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Urgent: Sign the petition now

ycombinator.com

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Re: Urgent: Sign the petition now

#101

Post by garry »

wnevets wrote: post #67
nocoiner wrote: post #8

LOL, nope. Not interested in taking another spin on the “privatize gain, socialize loss” merry-go-round. The banks had to be saved in 2008 because they were, like, the financial system. I don’t see why private companies and funds that are much less integral to the functioning of the economy as a whole should be saved by the public fisc. Sorry about your disruption.

Government interference in the economy is bad* *Unless it's to bail me out.

FWIW I've never had that perspective, so I'm not sure why you are saying that.

Re: Urgent: Sign the petition now

#102

Post by mtmail »

ilrwbwrkhv wrote: post #17

Silicon Valley Bank paid out bonuses hours before seizure. So ya they don't need a bailout lol.

A discussion about the employee bonuses is at https://news.ycombinator.com/item?id=35112827 and those seem fine, despite the bad image and timing. The blog post here is more about bailing out bank's customers, not employees I think.

Re: Urgent: Sign the petition now

#103

Post by nuclearnice3 »

jimrandomh wrote: post #37

Statement by the FDIC: https://www.fdic.gov/news/press-releases/2023/pr23016.html Key paragraph: > "All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDI…

We will make payroll, but valuations will suffer and upset our limited partners just didn't have the same ring to it.

Re: Urgent: Sign the petition now

#104

Post by crummy »

School-Cotton wrote: post #63
toomuchtodo wrote: post #29

Where was YC when SVB lobbied against stronger regulation so they could take more risk? Crickets. Edit: Sources in my other comment https://news.ycombinator.com/item?id=35114110

Source for SVB lobbying against banking regulations?

https://www.theguardian.com/business/2023/mar/11/silicon-val...

Re: Urgent: Sign the petition now

#105

Post by nightmarish »

baq wrote: post #24

Pathetic to be honest. Yes it’s bad. Yes it’ll get worse if no buyer at 100 cents to the dollar is found by Monday morning. And yet, literally everyone involved signed up for it! It isn’t like there aren’t other banks? The thing had a circus for its risk management office. The big mighty all-knowing VC firms shouldn’t go around crying like babies and signing petitions but be organizing bridge loans until FDIC, the mo…

[flagged]

Re: Urgent: Sign the petition now

#106

Post by choppaface »

ilrwbwrkhv wrote: post #17

Silicon Valley Bank paid out bonuses hours before seizure. So ya they don't need a bailout lol.

Those bonuses were for 2022 so probably delayed: https://www.cnbc.com/amp/2023/03/11/silicon-valley-bank-empl...

While the fact that the bonuses were paid at the time does help underscore the level of malfeasance of the bank leadership, many of those receiving the bonuses probably didn’t know about the gaps.

Re: Urgent: Sign the petition now

#108

Post by fshbbdssbbgdd »

owlglass wrote: post #18

They're asking to "be made whole," but are "not asking for a bailout." What exactly do they want, then?

The most plausible idea would be some other bank buys SVB. Depending on the current state of SVB’s balance sheet (which is not publicly known), other banks may be willing to pay as little as $0 or there may be no takers.

Re: Urgent: Sign the petition now

#109

Post by sammalloy »

afavour wrote: post #57

[deleted]

> Silicon Valley has a real problem with groupthink

This problem is found everywhere where humanity organizes and cooperates in groups. It’s in no way unique to SV, tech, or any other field. It’s also the dominant style in the corporate world, such as "Go along, to get along".

Re: Urgent: Sign the petition now

#110

Post by zozbot234 »

Do note, the letter is not asking for a bailout for SVB "equity holders or managers". In the worst case, they can still have their stake be wiped out completely (so a whole lot stricter than what happened in the 2008 crisis). They're just saying that the FDIC's $250k limit is not enough. The FDIC has insured larger sums than their previously stated limits before, that's how the $250k limit reached its value in the first place.
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