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RorschachShaman t1_jcktmz3 wrote

Yeah, didn't he pull like 2 billion out and was the one who told others to do the same? Pennies lost if he doesn't get this back.

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SomethingMatter t1_jclyvcg wrote

He is just trying to deflect from causing the bank run in the first place.

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downonthesecond t1_jco12et wrote

For some reason it happened the same day Moody's downgraded SVB Financial's credit rating while SVB failed two days later.

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Ssider69 t1_jcl1cii wrote

"Thiel told the FT that his account was frozen on Friday when regulators stepped in and took control of the bank. However, it is once again accessible after the US government stepped in earlier this week and shored up all customer deposits in SVB."

OMG folks....this poor guy didn't have access to about 1 percent of his net worth for ...a whole weekend

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RuairiSpain t1_jclph9g wrote

And this is the reason the FED will keep giving free money to banks and keep interest rates low so Venture Capitalist and Vultures can keep doing their financial pump and dumps of Tech and Pharma startups.

In the end this bail out of depositors will be normal tax payers. Like you and me.

Peter is not a normal tax payer, his tax rate is probably around 1% of his income. I checked Peter's philanthropy, he gives $1,000,000 to young people that drop out of school to start businesses, this sounds like an early-bird angel investor rather than philanthropy.

His other "philanthropy" is donating big money to Republicans, 20 million! https://www.opensecrets.org/donor-lookup/results?name=peter+thiel&order=desc&sort=D

On good news, his COVID-19 hide away in New Zealand seems to have lost it's planning permission. His a great American, that runs off to New Zealand when the shit hits the fan. https://nypost.com/2022/08/19/peter-thiels-plans-for-dream-home-in-new-zealand-are-gone/

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Forsaken_Ad6559 t1_jcn7gnm wrote

Its a crime against humanity that capital gains are not taxed as much as income. Doing that would singlehandedly fix a lot of wealth inequality.

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Taxing t1_jcnggvv wrote

If you believe tax policy is simple, you’re probably not digging deeply enough into it.

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Forsaken_Ad6559 t1_jcngwhm wrote

"It's too complex for you to understand, that's why we don't have to pay the government as much for the money we get as you do for the money you get". Yeah fuck off conman. They better fix the problem soon or people like me will find nasty ways to fix it ourselves, including destroying the US economy.

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Taxing t1_jcnhqmy wrote

You have an incredible attitude. Tax policy is fascinating and worth investigating. There is a long history of why the preferential capital gain rate was instituted, and the benefits resulting, the most important at the time was stimulating investment. With the present increases in wealth disparity, there are calls to shift policy. Somewhat recently there was a 5% increase for high income earners, and variations of the Build Back Better Act attempted to make more material changes, but did not pass.

Before tax policy, maybe research the Dunning-Kruger effect.

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Forsaken_Ad6559 t1_jcnhycj wrote

I'm ignoring all this because it reads like it was generated by ChatGPT

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Taxing t1_jcni5oe wrote

Cool, engaging discussion. Don’t challenge yourself in anyway, you’ve got it figured out already, and anyone who shares anything that doesn’t fit, be mean.

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Forsaken_Ad6559 t1_jcnig4p wrote

I've heard and already dismissed everything you could possibly tell me on the matter. It is all obfuscation and bullshit. Don't care, go away.

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Taxing t1_jcnjrtl wrote

If there were a market for stupidity, I’d want drilling rights to your head.

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Forsaken_Ad6559 t1_jcnjxe2 wrote

Very engaging argument you've got there douchebag. At the end of the day it turns out you actually were just full of shit!

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ThirdFloorGreg t1_jcnubui wrote

It's really not that hard to understand. Tax policy has multiple goals, and revenue is the only simple one. The big one is incentivizing beneficial behaviors like investment.

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puckmama1010 t1_jcp4w81 wrote

Beneficial behaviors like investment? Benefits who? Trying to out talk the 99%ers is old. We don’t give a crap about all of the economic speak that is thrown around as wealthy folks get bailed out by the government while their heads explode if we talk about forgiving student loan debt

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ThirdFloorGreg t1_jcpe2rg wrote

Investement stimulates economic activity. As a super simple example, it can make it possible to start a business without already having the necessary capital. The alternative to investing money is simply hoarding it, which benefits no one but the person who has it. Money really only exists when it is in motion, and investment keeps it in motion. I'm sorry the world isn't as simple as you would like it to be.

