Venture capitalists 'almost took the whole system down' by having startups stow all their cash at Silicon Valley Bank, says one tech billionaire CEO
, billionaire Tom Siebel has a blunt analysis: Top venture capitalists should have seen it coming and prepared their portfolio companies, he told Insider.
"The fact that Marc Andreessen, Peter Thiel, Douglas Leone, and every other name that you've heard about, is letting all of their companies put all of their money in one — I mean, best case — C-minus financial institution, how is that possible?" he said, referring to the VC elites. "They're supposed to be the adults in the room, have a fiduciary responsibility — not only to shareholders of their portfolio companies, but to their limited partners," Siebel said.
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