r/technology
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u/redhatGizmo
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Mar 12 '23
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Peter Thiel's Founders Fund got its cash out of Silicon Valley Bank before it was shut down, report says Business
https://www.businessinsider.com/peter-thiel-founders-fund-pulled-cash-svb-before-collapse-report-2023-33.2k
u/Flavious27 Mar 12 '23
With the bank losing atleast a quarter of its deposits in a single day, I would say that insiders got the word out to their biggest clients.
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u/PorQueTexas Mar 12 '23 •
Not insiders, all the tech leaders talk, and I will bet you money the night before they were all asking what the others would do. Everyone with half a brain was up bright and early.
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u/iggs44 Mar 12 '23
The Diamond-Dybvig bank run model assumes communication between bank account holders. It’s very interesting to see the model pop-up so many times in the past year and that the winners of the Nobel Memorial Prize in Economics were Diamond, Dybvig, and Bernanke.
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u/GabaPrison Mar 12 '23
We spend all this time and money trying to identify problems within the system, only to identify them when they pop up but not do a single thing about it after. Time and time again we’re just like “hey there’s the problem” and then silence from our leaders/regulators/legislators/prosecutors. Within the market especially.
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u/001235 Mar 12 '23
I work at the C-level in a huge fortune 500 tech company. Please believe me when I say that academia != business. Time and again I can site specific literature that shows the scientifically proven solution to a given problem only to have a board of directors or executive steering committee propose and select some other direction because of feelings or because they think the situation is "different."
I watched an executive once tell a senior leader who had won several prestigious awards for business engineering that he in fact we wouldn't be doing any business re-engineering (in the context that it was a selling point). I had read the other guy's book and I knew right then the executive blew the sale. I voted to kick him and pretty much everyone else said he couldn't have known. I literally had a presentation I did about how to win that work and one of the main points we needed to stress to the client was that we were also focused on BPR.
I digress, but I see a lot of people on reddit saying that the leaders are silent, but most often, they are making decisions with such extreme bias that they can't be trusted.
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u/xxpen15mightierxx Mar 12 '23
I work at the C-level in a huge fortune 500 tech company. Please believe me when I say that academia != business. Time and again I can site specific literature that shows the scientifically proven solution to a given problem only to have a board of directors or executive steering committee propose and select some other direction because of feelings or because they think the situation is "different."
This is why I don't give a single shit about "quiet quitting" or having empty time in the day, especially if you work from home.
I can do detailed analysis that will indicate 99.999% the correct decision, and they'll hem and haw and make a different decision than it was the one they wanted. OR the answer will be obvious and they'll waste weeks or months. Half of my billing time is waiting for leadership to get emotionally used to the idea of the decision they knew they should have made weeks ago.
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u/WhileNotLurking Mar 13 '23
Because most C-suite and board members are part of an "in clique". Look at the overlap and you see out of the 20k positions in the figure 500 - you see the same names over and over.
It's a club. Not about actually running a business. This is just the new name the aristocracy gave itself. It's no longer "lord X" or "duke y". Just CFO of ABC corp.
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u/PretzelsThirst Mar 12 '23
It’s part of why there was a bank run, there is no diversity of clients, it’s all tech and they all talk to each other
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u/Mikey4tx Mar 12 '23
Not necessarily insiders, although the FDIC will certainly scrutinize these transactions. According to TFA, he was trying to have his investors deposit money INTO the bank, but the transfers weren't being credited to his account. That was a huge red flag that caused him to pull his funds. And, if others had similar experiences or got word that others were withdrawing funds, they would withdraw as well. This doesn't mean that anyone had true inside information; rather, some depositors saw the signs or risks of a failing bank and took protective action
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Mar 12 '23
Weird we didn't see a run at Wells Fargo when deposits failed on the same day.
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u/OlcasersM Mar 12 '23
Wells Fargo has a diversified portfolio of business and is subject to stress testing and risk management that SVB was not (due to lobbying).
SVB bank focused on start up tech companies that generally spend more than they make. Tech companies care about revenue growth and market share instead of profitability. They and their VC’s borrow lots of money to increase value and sell. That business model was gutted when interest rates went up and money was no longer basically free. Their costs skyrocketed and they started cutting instead of borrowing. Other Companies are reviewing costs and are less willing to spend on nice to have software.
