Panic and recrimination: Inside Silicon Valley's first real financial crisis
"It was a CEO begging people to stay calm and not offering any substance as to why they should stay calm," said Brad Svrluga, the cofounder and general partner of the VC firm Primary."It was a Harvard Business School case study in crisis communication disasters."
"They should have never gotten themselves into this situation in the first place," Jamie Montgomery, co-founder of March Capital, told Insider in an interview."The bank had an exposed position in the last few years and was trying to take more risk than they understood they were taking." On Thursday, that's exactly what began to unfold: a run on SVB calling to mind the bank-run scene in the iconic Christmas movie"It's a Wonderful Life."Justin Sullivan/Getty ImagesScott Painter, founder and CEO of Autonomy, was sitting in his bright, airy Santa Monica office Thursday when a reporter asked him if he was concerned about SVB. He said it was "paranoid and delusional" to be worried enough to pull money out of the bank.
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