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Urgent: Sign the petition now

ycombinator.com

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Re: Urgent: Sign the petition now

#141

Post by andrepd »

UmYeahNo wrote: post #15

When 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.

Couldn't agree more.

Average Joe is swindled by con-men into bad deals and/or is subject to events outside his control: should have known better/worked more

Huge company in the business of risk management fucks up: bad luck, the taxpayer will cover you, no civil or criminal responsibility will come to anyone regardless of the magnitude of the fallout

Re: Urgent: Sign the petition now

#142

Post by choppaface »

sourcecodeplz wrote: post #31

Might seem like an ahole but can't you guys making 100k+ per year ride it out? We are talking about startup a here, have we forgotten the risks and implications that come with this model?

The bailout would most likely benefit the VCs and their funds. It’s not about helping employees who might be living paycheck to paycheck.

Re: Urgent: Sign the petition now

#143

Post by [deleted] »

crummy wrote: post #89
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.

Didn't the public get paid back, plus extra, after bailing out the banks?

[deleted]

Re: Urgent: Sign the petition now

#144

Post by garry »

axlee wrote: post #97
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.

110% agree. At some point, risk HAS to be treated as what it is, risk, rather than just "another way to do things". We have so many banks treating risk as what it is, and pricing for it, well these people decided to go to another bank to get funding, well deal with it. It's not like the average citizen has this luxury.

The equity holders and management of SVB are likely to be wiped. In the petition we specifically call this out: we are not asking for their risks to be "socialized."

Depositors have a reasonable expectation that when they choose a bank (especially a publicly traded bank that is regulated) that their deposits are safe. If this is not true, then most people will only bank with the largest banks. That's not a good situation.

We're asking for depositors to be made whole and for regulation to prevent this from happening to depositors in the future.

Re: Urgent: Sign the petition now

#145

Post by mc32 »

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.

And with all their connections, one would imagine they could raise some funding in exchange for shares, like their startups do. Why not?

Re: Urgent: Sign the petition now

#146

Post by Ekaros »

notmindthegap wrote: post #6

Genuinely asking: for startups who were not banking with SVB, is the recent event a good thing from a competitive standpoint?

If your competitors can't pay their employees you can poach them for very cheap if they are desperate to make rent or mortgage payments. So more sensible competitors might even benefit from the stupider ones.

Re: Urgent: Sign the petition now

#147

Post by corbulo »

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…

It'll get worse if they're bailed out! It would totally change the perception of risk if they'll be saved every time they shit the bed.

Re: Urgent: Sign the petition now

#148

Post by hellcow »

nu11ptr wrote: post #54

Why would you deposit more than the insured amount in a bank? Could it not be split over multiple accounts and/or banks? Or pursue an institution that has additional insurance? (my brokerage, for example, uses Lloyd's of London for coverage beyond SIPC)

If you’re going to get a line of credit against your cash, the bank requires you to have the cash with them.

Re: Urgent: Sign the petition now

#150

Post by el_nahual »

lisasays wrote: post #96

We have a simple ask: Regulators need to step in and implement a backstop for depositors. This is not a bank bailout. What kind of double-speak is this? How is "implement a backstop for depositors" anything other a "bank bailout?"

A bailout protects the equity and debt holders of a bank.

This has nothing to do with that--it's about making sure the depositors of a bank get the cash they were holding there.

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