I would say it's risky to keep such large deposits with a small bank. We use Wells Fargo for a reason; they make conservative investments and are very unlikely to be shutting down.
Urgent: Sign the petition now
11–20 of 864 posts
Re: Urgent: Sign the petition now
#12Genuinely asking: for startups who were not banking with SVB, is the recent event a good thing from a competitive standpoint?
Imagine half of your vendors/customers are insolvent. Is this good?
Re: Urgent: Sign the petition now
#13What is the provenance of the title, is this editorializing in the submission?
I really hope it doesn’t get updated to “Sign the petition now” because that is not the type of descriptive title that I like to see on HN.
Re: Urgent: Sign the petition now
#14I honestly can’t think of a sector less deserving of a bail out.
Re: Urgent: Sign the petition now
#15When we little guys put our eggs in one basket, or put excessive reliance in business we have no control of we get accused, sometimes implicitly, sometimes explicitly, of being incompetent. That we should've known better. Hmmm....
The cynic in me says this letter is less about bailing out the small companies trying to make payroll and more about the VC's not wanting to lose massive investments.
Re: Urgent: Sign the petition now
#16Like there are no atheists in foxholes, there are no Libertarians in bankruptcy.
Ayn Rand just got disrupted.
Re: Urgent: Sign the petition now
#17Silicon Valley Bank paid out bonuses hours before seizure. So ya they don't need a bailout lol.
Re: Urgent: Sign the petition now
#18They're asking to "be made whole," but are "not asking for a bailout." What exactly do they want, then?
Re: Urgent: Sign the petition now
#19Genuinely asking: for startups who were not banking with SVB, is the recent event a good thing from a competitive standpoint?
Yes, at least in the very short-term, at least to a limited extent.
Re: Urgent: Sign the petition now
#20I don't get the sense there is a lot of sympathy from HN over this event. People lost money, payroll may be missed, that's a detrimental thing for a lot of people.
If little sympathy, why?