So basically risky bank practices with a concentrated portfolio of customers who depend on cheap money is a recipe for failure. All bad fundamentals
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u/LoriLeadfoot Mar 12 '23
WF, as crazy as it is to say this, is a much better-run bank than SVB was.
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u/gracecee Mar 12 '23
Also they had assets above 250 billion and are constantly stress tested. Svb was stressed tested till 2017 after svb did Two years of lobbying they got the president and the Republican controlled congress to sign loosening the requirements from 50 billion for mid tier banks to go to 250 billion. There’s a bunch of now majority leaders McCarthy s former staff at svb.
If we hadn’t loosened the controls, svb would have done basic bond management and not have been in this mess and would’ve done appropriate things for when interest rates rising scenarios like the the major banks have to do.
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u/olav471 Mar 12 '23
Because Wells Fargo isn't 90% uninsured and also hurt by the interest rate hikes the way that the VC bank obviously was.
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u/Mikey4tx Mar 12 '23
To be clear, it's certainly possible that Theil's explanation is pretext and he and others received tips from insiders. The FDIC will investigate and bring an enforcement action if that's the case. But his explanation is logical, so it's also possible that there was no insider activity. We don't know enough facts to draw a conclusion at this point.
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u/FuckEtherion195 Mar 12 '23
Thiel owns the largest private intelligence company on earth...
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u/chainmailbill Mar 12 '23
There’s no need to get involved in a bank run if your total account balance is less than $250,000, like the vast vast vast majority of Wells Fargo accounts.
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u/Jenergy- Mar 12 '23
Yes, it was during a capital call and I think he probably just threw a tantrum that shit wasn’t happened fast enough for him and decided on retribution. There was nothing stopping his accounts from being credited.
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u/Rivendel93 Mar 12 '23
Lol ya think?
This world will forever be corrupt, shit is never going to change.
It's funny how since humans existed, we've allowed a small few control the rest of us, and we keep repeating the same damn thing.
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u/thatsglitchy Mar 12 '23
Of course he did
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u/barrystrawbridgess Mar 12 '23 edited Mar 12 '23
Exactly. He likely had some insider knowledge by someone working at the bank. Otherwise, he wouldn't have been telling his invested companies "Thanos is coming".
I don't buy the clairvoyant, "we saw how the market was moving, SVB's risky portfolio, and decided to act in the best interest of the our investors or investments."
There are a too many instances of other smaller startups/ tech firms getting calls from their investors (not directly connected to Thiel's) and saying get out now before it's too late.
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Mar 12 '23
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u/Big-Economy-1521 Mar 12 '23
Exactly this. This isn’t some scandal. It’s a skittish market where we kept being told we are in a recession, but inflation is sky rocketing, so interest rates need to as well, but unemployment is low, and corporations are pulling in record profits, but there’s a war, and an energy crisis, and it rained really hard already this year, and don’t forget COVID, so work from home, but don’t! So what do you do? Nobody knew what to do, we were like a deer in head lights. And then your gazelle analogy (awesome analogy btw) hits.
Everyone keeps talking about tax-funded bailouts but this will be picked up by one of the 15 banks bigger than SVB thanks to greed, it will all be resolved and forgotten in a week, and nobody will ever even remember this happened come next year.
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u/itty53 Mar 12 '23
This isn't some scandal.
If it can be shown that the bank run was instigated on purpose towards the purpose of running the bank, then it breaks a bunch of federal and state laws. In other words if it can be shown Thiel even exaggerated the state of SVB to his friends, he could be held legally responsible and become the target of a major lawsuit.
In fact many states have laws specifically protecting banks from detrimental speech.
The other end of this is that the tech industry has been able to thrive off of VC capital. If another major non-VC-oriented bank comes and picks up SVB, we're still set up to see a huge crunch on the tech sector. I was saying this with regards to social media (Twitter) and Elon Musk weeks ago, but these tech companies don't work without investor funding. And the SVB collapse is just sign one that all that funding is dried up.
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u/Big-Economy-1521 Mar 12 '23
Ah true - I will concede that. But that’s a huge ‘if’ to prove. More likely is that’s just how the world works and information can’t remain concealed as easily as it was before. If he really intended to instigate a bank run I’d imagine it would be done a little bit more covertly (but shit who knows these days and I really don’t know so I won’t say otherwise.)
