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LeumiTech says it helped Israeli startups transfer $1 billion out of SVB accounts; government pledges to help tech firms
by Sharon Wrobel
12 March 2023, 4:07 pm
(snip)
SVB, the go-to lender of technology startups in Israel and the US, collapsed on Friday, forcing the US federal government to step in and seize its assets. America’s 16th-largest bank failed after depositors hurried to withdraw money last week amid anxiety over its health and its ill-fated decisions as the interest rate environment went up at a fast pace over the past year. It was the second-biggest bank failure in US history after the collapse of Washington Mutual in 2008.
NextVision, a maker of micro stabilized cameras, said it managed on Thursday to withdraw almost all of the $2.7 million it held in its account at SVB, according to a regulatory filing to the Tel Aviv Stock Exchange. Qualitau Ltd, a developer of test equipment for the semiconductor industry, said it held $16.8 million at SVB out of a total of about $22.3 million it has in and outside the US.
(snip)
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.
And the fed gov will transfer the balance from taxpayers backside
More than this, it was an Israeli firm that did this. Which makes me wonder how many Billions of U.S. Taxpayer dollars will go to bail out Overseas firms. Our Government is acting so to protect many Companies but should we really be putting the burden on our people for Non-U.S. Firms. They should get their 250k protection and not one penny more. Let their own nations bail them out.
They are also insured. Joint accounts 250k per acount holder.
Now.. if I put the 1.4 million in a one local Mesa, Az bank and it went belly up. Do you think anyone would have cared? No. I'd be out anything over the 250k.
Look at the heat this SF supervior is catching. Of course Silicon Valley gets a bailout esp. given Cal is a deep blue state with deep political pockets.
"Imagining a society where we prioritized bailing out the poor as much as we prioritized bailing out the rich," wrote Ronen, who represents District 9, on Saturday.
Silicon Valley, where SVB is the "go-to" bank for the tech industry, is the Democratic Party's richest fiefdom. In 2020 alone, Federal Election Commission data recorded some $200 million flowing into Democratic coffers from the California counties comprising the region. According to the Center for Responsive Politics, in that same year Democrats received 98% of all political contributions from internet companies, whose financing is SVB's bread and butter. Personal contributions to Democrats from individuals employed in the tech industry are nearly as high.
SVB cannot legally donate to individual candidates or political parties. According to the Open Secrets website, however, it operates a political action committee (PAC) that has donated predominantly to Democrats for the last 20 years. In 2020, Democrats received 100% of its PAC donations. Last year, the PAC sent hefty contributions to Democratic legislators Sen. Chuck Schumer (D-NY), Sen. Mark Warner (D-VA), Rep. Gregory Meeks (D-NY), and Rep. Josh Harder (D-CA), all of whom quickly praised the bailout. SVB's CEO Greg Becker, who cashed in $3.6 million of company stock a week before the bank's
Of course, Gavin Newsom has 3 Winery accounts wit SVB - perhaps his Aunt Nancy has her accounts with them also.
Silicon Valley, where SVB is the "go-to" bank for the tech industry, is the Democratic Party's richest fiefdom. In 2020 alone, Federal Election Commission data recorded some $200 million flowing into Democratic coffers from the California counties comprising the region. According to the Center for Responsive Politics, in that same year Democrats received 98% of all political contributions from internet companies, whose financing is SVB's bread and butter. Personal contributions to Democrats from individuals employed in the tech industry are nearly as high.
SVB cannot legally donate to individual candidates or political parties. According to the Open Secrets website, however, it operates a political action committee (PAC) that has donated predominantly to Democrats for the last 20 years. In 2020, Democrats received 100% of its PAC donations. Last year, the PAC sent hefty contributions to Democratic legislators Sen. Chuck Schumer (D-NY), Sen. Mark Warner (D-VA), Rep. Gregory Meeks (D-NY), and Rep. Josh Harder (D-CA), all of whom quickly praised the bailout. SVB's CEO Greg Becker, who cashed in $3.6 million of company stock a week before the bank's
Of course, Gavin Newsom has 3 Winery accounts wit SVB - perhaps his Aunt Nancy has her accounts with them also.
Isn't Newsom's wife on the board of a SVB customer
But is indeed a political payoff for friends and himself/next campaign.
More than this, it was an Israeli firm that did this. Which makes me wonder how many Billions of U.S. Taxpayer dollars will go to bail out Overseas firms. Our Government is acting so to protect many Companies but should we really be putting the burden on our people for Non-U.S. Firms. They should get their 250k protection and not one penny more. Let their own nations bail them out.
Yeah, why even have rules, laws etc or for that matter a border.
Yeah, why even have rules, laws etc or for that matter a border
Well we already don't have a border and now we don't have any rules we need to follow.
But you know none of this would apply to us peons that fund the government.
The more they say "This isn't taxpayer money" the more unbelievable it becomes.
They only have taxpayer money to play with. What other source of revenue does the government have ?
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or for that matter a border.
