Clown on CNBC *PRETENDS TO BE JESUS* in Bank Bailout [Silicon Valley Bank]

folks in the extended business and Tech

Community there in the Bay Area and

folks who are active on Twitter and

social media that Venn diagram is almost

a circle and and what we saw there was

something that uh I I think we're all I

hope gonna walk away from a lot more

mindful uh because you put Founders you

know in situations where within hours

they were making really tough calls

knowing that you know these are these

are not CEOs who are riding around on

private jets right the vast majority of

these Founders are still trying to build

up companies and and solve really big

problems fighting cancer climate Tech

um and and need to make sure that they

can make payroll under this sort of uh

dressful situation where look the legacy

of svb was for decades they found a way

to back entrepreneurs when very few

other Banks would without yeah because

they took risk dude because they didn't

give a crap they gave everybody money in

a bull run that's what there did that

was their magic way of finding a way to

back entrepreneurs makes it sound like

it's like brilliant they found a way oh

they magically found a way to give

people money because they gave everybody

money for companies once they've raised

you know tens of millions of dollars but

you know I'm in the business of being

the very first check into entrepreneurs

companies we're talking hundreds of

thousands of dollars to maybe a few

million at most so for these early stage

companies these nascent companies that

we know many of them will become

significant contributors to American

economy and Innovation they need a place

to bank and and the big four aren't

going to be a home for those companies

uh those entrepreneurs still need a

place to put their money to to not

really do anything special with other

than make sure they're paying their

bills

Alexis I've uh I've always admired your

your humble approach to all this and I

admire your your thank you uh about all

this but I'm so curious as you see so

many others in the Venture Capital

Community over over the weekend

especially online screaming from the

rooftops uh not only asking for a

bailout blaming the Federal Reserve

blaming all blaming everybody uh perhaps

but themselves and and not necessarily

taking the approach that you have this

morning and how you think that puts the

Venture Capital Community in what may be

the crosshairs as people think about

things like carried interest and other

regulations down the line

yeah look this is

I think

I I hope I really do hope this will be a

chance for all of us to take more stock

and more reflection right at the end of

the day

I I take responsibility within my own

firm of having that single point of

failure uh and I think every one of us

as Leaders need to understand that we

have this

we have a weight and it's something it's

a platform I know this is going to sound

weird and maybe a little surprising but

I think there are many people in Tech

and in VC that that may not even fully

understand and appreciate the the impact

that they have and I think for many of

us there were a number of calm voices a

lot of you know amazing Venture this is

cringe this is like this is literally a

guy on CNBC hey I'm a rich one percenter

you know I I'd like to be the person who

invests first in startups call my VC

firm and we'll write you a check you

know we're just so grateful the FED just

bailed us out so we could keep writing

those checks what is this especially

Twitter uh in this case uh can be a

place for ideas to spread quicker than

ever we saw we saw folks posting I mean

outright misinformation about some of

these Banks over the weekend who also a

few tweets earlier admitted that they

held short positions in those same

companies right this is you can see the

receipts it is this is a new era for us

as an economy uh for us figuring out

this distribution of media and and I

think yes there's a responsibility borne

by every one of us especially those of

us who have platforms of influence and

and this was so much of what my team and

I debated and talked about in those uh

you know 36 hours was the signal that we

would send telling all of our Founders

the language that we would use we we

tried so hard to be as careful as we

could to provide the best information

and support we can also knowing that it

you know what we say has a tremendous

impact and it's not just 100 companies

in our portfolio it's the hundred other

Founders that they know and the Thousand

other people or the hundreds of

thousands of people following on Twitter

that uh that pay attention and and so I

hope it gives us all a moment to take

that stock and and do better and I look

I'm I'm one of the first that needs to

do it yeah yeah you're one of the first

okay yeah yeah okay oh this guy's a tool

spreading misinformation I mean as you

said there are receipts and if the SEC

didn't have enough to do already

poor thing for them to dig back through

yeah

yeah

um Alexis right now because of this the

way it's stepped in all of your firms

are okay they're all going to make

payroll yeah yeah I mean we're obviously

everyone's still uh uh you know holding

their breath but I feel like we have uh

We've breathed a huge sigh of relief and

I'm here at Austin here at South by and

and so no shortage of startup CEOs and

Founders who were sleeping a lot easier

last night as a result and and I do

think look there's more to come from

this the one percent is easier God this

is great I kind of just

just Simple banking for early stage

companies that need a place to put their

cash

um but yeah for as it seems right now

everyone's making payroll and you know

we're you know CEOs are able to get back

to work and and more importantly talking

about how the people making payroll the

banks haven't even opened yet and

earlier he's like oh the big four is

for the startups what do you mean it's

not

it's naughty there you're a founder and

you put your your company's money there

from your shareholders you could get a

better deal on your personal loans at

the bank if you promise to keep all your

money there is that the sort of thing

that you'd heard of before and should

those policies

oh now I'm not a banking expert but oh I

think when we start getting really cute

we start getting cute with this sort of

thing uh this is where these problems

emerge and I I do think there's going to

be another round of scrutiny around

those 2018 rollbacks

um but I do think at the end of the day

the biggest need for entrepreneurs and

for these emerging companies is a place

to put their cash where they know

there's nothing terribly cute happening

behind the scenes everyone is taking all

the right precautions

and and I do think the market is going

to provide some kind of an answer for

that because it needs to it needs to

fill that role SUV had we just had from

the Fed

the FED get down to thank you want to

get down to New York Stock Exchange Jim

Cramer joins us now uh Jim this was Dan

Loeb last night he said I'd say all's

well that ends well

but I think this story is just beginning

it's just beginning or did it end

well I think that there's some something

in between that we have a number did

they just cut them off did they just get

the guy off air did they just get him

off with Jim who is the guy coming back

yeah

they got the guy off with Jim cut in oh

oh uh uh Jim walked in quick quick cut

to a stupid clip from Jim get this

Reddit guy off air dude that was so

embarrassing that was the most cringe

whoa look at me I'm a white knight VC

guy so happy people can pay their

payroll I get it I don't want people not

to get paid either

but you were so fake it was so crazy ah

no wonder CNBC cut him off thank God

they cut that guy off

gonna get harder and harder to get a

loan at a at an interest rate that makes

a lot of sense there's CNBC scrambling

now they don't even know what to talk

about after that they're like we had the

guy scheduled until 6 a.m let's go into

Bloomberg