silicon-valley-bank-to-israel/

The Times of Israel reports that israeli firms were able to transfer $1 billion from Silicon Valley Bank (SVB) to Israeli accounts before the bank was seized:

"Israel's two largest banks, Bank Leumi and Bank Hapoalim, set up a situation room that has been operating around the clock to help firms transfer their money from SVB — before it was seized — to accounts in Israel. Over the past few days, teams at LeumiTech, the high-tech banking arm of Bank Leumi, have been able to help their Israeli clients transfer about $1 billion to Israel, the bank said.

SVB, the "go-to lender of technology startups in Israel and the US," failed "after depositors hurried to withdraw money last week amid anxiety over its health."

It was the second-biggest bank failure in US history.

More information here  https://www.timesofisrael.com/tel-aviv-shares-drop-as-svb-failure-triggers-cash-flow-concern-for-israeli-startups/

Related:

https://www.youtube.com/watch?v=bxKM4G-J1io

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Oh, dear, would it be possible that Israhelli startups would suffer?  Of course not, because the jew, Janet Yellin, will "backstop" the bank, so the the jews don't lose any money. 

Israel startups panic after Silicon Valley Bank collapse
https://www.middleeastmonitor.com/20230313-israel-startups-panic-after-silicon-valley-bank-collapse/

Over 100 Israeli startups have gone into a state of panic following the collapse of the Silicon Valley Bank Financial Group, the biggest lender to startups in Israel and the United States, the Israel's Calcalist business newspaper reported.

Israeli shares slumped yesterday as a result of the bank's collapse. The assets of SVB are estimated at about $210 billion and it is the largest bank to fail since the 2008 financial crisis.

On Friday, the SVB collapsed due to a significant increase in interest rates and the decline in interest in the tech market, forcing the Federal Deposit Insurance Corporation (FDIC) to seize its assets.

The SVB collapse comes as Israel is embroiled in mass protests against a judicial reform proposal put forward by the government of Prime Minister Benjamin Netanyahu, which – according to economists – could drive away investments and negatively impact the economy.



Fed and FDIC discussing backstop to make SVB depositors whole and stem contagion fears: Source
https://www.cnbc.com/2023/03/12/fed-fdic-discussing-backstop-to-make-svb-depositors-whole-and-stem-contagion-fears-source.html

KEY POINTS
- Regulators would create a backstop for uninsured deposits at Silicon Valley Bank, using an authority from the Federal Deposit Insurance Act, according to the source.
- Such a move could also spur confidence at similar institutions to SVB.
- An additional step would be a "general banking facility" from the Federal Reserve that would support other financials with direct exposure to SVB.

Financial regulators are discussing two different facilities to manage the fallout from the closure of Silicon Valley Bank if no buyer materializes, according to a source close to the situation.

One way that the regulators would step in would be to create a backstop for uninsured deposits at Silicon Valley Bank, using an authority from the Federal Deposit Insurance Act, according to the source. The move would also touch the systemic risk exception that allows the Fed to take extraordinary action to stem contagion fears.

Such a move could spur confidence at similar regional banks and institutions ahead of Monday, when they open and customers can withdraw from their accounts.

An additional step would be a "general banking facility" from the Federal Reserve that would support other financials with direct exposure to SVB so they wouldn't have to materially change their business or take steep losses.

The moves would likely only be necessary if the FDIC was unable to find a buyer for all of SVB, or at least key parts of it. Bloomberg News reported that the FDIC was holding an auction for the bank, with final bids due on Sunday.

Regulators shut down Silicon Valley Bank on Friday, marking the largest U.S. bank failure since 2008. Tens of millions in customer deposits were withdrawn on Thursday in a run on the bank. There has been concern among investors that other mid-sized banks could face similar pressure without federal support.

The Fed and FDIC will present these proposals to the Treasury before any action is taken. Treasury Secretary Janet Yellen told CBS earlier Sunday that no government bailout is on the table, gut that the department was working "to address the situation in a timely way."

[yankeedoodle]

A comprehensive of this jew financial scandal - another one! - from TruNews can be viewed here:  https://www.trunews.com/stream/shekel-shuffle-janet-yellens-svb-bailout-was-for-israeli-tech-firms

SHEKEL SHUFFLE: JANET YELLEN'S SVB BAILOUT WAS FOR ISRAELI TECH FIRMS
Silicon Valley Bank's collapse last Friday created a panic among many Israeli technology companies that had money deposited at SVB. In addition, many Israeli tech startups relied on SVB for funding. Two Israeli banks helped transfer a billion dollars from SVB to Israel hours before the crash. Even more astounding is that billions of more dollars were deposited by Israeli tech companies in SVB and benefited from the US government's emergency bailout announced last Sunday.

