{
  "title": "The SVB Banking Crisis Step by Step | Jyri Engeström | Neuvottelija 182",
  "titleOriginal": "SVB Pankkikriisi vaihe vaiheelta | Jyri Engeström | Neuvottelija 182",
  "episodeNumber": "182",
  "guest": "Jyri Engeström",
  "publishedAt": "2023-03-16",
  "duration": "64:23",
  "durationIso": "PT1H4M23S",
  "youtube": "https://www.youtube.com/watch?v=NbviiPisWfg",
  "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/269-svb-pankkikriisi-vaihe-vaiheelta-jyri-engestrom-neuvottelija",
  "originalLanguage": "fi",
  "format": "full",
  "topics": [
    "investing_markets",
    "finnish_economy_policy",
    "saas_software"
  ],
  "description": "Jyri Engeström of Yes VC narrates the collapse of Silicon Valley Bank from the inside, eight days after it began. This was not an ordinary bank run: the balance sheet held near-riskless government paper bought when rates were low, not junk, and the money left in seconds because more than ninety per cent of customers held deposits above the $250,000 insurance limit. Engeström says he advised his own portfolio to pull out and calls that a mistake, and corrects the public account of the trigger — it was not Peter Thiel but Monday's payroll, since in the United States it is safer to lay people off than to pay wages late. The episode covers what the bank meant to Silicon Valley as the only lender that understood startups, why the deposit base and the securities portfolio turned against each other at once, the unsolved problem of deposit insurance in both the US and Europe, and Finland's own concentration, where an informal poll found 68 per cent of startups banking with Nordea. It closes on the reversal in rate expectations and on the AI year GPT-4 had just begun.",
  "chapters": [
    {
      "t": "00:34",
      "title": "Intro: Jyri Engeström of Yes VC, back for a second time",
      "seconds": 34
    },
    {
      "t": "00:58",
      "title": "Engeström's rollercoaster week as Silicon Valley Bank collapsed, 8-15 March 2023",
      "seconds": 58
    },
    {
      "t": "04:16",
      "title": "Why SVB was not an ordinary bank run, how bank risk forms, and Signature Bank falls",
      "seconds": 256
    },
    {
      "t": "06:15",
      "title": "How the week of horrors continued through three capital calls",
      "seconds": 375
    },
    {
      "t": "11:51",
      "title": "The $250,000 deposit insurance ceiling, and the trouble with removing it",
      "seconds": 711
    },
    {
      "t": "13:00",
      "title": "What if the crisis had happened in Finland? Nordea versus SVB",
      "seconds": 780
    },
    {
      "t": "15:36",
      "title": "Unpredictable depositors as systemic risk — even the Californian wine nearly went",
      "seconds": 936
    },
    {
      "t": "17:19",
      "title": "Dinosaur banks JPM, Citibank and others circling SVB's carcass",
      "seconds": 1039
    },
    {
      "t": "22:24",
      "title": "Is SVB a good bank again after the bailout? New leadership, VC support, and a possible sale",
      "seconds": 1344
    },
    {
      "t": "26:31",
      "title": "Rapid rate rises as root cause, and broken risk-taking incentives",
      "seconds": 1591
    },
    {
      "t": "29:09",
      "title": "The structure, risks and benefits of venture debt",
      "seconds": 1749
    },
    {
      "t": "31:24",
      "title": "Payday in the middle of the crisis — layoffs would have begun without a solution",
      "seconds": 1884
    },
    {
      "t": "34:57",
      "title": "The political blame game: Trump's Dodd-Frank rollback versus Tucker Carlson's wokenomics",
      "seconds": 2097
    },
    {
      "t": "36:54",
      "title": "Management share sales and criminal liability",
      "seconds": 2214
    },
    {
      "t": "40:28",
      "title": "A systemic crisis of the monetary system — crypto or central bank digital currency as alternatives to deposits",
      "seconds": 2428
    },
    {
      "t": "43:20",
      "title": "People want safe money: must everyone become a bond expert? The system is vast — over EUR 20 trillion in Europe",
      "seconds": 2600
    },
    {
      "t": "44:34",
      "title": "Falling rate expectations as a side effect, and back to the starting point",
      "seconds": 2674
    },
    {
      "t": "46:34",
      "title": "The AI revolution set off by GPT-4, and Yes VC's investment in Adept",
      "seconds": 2794
    },
    {
      "t": "55:39",
      "title": "Engeström's and Miettinen's wild visions of neural-link-driven AI",
      "seconds": 3339
    },
    {
      "t": "57:30",
      "title": "Is GPT creative, or an algorithm extrapolating web content?",
      "seconds": 3450
    },
    {
      "t": "58:56",
      "title": "Will people hand over their lives, or at least copies of them, to AI?",
      "seconds": 3536
    },
    {
      "t": "01:01:43",
      "title": "\"Kahneman's juice\": removing cognitive friction. Continuous flow, or AI dystopia?",
      "seconds": 3703
    },
    {
      "t": "01:03:25",
      "title": "Outro",
      "seconds": 3805
    }
  ],
  "sourceTranscriptType": "macwhisper_srt",
  "subtitleMethod": "none",
  "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and a MacWhisper transcription of the Finnish audio. The chapter marks are the publisher's own list as released with the video, each verified to fall within ten seconds of a real transcript cue. No English caption track was produced, so no transcript is published here. The episode was recorded on 16 March 2023, eight days into the crisis, so several judgements in it are forecasts made before the outcome was known.",
  "slug": "ep182-svb-pankkikriisi-jyri-engestrom",
  "guestsCanonical": [
    "Jyri Engeström"
  ],
  "guestPages": [
    "https://www.neuvottelija.com/podcast/guests/jyri-engestrom/"
  ],
  "page": "https://www.neuvottelija.com/podcast/episodes/ep182-svb-pankkikriisi-jyri-engestrom/",
  "markdown": "https://www.neuvottelija.com/podcast/episodes/ep182-svb-pankkikriisi-jyri-engestrom/index.md",
  "captions": null,
  "transcript": null,
  "videoId": "NbviiPisWfg",
  "dbId": null,
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  "qaSemanticVerdict": "transcript_timecoded"
}