Zach Abraham on Silicon Valley Bank. How You Can Protect Your Money and The ACTUAL System Failure Episode 704
The Todd Herman Show
Radio America
4.8 • 1.5K Ratings
🗓️ 16 March 2023
⏱️ 51 minutes
🧾️ Download transcript
Summary
I learned:
- A $1 billion offset against SVB’s $88 billion investment in mortgages could have neutralized their loss! Zach explained what instrument they should have purchased the moment they bought the mortgages and then, when things were blowing up, what even a marginally good risk manager would have done.
- Bankers used to be personally liable for losses of this size when the errors were so basic; Zach explained when that changed
- We can protect out cash in our accounts when it is over $250,000 (like when we sell a house or are getting read to buy one), simply by using a specific type of account
- The Book of the Bible Zach turns to when he wants to remind himself how God views returns on investment and the stewardship of what the Lord grants us to manage.
What does God say?
1 Samuel 2:1-10
Hannah’s Prayer
2 Then Hannah prayed and said:
“My heart rejoices in the Lord; in the Lord my horn] is lifted high.My mouth boasts over my enemies, for I delight in your deliverance.
2 “There is no one holy like the Lord; there is no one besides you; there is no Rock like our God.
3 “Do not keep talking so proudly or let your mouth speak such arrogance,for the Lord is a God who knows, and by him deeds are weighed.
4 “The bows of the warriors are broken, but those who stumbled are armed with strength.5 Those who were full hire themselves out for food, but those who were hungry are hungry no more.She who was barren has borne seven children, but she who has had many sons pines away.
6 “The Lord brings death and makes alive; he brings down to the grave and raises up.7 The Lord sends poverty and wealth; he humbles and he exalts.8 He raises the poor from the dust and lifts the needy from the ash heap;he seats them with princes and has them inherit a throne of honor.
“For the foundations of the earth are the Lord’s; on them he has set the world.9 He will guard the feet of his faithful servants, but the wicked will be silenced in the place of darkness.
“It is not by strength that one prevails;10 those who oppose the Lord will be broken.The Most High will thunder from heaven; the Lord will judge the ends of the earth.
“He will give strength to his king and exalt the horn of his anointed.”
- BREAKING: Newsom Under Fire For Failing to Disclose Personal Ties to Silicon Valley Bank While Lobbying for Bailout
- Shareholder Liability and Bank Failure; the authors propose doing what Zach suggested and bring back liability for bankers who make grossly negligent decisions with their depositor’s money.
- Kevin Hassett reveals "there were buyers who were willing to step in & buy [SVB, but] the radicals at the @FDICgov basically weren’t going to allow that to happen ... the Biden Admin had a whitelist of companies that were allowed to buy the failed bank & companies that weren’t."
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hey guys, it's Mimi Webb. I'm the new brand ambassador for Maybelline. Make up your |
| 0:06.1 | mix with the glow-up playlist and shuffle your looks with my favorite Maybelline products. |
| 0:11.3 | The new Colatetto eyeshadow sticks only at SuperDug. |
| 0:15.5 | On Sunday, as the Silicon Valley bank story was blowing up, I called my friend, my brother, |
| 0:20.1 | my partner, Zach Abraham, because I wanted people to know. I asked him, we shoot a quick, |
| 0:26.8 | quick video. So we didn't put the production value into it that we normally would. |
| 0:31.6 | Well, I normally don't do much video. But we did this to put it up on |
| 0:36.4 | substack to get it out immediately, because I wanted people to know what Zach thought of this, |
| 0:41.1 | and he does have inside information. I'm going to throw just more than opinions at you, |
| 0:44.9 | because one of the small companies I'm on the board of, we now, hey, risk management, right, |
| 0:51.1 | Todd? Right. So even at those companies, we spread our deposit base out. Thank God, |
| 0:56.5 | we did, because Silicon Valley bank has actually been a very good partner to us. |
| 1:01.0 | So they had money there. So they were on the phone with bank people, |
| 1:05.9 | figuring this out. So Zach knows a lot of the inside. So I normally wouldn't wait this long |
| 1:11.4 | to share this with you, but the comments on this have been extraordinary, and makes good sense, |
| 1:17.0 | because we were talking live time as an unfolded, and the conversation is phenomenal. You're going |
| 1:22.0 | to learn in this, things that has just not been discussed. I've been listening to all the coverage. |
| 1:26.7 | You're also going to learn what you can do to protect yourself. |
| 1:31.6 | A beyond FDIC insurance levels, okay? That's important. I asked Zach about the fact that the |
| 1:39.4 | so-called risk manager, they've been without wanting the United States for nine months. |
| 1:45.0 | So they borrowed the risk manager from the UK, who've heard me discuss the fact that her entire |
| 1:51.8 | life on that website was about her same-sex attraction and a woman who has sex with women. |
... |
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