Paul Krugman says Silicon Valley Bank 'was a kind of affinity fraud a la Madoff' because it sold itself on false pretenses

• Paul Krugman said 'what SVB actually did was a kind of affinity fraud a la Madoff.'
• SVB convinced tech startups it was trustworthy by selling itself under false pretenses, according to him.
• The Nobel Prize-winning economist is frustrated with this 'delusion marketing' that includes the crypto industry, too.

Paul Krugman is taking issue with how Silicon Valley Bank portrayed itself to the tech startup world over the years, saying the lender relied on 'false pretenses' to gain clients' trust.