I’m not so sure I’d describe tech funding as “dried up” since the rich investors are richer than they’ve ever been. I think it goes back to the skittish market where they’re not splurging in near interest-free loans that they can hand out to anyone with a heartbeat.
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u/rainkloud Mar 12 '23
If it were the case that he acted maliciously I suspect, much like the Musk trial, they'll have to show clear intent that his move was motivated by the desire to cause chaos and that will by a high bar for prosecutors to clear and people like him aren't in the business of leaving behind smoking guns.
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u/itty53 Mar 12 '23
and people like him aren't in the business of leaving behind smoking guns.
Really? The tech sector is littered with examples to the contrary.
And the thing is you could say this of anyone and it might be true .. until it isn't.
Now I don't know what Thiel said or if it was exaggerated, but "... and evidence won't exist because these are smart people" isn't a valid argument, it's a cynical guess. Smart, rich people do get brought down, examples abound. Thiel is most definitely under the microscope right now though, and no billionaire wants to be in that position.
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u/9-11GaveMe5G Mar 12 '23
How dare you accuse such an upstanding philanthropist*
*(Charity may include funding revenge lawsuits to retaliate for unfavorable press coverage of him)
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u/iamjacksredditacct Mar 12 '23
I have heard that 100% of his philanthropy goes to a company entirely dedicated to prolonging Thiel’s life.
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u/tommytraddles Mar 12 '23
It's funny how common a trope that is -- rich man fears death, tries to live forever.
And he's like, this time I'm sure there will be no negative consequences.
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u/gangofminotaurs Mar 12 '23
It's funny how common a trope that is -- rich man fears death, tries to live forever.
Literally the oldest recorded tale:
Tablets IX through XI relate how Gilgamesh, driven by grief and fear of his own mortality, travels a great distance and overcomes many obstacles to find the home of Utnapishtim, the sole survivor of the Great Flood, who was rewarded with immortality by the gods. (Wikipedia)
"Rich dude has everything he could want, now rich dude doesn't want to die" is such a core feature of human agricultural and technological societies.
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u/FireBeyond Mar 12 '23
And the unfavorable coverage of him included “outing” him.
A suit he lost when he sued directly because:
- His social media profile pictures and etc. we’re littered with photos of him shirtless on gay cruises. He was not remotely in the closet - he just hadn’t said “I am gay.”
- courts have already ruled multiple times that billionaires are de facto public figures “due in part to their outsized or undue influence on public opinion”
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u/Moist_When_It_Counts Mar 12 '23
Hey now, he also funds the campaigns of right wing lunatics like Blake Masters. If that isn’t philanthropy, then what is?
We needed a senator with the name, face, and opinions of an 80’s movie antagonist.
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u/DeathChill Mar 12 '23
If he tries to take over my ski hill, I’ll be so upset.
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u/Moist_When_It_Counts Mar 12 '23
Well, you’re gonna have to get a group of misfits together to challenge him. But be sure to pay that kid his $2.
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u/ratshack Mar 12 '23
switchblade comb
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u/fazlez1 Mar 12 '23
You don't want to run afoul of that kid. He has a bunch friends that he rolls with.
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u/robodrew Mar 12 '23
Hey now, he also funds the campaigns of right wing lunatics like Blake Masters
Well considering Blake "Skeleton Man" Masters totally fucking lost, I hope Thiel wastes more money on losers. He actually looked at this campaign, which was basically a racist zombie vs an actual astronaut and said "yeah I'm going to support the undying monster"
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u/bschmidt25 Mar 12 '23
For being a supposed smart guy, that was pretty stupid. He contributed millions to Masters’ campaign to get him a primary win then disappeared for the general election. Masters predictably got his ass handed to him. Trump does the same thing for that matter, but he does it without using any of his money. Maybe Thiel is secretly a Democrat pushing unelectable candidates! Or maybe he wanted to write a book on creative ways to light $4 million on fire. Who knows… /s
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u/DFWPunk Mar 12 '23
That's because he changed ponies to Vance when he realized Masters couldn't win.
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u/alasdair_jm Mar 12 '23
Didn’t they try to raise capital? That was a pretty big tell..
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u/blasphemers Mar 12 '23
Yea, they took a $2 billion loss, then said they were going to raise capital to cover the loss, the stock price started dropping, and then some people predicted it could cause a run on the bank and took their money out
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u/WhatTheZuck420 Mar 12 '23
iirc it was long term bonds, not stocks.
and also thiel was the guy running around causing panic
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u/BCouto Mar 12 '23
Multiple VCs were calling clients on Thursday to pull all their money out of SVB.