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puckmama1010 t1_jcr35t2 wrote

It’s not about simple. It’s about favoritism. You guys all act like we are stupid. We are not. We are tired of the “these guys help you” routine. Guess what? Everyone that took on college debt so your investments can succeed deserve equal treatment by the folks in DC that decide who gets bailed out

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bdsee t1_jcni24i wrote

Even worse, that's why we don't have to pay as much tax for the money our money makes for us as you have to pay for the money your sweat makes for you.

I mean usury was considered immoral at one point, working for koney never was.

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Forsaken_Ad6559 t1_jcnic9l wrote

Don't get me started on what a con game the financial system as a whole is. The entire purpose of modern finance is to keep labor productivity high and wages low. Every policy is crafted expertly to disadvantage people who work and prevent people in the bottom 50% from climbing out.

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nomadofwaves t1_jcnhtrh wrote

He left facebooks board I think in 2020 maybe a bit early so he could be more politically involved. He’s also probably part of the reason trumps campaign ran such a great social media presence in 2016. I’m sure his Palantir company and access to Facebook was extremely valuable back then.

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Forsaken_Ad6559 t1_jcu36hw wrote

Thiel is a technofacist and Facebook to him is a social experiment related to Girardian conflict theory, he admitted that openly. Man wants to use social media to start a war.

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YoureNotSpeshul t1_jcnatx8 wrote

You beat me to it. Is my heart supposed to bleed for him?

For all his unfettered greed he deserves much worse. He'll be fine, as always.

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chockychockster t1_jckss9v wrote

Oh, as a deposit? Then he'll get it all back. No schadenfreude here. The investors are getting rinsed, but depositors are all fine.

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[deleted] t1_jcl1y87 wrote

[deleted]

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sicariobrothers t1_jcmf9ll wrote

He’s also a fascist

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groggyMPLS t1_jcmjbl7 wrote

He’s gay.

Careful, don’t short circuit…

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sicariobrothers t1_jcmmwja wrote

Not sure what is funnier. That you don’t think gay people can’t be fascist or that I am such a lefty that it would melt my brain to consider gay people could be bad.

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visope t1_jcmoxcp wrote

Right

People need to read about Ernst Rohm

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DosACeroEnthusiast t1_jcn5lo4 wrote

He may have not been killed specifically because of his sexuality but the Nazi regime was virulently homophobic and persecuted homosexuals and to my knowledge no fascist government has ever been accepting of homosexuality in general.

But one thing that does not mix is libertarian beliefs and fascism. So peter can’t be both.

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sicariobrothers t1_jcq9eeh wrote

Because he’s not a libertarian? What Libertarian spends millions to shut down a website that outed him?

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[deleted] t1_jckul91 wrote

[deleted]

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EeZTarget t1_jcl17x3 wrote

Yeah, because he was a co-founder of PayPal, he/company sold PayPal stock to himself for a fraction of a penny in his Roth. The initial $2000 IRA contribution grew to $5 billions tax-free.

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anonymous_lighting t1_jcnxxtt wrote

tough to blame him. built a company & sold

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EeZTarget t1_jco48sd wrote

I’m not blaming him. Just pointing out that he took advantage of a loophole in ROTH IRA to further enrich himself. None of us ordinary people is able to buy companies worth millions of dollars for $0.001 per share.

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wingnutf22 t1_jcl4n0j wrote

Quick google search said 4.7billion (not verifying just ball park) , 50 million is only about 1.2% of this guys net worth. So yeah 100% chump change for him.

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slayer828 t1_jcmfgbh wrote

How? Roths are supposed to have a yearly cap...

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[deleted] t1_jcmgawj wrote

[deleted]

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EeZTarget t1_jcp0i2f wrote

PayPal was never worth pennies, but he was able to give it to himself for a fraction of a penny because he was a founder.

