Discover and read the best of Twitter Threads about #ScottShay
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👀 lol #ScottShay (AKA #SignatureBank's theologian in residence, also known for his Gordon Gekko routine) got absolutely rekt on the final day of $SBNY trading. which I guess explains that weird bounce from $70 to $100 in the morning
at least a $3 million loss. @NotChaseColeman
at least a $3 million loss. @NotChaseColeman
@NotChaseColeman oh Scott, your 500,000 shares of $SBNY were an equity allocation of infinite jest.
➤ worth over $150 million at all time high...
➤ $77 million on February 1st...
➤ $50 million on March 9th...
...and now it's a $0.
➤ worth over $150 million at all time high...
➤ $77 million on February 1st...
➤ $50 million on March 9th...
...and now it's a $0.
@NotChaseColeman whoops I read that wrong, I guess the noted theologian only lost $414,000 on the final morning.
gg scott!
gg scott!
🧵1/Ω A few things about @crossriverbank, a tiny #a16z funded lender that originated more #PPP loans for "small businesses" than anyone besides Chase, BofA, and Wells Fargo, mostly for people who were not their customers.
Also @coinbase's preferred bank.
techcrunch.com/2022/03/30/cro…
Also @coinbase's preferred bank.
techcrunch.com/2022/03/30/cro…
🧵2/Ω They paid @McKinsey a bunch of money to tell the world that "while most banks originated PPP loans to their own customers, Cross River leads in originations to new customers"
mckinsey.com/industries/fin…
mckinsey.com/industries/fin…
🧵3/Ω Unlike other banks that blew up on "fund banking" recently (*cough* $SBNY $SIVB *cough*) @crossriverbank does their "fund banking" differently:
They package all the loans and sell them to weird "fintech" companies like @Upstart. @mikulaja
They package all the loans and sell them to weird "fintech" companies like @Upstart. @mikulaja