There were bout $47b in withdrawals done before they shut down.
I'm sure they had knowledge others did not have, but when a bank CEO says "don't panic, we're trying to raise money" that's just going to cause a panic.
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u/xSaviorself Mar 12 '23
Word got out Wednesday night shit was bad.
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u/BCouto Mar 12 '23
And that's all it takes. Startups are all well connected so word spreads fast.
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u/Jenergy- Mar 12 '23
But Thiel started it during a capital call when they suddenly switched banks and started spewing doom and gloom rhetoric about SVB. The LPs then called their buddies…
What people fail to realize is that the VC world is full of sheep.
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u/absentmindedjwc Mar 12 '23
He also had a company waiting in the wings to loan out money for non-FDIC insured deposits to companies/individuals impacted by SVB... were it most anyone else, I could see it being coincidental.... but Thiel... not so much.
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u/FancyASlurpie Mar 12 '23
I mean it was on twitter, I know for a fact one of the vcs found out and started withdrawing and advising clients to withdraw from the news on twitter
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u/rasp215 Mar 12 '23
To be fair their portfolio wasn’t risky in the sense we’re used to. They were buying securities and bonds which are traditional the least risk. The problem was when the FED raised interest rates and if they needed to sell the bonds and securities before they mature. And they needed to do that only if there was a large bank run. Which happened.
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u/jnads Mar 12 '23
And to be fair the bank run was more or less inevitable.
With all their cash in 10 year 1% bonds they wouldn't be able to pay a competitive interest rate, and eventually their account holders would look to other banks.
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u/falconx2809 Mar 12 '23
I heard on some podcast that seekingalpha had covered svb's financial situation a couple of weeks ago
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u/DiePunkyDie Mar 12 '23
Or you know, you could've read the article, where it says he was tipped off when he directed investors to transfer funds to SVB and instead of immediately depositing the money, they sat on it.
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u/Fuzzy_Calligrapher71 Mar 12 '23
Of course, Peter Thiel did. He’s an ultra filthy rich, well-connected insider with zero conscience or morals, driven by pure, selfish psychopathic greed
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u/Moist_Decadence Mar 12 '23
For a long time Peter Thiel was one of our best contenders for America's most likely cartoon villain.
Nice to see Elon's been putting up a good fight lately tho.
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u/neuronexmachina
Mar 12 '23
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Reminder that Founders Fund advising companies to withdraw their funds (non-paywalled mirror) was a key part of the bank run. Article from Thursday:
Founders Fund, the venture capital fund co-founded by Peter Thiel, has advised companies to pull money from Silicon Valley Bank amid concerns about its financial stability, according to people familiar with the situation.
The firm told portfolio companies that there was no downside to removing their money from the bank, according to the people, who asked not to be identified because the information isn’t public.
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u/drawkbox Mar 13 '23 •
Fintech startup Brex got billions of dollars in Silicon Valley Bank deposits Thursday, source says
Outflows to Brex, JPM (Brex is backed by JPM), First Republic Bank etc
By the close of business on March 9, customers had withdrawn $42 billion, leaving the bank with a negative cash balance of about $958 million. Among the financial services companies receiving money from SVB customers were Brex, JPMorgan Chase, Morgan Stanley and First Republic Bank. Venture capital funds including Founders Fund, Union Square Ventures and Coatue Management had encouraged companies in their portfolios to avoid impact from SVB's collapse by withdrawing their money, and Founders Fund withdrew all of its funds from the bank by the morning of March 9. The value of SVB's shares plummeted until a trading halt was implemented on the morning of March 10.
Guess who backs Brex?
Brex is based in San Francisco and counts Kleiner Perkins Growth, YC Continuity Fund, Greenoaks Capital, Ribbit Capital, IVP and DST Global, as well as Peter Thiel and Affirm CEO Max Levchin, among its investors.
Brex was setup in 2017 under Trump deregulation, Thiel pushed that and funded Brex. Then in 2019 the pump into SVB happened. Then it immediately stopped in late 2021 and into Feb 2022 (war) where foreign money started going to Brex. Some people are saying, when the bank run hit was made by Thiel/USV/etc they advised their investments/companies to go to Brex and most of them did. Brex saw massive inflows from this implosion.