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Crazy-Inspection-778 t1_jcmg8td wrote

You can buy options and other high-returning investments in them though. In this case he bought 1.7 million shares of paypal in 1999 for $1700

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themorningmosca t1_jcovc8w wrote

One billion seconds is much longer than one million seconds. Specifically:

One million seconds is equal to approximately 11.57 days (1,000,000 seconds / 86,400 seconds per day). One billion seconds is equal to approximately 31.71 years (1,000,000,000 seconds / 31,536,000 seconds per year). Therefore, one billion seconds is roughly 86,400 times longer than one million seconds.

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a_crusty_old_man t1_jcpg1f8 wrote

I was with you till your last sentence. They’re both exactly 1000 times each other, though.

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themorningmosca t1_jcph5tu wrote

I was going for a gag:) like the teacher that says read all the directions on a test before starting then the last question says do nothing… and then we play Heads Up 7 Up.

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a_crusty_old_man t1_jcphrxh wrote

I almost asked if you were going for something like that. I thought it was a meme I hadn’t seen.

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0Ring-0 t1_jcksfst wrote

And he’ll be first to get it back. Everyone not a billionaire get in line and don’t hold your breath.

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Autotomatomato t1_jckxt5o wrote

He can pull himself up by his bootstraps and stop buying coffee and avocado toast.

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303uru t1_jcl5ezv wrote

This accelerationist piece of shit tried to start a bank run and economic collapse. He’s nothing short of a political terrorist.

With ChatGPTs help:

In Silicon Valley's hallowed halls, Where innovation stands so tall, Venture capitalists play their game, In pursuit of wealth and fame.

Peter Thiel, a titan bold, Whose mind, like Midas, turned to gold, Did rise to challenge, fierce and true, The bank that once his fortunes grew.

Silicon Valley Bank did stand, A beacon in that tech-soaked land, But Peter and his VC kin, Did plot to tear its pillars thin.

With cunning minds and pockets deep, These wolves did gather, secrets keep, Their strategy, like a serpent's coil, To bring down the bank that once was loyal.

The bank, that nurtured dreams and schemes, Where founders sought their golden beams, Now faced a storm, a battle dire, As Thiel and his kin conspired.

The conflict raged like fire and ice, Yet, in their quest for paradise, Did these titans fail to see, The cost of their sweet victory?

For in the battle's dark embrace, The Valley trembled in disgrace, The dreams of many turned to dust, In the face of ambition's lust.

Yet from the ashes, new life may rise, A phoenix of a different guise, Silicon Valley's heart may beat, To the rhythm of a different street.

And so, the tale of Thiel and foes, Serves as a lesson, I suppose, That venture, while it seeks to grow, Can sometimes be its own worst foe.

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Forsaken_Ad6559 t1_jcn7ohm wrote

The system shouldn't be so easy to collapse then. Wait until you see what people do next to collapse the economy. Hint: drones. Don't worry, it's just growing pains for a better world, this economy doesn't deserve to exist anymore.

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Goodgoditsgrowing t1_jclxfa5 wrote

You mean he had a bunch of money invested when he actively tried and succeeded in making SVB collapse by telling everyone he knew to withdraw all their deposits, creating a run on the bank, and making the bank go under.

He’s either an idiot who did his utmost to tank his own investment or he’s angling to buy up SVB for pennies on the dollar.

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downonthesecond t1_jco18xn wrote

Did Moody's downgrade of SVB Financial's credit rating have nothing to do with Thiel and others' decision to withdraw their money from SVB?

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engi_nerd t1_jcs4c3q wrote

It’s lost on them that Theil is more competent than the people running this bank. He made a smart business move because he was paying attention 🤷‍♂️

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nomadofwaves t1_jcni1jr wrote

It would make sense because in some loans SVB gets percentage stake in some start ups.

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KingGidorah t1_jclm8fn wrote

That’s like me losing a dollar…

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farkwadian t1_jcn22jd wrote

The guy who caused the bank run lost his money to the bank run. OK.

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Forsaken_Ad6559 t1_jcu3ij6 wrote

The bank run was caused by the bank playing stupid games with money and people correctly panicking and pulling their money out.

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JeebusJones t1_jclld60 wrote

To put this in perspective: If we go by Google's claim of his net worth being a bit more than 4 billion dollars, 50 million represents a bit more than 1% of his wealth.

For comparison, the median net worth in the US is about $120,000, so this would be like losing around $1200 for a regular person. Not nothing, but probably not ruinous.