On today's edition of TruNews, We'll cover the facts about the US Treasury Secretary Janet Yellen's bailout of Israeli corporations, plus explosive new developments in the House investigation of the Biden crime syndicate.

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"Don't ask questions. Just withdraw the money now"
In the dramatic leadup to the collapse of Silicon Valley Bank, Avi Eyal, managing partner of Entrée Capital, which invests in dozens of Israeli companies, sent a WhatsApp message that prevented potentially major damage to many of his portfolio companies
https://www.calcalistech.com/ctechnews/article/syilw00hk2

"Stop everything you are doing now and give an order to withdraw all your money from SVB. Don't ask me questions, just do it. Then we will think about what to do next and ask the questions," wrote Avi Eyal, managing partner of venture capital fund Entrée Capital, in a dramatic WhatsApp message to his portfolio companies on Thursday evening, noon New York time.
At that stage, the share price of Silicon Valley Bank, the preferred bank of the global high-tech industry, including Israel's of course, had already begun to drop sharply and ended up causing a run on the bank. It ended with its closure last Friday by the American regulator Federal Deposit Insurance Corporation (FDIC) after $42 billion were withdrawn over a short period of time. After the stormy weekend in the Israeli high-tech industry, it turns out that a large part of the companies managed to withdraw at least part of the money from SVB already on the night between Thursday and Friday.

Others, who gave an order that was stuck during the weekend and had already given up, saw yesterday that the money came in after all. It is estimated that the Israeli companies managed to withdraw most of their money from SVB, with some going to banks in Israel and some to the accounts of other banks abroad.

"We tell all our companies from stage A onward to open accounts in two different banks in each country. We require companies that have raised over $50 million to have four different bank accounts," says Eyal. "You could say this is Israeli paranoia, but you saw its value this weekend. The Americans got stuck because they are positive and have basic faith in their system, so they didn't withdraw the money right away, and the British, where the bank is also very active, didn't even know that such a dramatic event was happening."

Entrée Capital manages over $1 billion and is invested in a long list of Israeli startups, including Empathy, BeeHero, Fundbox and many others. Eyal also tweeted on Sunday that companies, even those not included in the fund's portfolio, are invited to contact it for a bridging loan. "If you are a startup that was affected by SVB and need to understand how to solve your financing challenges, we are willing to help."

In a conversation with Calcalist, Eyal explained that his offer for bridging loans for startup companies stems from the fact that he wants to prevent good companies from getting stuck because of an inability to withdraw money.

But not everyone had to wait for instructions from their funds. "My CFO already started on Thursday afternoon to follow the developments after CFO groups in Israel started sending updates on what was happening at SVB. Everyone saw the stock falling, but it was not yet clear what this meant. In the evening we realized how serious it was and said that maybe something should be done immediately. We talked to our investors to understand if actions were required of us and at 11 at night we decided to withdraw the money. On the night between Thursday and Friday, the money came through. We were able to withdraw tens of millions of dollars that we had there and we were left without significant exposure," said Shai Morag, co-founder and CEO of the cybersecurity company Ermetic and a serial entrepreneur who previously sold Secdo, which he founded, to Palo Alto Networks for $100 million.

At the end of 2021, Ermetic raised $70 million led by Qumra Capital. Today Ermetic, which made headlines after its paid appearance on TV series "Fauda", employs 150 people, of which 50 are in the U.S. and the rest in Israel. It recently laid off 17% of the workforce.

"All our investors were in the loop and the vast majority were in favor of withdrawing the money, but in the end the decision was mine and the CFO's. This event leaves me with the insight that the money needs to be distributed among several banks. It is true that the banking system in Israel is more conservative and many grumble about it, but in times of need it is important. If SVB gets bailed out, and the same employees will remain, we will definitely return to work with them," he noted.

In a letter seen by Calcalist, venture capital fund SOMV notified its investors that its portfolio companies hold $23.4 million in SVB. Seven companies have relatively high exposure to the bank as defined by the fund, including three companies that hold almost all their liquidity (90-100%) at the bank. These companies received investments from SOMV's relatively new third fund and each have balances of $2-5 million.

It is estimated that there is no startup in Israel that does not hold an account at SVB, which is used to pay salaries in the U.S. and also to receive money from customers as soon as sales begin.