Look at this PR Thiel had Brex put out at the run inception.
Brex is offering an emergency bridge credit line to startup customers to support payroll and other operational spend needs. Startups impacted by today's Silicon Valley Bank news may not have access to the funds necessary for short-term operational spend. Working quickly with third-party capital providers and Brex Asset Management, Brex aims to have emergency funds available to startups early next week.
Startups with funds at Silicon Valley Bank can visit this link to apply for an emergency credit line. Brex will review accounts as quickly as possible, and release emergency funds into customers' Brex Business accounts upon approval.
Brex applies for bank charter, taps former Silicon Valley Bank exec as CEO of Brex Bank
The company has tapped former Silicon Valley Bank (SVB) exec Bruce Wallace to serve as the subsidiary’s CEO. He served in several roles at SVB, including COO, chief digital officer and head of global services. It also has named Jean Perschon, the former CFO for UBS Bank USA, to be the Brex Bank CFO.
Last May, Brex announced that it had raised $150 million in a Series C extension from a group of existing investors, including DST Global and Lone Pine Capital.
“Brex and Brex Bank will work in tandem to help SMBs grow to realize their full potential,” said Wallace.
Brex is based in San Francisco and counts Kleiner Perkins Growth, YC Continuity Fund, Greenoaks Capital, Ribbit Capital, IVP and DST Global, as well as Peter Thiel and Affirm CEO Max Levchin, among its investors.
Good luck to those going into the Thiel rug pull traps.
Some days I just want to be a regulator... not because I want to but because who is cleaning this up? I hope someone will root this out. But we got another Wharton guy that runs the SEC, Gary Gensler that has been pretty weak on this, the ol' regulatory capture.
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u/pRedditor24 Mar 12 '23 edited Mar 12 '23
Told portfolio companies. That's where the cover is. They advised companies they had financial interests in to CYA. They didn't tell the world to run on the bank.
I don't doubt Thiel had himself in mind in at least one way if not multiple, but the bank should have been better positioned to CYA also.
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u/mycatlikesluffas Mar 12 '23
And I'm sure NO insiders had a short position on SVB stock when it subsequently tanked from $290 to $100.. That would be unethical..
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u/bretstrings Mar 12 '23
No they didn't. Their books are literally public and some were ringing alarm bells in January.
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u/bortlip Mar 12 '23
It's probably more accurate to say that it was his fund's withdrawal of it's cash and that it "had also called for its startups to withdraw their funds from the bank as well" that caused the bank to fail.
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u/Thin-Rip-3686 Mar 12 '23
“What’d you do with the $1M you pulled out of SVB?”
“Opened a brokerage account and sold short $10M in SVB.”
“..”
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u/drawkbox Mar 12 '23 edited Mar 12 '23
Pull the funds (Founders Fund/USV/etc insiders pull before run), cause the run (spread it on social media), fund the bank that outflows went to (Brex). That is the Peter Thiel con going on right now in front of everyone, some people are saying it, the best people. Let's see how it plays out.
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u/jay_simms Mar 12 '23
The PayPal mafia folks would love to prove themselves right by collapsing banks themselves.
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u/drawkbox Mar 12 '23
• They are behaving like financial terrorists, and they are at large. They should be widely mocked and pilloried by government and press for what they are attempting here.
• This is part of a longstanding beef over the gold standard and general disgust at the Federal Reserve.
• This is analogous to the 1933-34 “Business Plot” which sought to risk violence if it meant restoration of the gold standard.
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u/BigfootTundra Mar 12 '23
What’s the long-standing beef about the gold standard and the Fed?
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u/txjacket Mar 12 '23
He’s also an investor in treasure.fi. Thiel sucks and I hope this kills his deal flow, but it probably won’t.
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u/therocketofpoop Mar 12 '23
Bridge loans for pennies on the dollar for FDIC unsecured cash that is probably just fine and Brex can get? Hmmmm?
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u/9mac Mar 12 '23
We're going to hear next that he had a very large short position against SVB.
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u/j0mbie Mar 12 '23
That would be pretty ballsy since it would be right out in the open, and I think that kind of manipulation is illegal? But I don't know that for sure. But entirely possible others that he knows stand to gain from this, and favors get returned. Then again it's not like anyone is ever charged for illegal business tactics these days anyways.
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u/AssAsser5000 Mar 12 '23
Is it illegal illegal or rich person illegal.