Plus, there's the fact that, once you get beyond a certain level of wealth, any additional money ceases to matter very much, because there's a limit to how much you can practically spend even if you live very extravagantly. In other words, he's not going to miss that $50 million anywhere near as much as the median person is going to miss $1200.

(He's also an authoritarian shitbag who is on record as saying that he "no longer believes that freedom and democracy are compatible." But that's not directly related to this topic.)

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ImmediateLobster1 t1_jcp5h2y wrote

Your numbers are right, but one item is important: He didn't even lose the $50M. He just lost access to the $50M for a short period of time. The FDIC is guaranteeing all depositors will get their money back (normally they "only" guarantee the first $250,000 in an account, but in this case they're covering everyone).

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[deleted] t1_jclvwro wrote

[removed]

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[deleted] t1_jcu3mrj wrote

[removed]

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[deleted] t1_jcw65a0 wrote

[removed]

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infodawg t1_jckxgf2 wrote

Couldn't happen to a nicer person.... /s

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No_Sense_6171 t1_jcljvig wrote

Who gives a F***? He's stolen way more than that over his career.

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Moonlapsed t1_jcmf32z wrote

Get the man his 250k lol

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robespierre1020 t1_jcl1837 wrote

I’m sorry, am I supposed to feel sorry for the gobshite?

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bannacct56 t1_jcmhy7u wrote

Who cares? He's managed to convince the government to give it back to him so he'll be fine

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Akuna_My_Tatas t1_jcnya0t wrote

A $50m sacrificial lamb so he can have plausible deniability.

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shanksta1 t1_jcl2669 wrote

can these bankers and managers just fail and lose their money please? the pricks

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ekkidee t1_jclwois wrote

Here is my requiem, played on the following violin:

.

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Epo1337 t1_jclhw95 wrote

So chump change for him?

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SimmaDownNa t1_jckuf1v wrote

That's pocket change for him. He's fine.

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derpam t1_jckvsjs wrote

What is whining about now?

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LifeBuilder t1_jcl859d wrote

What? Oh no….

Had his accountants not said anything how long do you think it would have taken for him to notice.

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-technocrates- t1_jcmosn3 wrote

think about how life changing it woud have been for him to pick 50 of the most competent associates and friends of his and made them each a millionaire instead.

weathy people dont own money, wealth owns them.

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az0ul t1_jco29jz wrote

He shorted SVB while he watched it tumble. This guy is pure evil like his company PayPal.

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BrandTheBroken t1_jckz3kp wrote

Nobody is losing their money with SVB. My company uses them and there's really no issues since Monday... Media has made this much more dramatic

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talltim007 t1_jckzydy wrote

Investors lost it all. The bank doesn't exist as an ongoing concern and is in receivership. Lots of drama, the FDIC did it's job and protected depositors but deposits above 250k were not guaranteed on Friday of last week.

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BrandTheBroken t1_jcl12hy wrote

True about the 250k, but that's temporary. SVB owns more than double the assets of what they would owe if they paid everyone out. So why did they need to step in?

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talltim007 t1_jcl1ost wrote

Because trying to sell them all as fast as depositors withdrew them was impossible.

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imadragonrider t1_jcm1zqa wrote

Theil isn’t seeking your pitty. Save your outrage

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Mcrski88 t1_jcntpa5 wrote

That’s like loosing a shoe to him.

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impolite_bomber99 t1_jcnxtw9 wrote

He's a total bullshit, can't even handle a simple situation like he knew something

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possiblyFurther t1_jcoeu1q wrote

Why are these societal parasites even worth talking about?

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KaishakuM t1_jcoozh9 wrote

An openly fascist tax evader losing his bucks. Good!

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PMzyox t1_jcowm8u wrote

If you had to look up why rich people are hated in the dictionary you’d find a picture of Thiel

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ColonelSpacePirate t1_jcnlkbr wrote

I wonder if he still has his billion dollar tax free Roth IRA money

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Jorycle t1_jcoz1mp wrote

This is an example of why we should've followed the argument of the anti-loan forgiveness crowd. They knew when they deposited their cash that it was either FDIC insured up to 250k or not insured at all. Allowing them to be made whole despite being the cause of the collapse will only embolden fucksticks like this to do the same again.

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