Thiel Capital’s Jack Selby Says Idea of VCs Saving SVB ‘Rubbish’

The venture capital community had no obligation to rescue Silicon Valley Bank as it struggled to stay afloat amid a run by depositors, Thiel Capital’s Jack Selby said.

“There have been other VCs saying, ‘We’re a community. Why didn’t we step up to save it?’” Selby said. “Personal opinion: that’s rubbish. Our number one fiduciary responsibility is to make money.”

Selby, one of PayPal Holdings Inc.’s first employees who is now a managing director at Peter Thiel’s family office, made the comments Thursday at the FII Institute’s Priority summit in Miami Beach.

Watch: Selby says VCs weren’t obligated to save SVB.

Source: Bloomberg

SVB’s collapse emphasized the fiduciary role ...