Investigation would reveal run on deposits at Silicon Valley Bank originated from Germany. In essence, Germany caused the collapse of Silicon Valley Bank.
The collapse was initiated after Frankfurt Germany born venture capitalist, and political activist Peter Thiel advised startups to withdraw their money.
Peter Thiel’s Founders Fund had no money with Silicon Valley Bank as of Thursday morning as the bank descended into chaos. Founders Fund withdrew millions from SVB before the collapse.
“The venture capital group had been engaging in a “capital call” — where it asked investment partners to send funds to invest in a company — by transferring funds to its Silicon Valley Bank account. However, the funds didn’t immediately go through as expected.” BusinessInsider.com
Peter Thiel and Germany are also linked to another failing bank. In 1993, Peter Thiel began working with Credit Suisse as a derivatives trader in currency options. He resigned in 1996 and moved to California.
“Credit Suisse, Switzerland’s second largest bank and one of the most influential banks in global history, was sold to UBS, which is Switzerland’s largest bank and a long-time rival. The deal was hurriedly brokered by Swiss government and regulators in a bid to not just contain the crisis of confidence in Credit Suisse, which reportedly faced withdrawals of close to $10 billion last week” reported March 20, 2023 by The Indian Express, India
Peter Thiel’s collaboration with Germany was initiated in September 2018. The purpose of the collaboration was stated in a press release:
BERLIN (Reuters) – Deposit Solutions, a German fintech firm backed by Silicon Valley investor Peter Thiel, is launching its savings portal in the United States as it seeks a slice of the $16 trillion market for deposits in the world’s biggest economy.