If you make 500 billion and they fine you 250 thousand 5 years later...
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u/carpetspoke Mar 12 '23
The man with a $5 billion Roth IRA was able to get his money out before the bank failed? What a coincidence.
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u/c5karl Mar 12 '23
He's the guy who listened to George Bailey's speech and then withdrew all of his money from the building & loan anyway.
Either that or he's Mr. Potter.
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u/bamfalamfa Mar 12 '23
so hes about to cause some companies to go into major distress and buy them up for pennies?
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u/strukout Mar 12 '23
Yup, this guy is heralded as some king, in reality dude is so corrupt
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u/Lopsided-Seasoning Mar 12 '23
He's such a massive piece of shit in so many ways, it's hard to list them all.
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u/scottywoty Mar 12 '23
Because the ultra rich take care of themselves while the common man sucks it.
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u/DFWPunk Mar 12 '23
Peter Thiel is possibly the shadiest, most evil, man in American business today, and he does not get nearly enough attention. He basically bought a seat in the Senate for JD Vance, and was a main funder of efforts to push an essentially fascist ideology. Some have even tied him to pushing Q-Anon, although not starting it. In all seriousness, nothing about how I think he needs handled is allowed under the reddit TOS.
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u/EmperorOfCanada Mar 13 '23
is allowed under the reddit TOS
I'm sort of shocked this sort of thing doesn't happen more often.
Like the pain killer family. How many people had their soul's cracked in two because of them? Madoff ruined so many people that it is hard to count. Then, continue this list for many many billionaires who made the world a shittier place getting their money.
Basically, I would assume that of all the millions of people horrifically hurt are on bell curve where some wouldn't even consider doing anything TOS violating ever, but on the other end of the bell curve there are those who wouldn't think twice. Where is this other end?
After WWII, before there even was a Jewish Israel, their eventual founders sent teams to Germany who apparently took out 100's of war criminals. So, people are capable of this sort of thing.
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u/flaskman Mar 12 '23
I hope regulators take a long hard look at this transaction and he becomes the face of this whole mess
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u/CoherentPanda Mar 12 '23
He's ultra rich and helped protect other rich people withdraw their money before it was too late, nobody is going to touch him because nobody with power was hurt by this
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u/FourKrusties Mar 12 '23
what are they going to charge him for? taking out his own money?
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u/skyfishgoo Mar 12 '23
all these financial guys with their news letters and money shows on TV are all just grifters trying to trick the rest of us into doing what they want so they can make money off knowing the future.
how much you wanna bet this guy is going to offer to buy the bank for pennies on the dollar?
it's all fucking game to these ppl.
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u/CannotFuckingBelieve Mar 12 '23
Wow, what a completely totally lucky and serendipitous coincidence!
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u/Spinedaddy Mar 12 '23
Nothing surprising here. The bank was fine with the exception of their long term bond holdings. Thiel took his money out then told other companies to do the same. An old fashioned run on the bank ensued. Bank collapsed. Govt takes over. Animals bit the hand that fed them. Sad.
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u/General_Slywalker Mar 12 '23
In my opinion, Thiel is a colossal Piece of shit and a threat to the United States.
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Mar 12 '23
Thiel is a traitorous bitch. I hope the SEC goes after his ass and actually does their job, but his money has very far reaches so it more likely to not happen.
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u/Billsport406 Mar 12 '23
Looks like he knew that he had to make a move knowing the bank collapsed. He had act before it was too late. I have a feeling he wasn't the only player to see the writing on the wall.
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u/Synensys Mar 12 '23
I don't trust this guy at all. Someone should check if he was short bank stocks. Or maybe just wants to chance to buy up some tech assets on thr cheap. Or just wants to wound Biden politically.
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u/jerriclynsjohn Mar 12 '23
Alright, that is shady af. I would like to believe that this was a coincidence.
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u/briggch Mar 13 '23
The more I read about this, the more I think there are LOTS of people that need to be arrested and brought to trial. There is just too much shady shit that has gone on.
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u/drugosrbijanac Mar 12 '23
In Germany there exists a particular word for this type of person
Hochstapler. Something like con-man or confident trickster. Or simply High-thief.
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u/livinginfutureworld Mar 12 '23
Only the good die young, all the evil seem to live forever
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u/sar2120 Mar 12 '23
In a bank run, the trick is to be first in line.