A number of known baalei tzedaka who donate tens of millions of dollars to the Olam HaTorah had funds in the Silicon Valley Bank (SVB) that collapsed on Friday, Kikar H’Shabbat reported on Sunday.
“This is a huge crisis,” an associate of one the affected baalei tzedaka told Kikar. “I know of many baalei tzedaka who had their money there and didn’t manage to withdraw it in time.”
“This can harm a number of large kollelim that are supported by gvirim who lost a lot of money in the collapse. A lot of tefillos are needed now. We hope we survive the crisis.”
Prime Minister Binyamin Netanyahu said on Motzei Shabbos that if needed, the government will assist Israeli companies to get through the crisis caused by the bank’s collapse.
Finance Minister Betzalel Smotrich stated that he’s establishing a special team that will include officials from the Finance Ministry, the Bank of Israel, and the Innovation and Securities Authorities to assist tech companies through the crisis.
(YWN Israel Desk – Jerusalem)
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20 Responses
This story is irrelevant. The FDIC announced today they’ll make all depositers whole, including the uninsured funds over 250,000$.
My landlord has his Real estate in Signature Bank. I hope he doesn’t he doesn’t survive the crisis.
Ok, can happen! You play with the fire…. you know the outcome!
So, some guys need to go to work, like everyone else. Living from benefits and “learn” all day also can have its price tag 😉
I think even worse is that so many lost there jobs and will loose them , in my eyes much worser!!
So out of curiosity…you posted this story after the u.s. announced they will make everyone whole? So actually no crisis at all
Fact-check: the gov will cover all deposits including uninsured. So all deposits are safe.
Excuse my ignorance, but where is your info coming from. Any bnei Torah I’m acquainted with understand that their support comes from Above – not from “gvirim” with $ in one bank or another. This blurb and its title border on the insane.
this is baloney nobody is losing any money besides shareholders cut out the garbage
All depositors will get their money back. Investors will be wiped out.
Klal Yisroel needs to be mispallel and cry out to hashem with the tzures klal is living with day by day.
Financial crisis , horrible killings in eretz hakodesh every other day, anti semitic violence all over the world , hundreds of choyleh Yisroel .
We just don’t know the answers .
Just last week on pirim millions of dollars were handed out to all meshuluchim and groups collecting for tzedukah organizations , Yeshiva’s are finishing their winter Zman and millions of Dafim gemara were studied by tens of thousands Talmudic.
We have so many zechisim to protect us against all these threats.
Let’s add on every day a few extra minutes to do Chesed learn a little extra and another five kapitlech tehilim….
id take this with agrain of salt
kikar hashabat has a history of trying to get the chareidi community to panic
Please note that depositors are far better protected as a result of banking reforms that Obama put into effort after the 2008 crisis. SVP depositors are expected to get back 85-90% of their money and Signature holders should get all of theirs.
Another fake headline by Yeshiva world, you know very well, the U.S government came out with announcement.
That every depositor is going to get back every single dollar deposited in the bank.
So why the sensationalist headline?
they should have learnt from Maddoff…..shame….makes these people criminals…..how do you separate law from G-d….shameful , these men should keep their hands in their own pockets and not in those of others….sorry folks I will not contribute to you…
When The corruption Madoff happened the famous line going around the world was:
“IF YOU WANT TO INVEST, DON’T INVEST IN MADOFF, MADOFF GOT MAD AND FELL OFF, IF YOU WANT TO INVEST THEN INVEST IN CHARITY IT’S AN ETERNAL INVESTMENT THAT CAN’T GO BAD, YOU KNOW YOUR STOCKS WENT UP AND DON’T HAVE TO CALL WALL STREET EVERY DAY”
What’s a person’s money worth after they leave this temporary physical world? It’s not even worth counterfeit or monopoly money, it’s completely worthless, what do you think the niftar children will buy a Sefer Torah in the zchus of the Neshama?
Let’s all remind ourselves that all our money actually comes directly from Hashem and just goes through messengers of employers and rich in-laws etc….. But it all comes directly from Hashem and still is owned by Hashem who runs the entire world and sometimes we need reminders directly from our loving father and king of kings Hashem.
Why would frum businessmen have all their money in a northern California bank that focuses on serving the ultra-secular Silicon Valley crowd?
Deposits are protected. Investors, bond holder, shareholders are not.
Sam, Madoff *MADE OFF* with our money big time! Didn’t he?
I’m curious what happened to the bank! What’s the story?
Please Daven daven daven… mann will fall out of the sky IYH
Let‘s hope that the Chesed Fund sets up a campaign for those who lost their money through no fault of their own.
think we need to panic and start another emergencey campaign
10million in 24 hours
enough of this garbage