I'll sign it for $100.
Urgent: Sign the petition now
491–500 of 864 posts
Re: Urgent: Sign the petition now
#492LOL, 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.
Who exactly are you trying to punish here?
Re: Urgent: Sign the petition now
#493When 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.
> 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.
It's both. VCs don't want to lose their cash accounts and see their investments become insolvent. At the same time, it doesn't help society if all these workers suddenly find themselves jobless. There's also a risk of contagion. If companies suddenly discover their deposits aren't de-facto safe, they'll flee other banks with similar risk profiles, causing more bank runs.
Banks going under and taking lots of funds with them is bad because it undermines confidence in the system. It's financial infrastructure that's supposed to always work. Sure, if it doesn't, you can work around it, but it becomes a drag on the economy, and things start looking like a developing country.
Re: Urgent: Sign the petition now
#494LOL, 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.
With this being the top-voted sentiment we are so very, very fucked. In the 2009 crisis the banks got bailed out because we were in the position of very nearly breaking the buck on money market funds. The interconnectedness of the entire financial system meant that we were plausibly looking at a situation where most businesses wouldn't be able to make payroll soon. ATMs could start to not give out cash. The whole sho…
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Re: Urgent: Sign the petition now
#495Earlier quoted context omitted.
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 situa…
With all respect, Garry: YC is to blame for the consolidation of this risk in a single counterparty. Those who led all these entities from the same industry to bank at the same place must be held accountable too.
I agree with this. The consequences are unfortunate.
Re: Urgent: Sign the petition now
#496Earlier quoted context omitted.
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VC backed founder here whose company is impacted by this. “Nepotistic trust fund baby” I am not. My family has no money, no connections. I went to Portland State University. I had no VC connections whatsoever. Our company was originally bootstrapped off of personal savings accumulated by working and living way below our means. No friends or family invested or gave us loans. I’ve had no inheritance and expect none. We…
Did you have more than $250k sitting in SVB? We're you unaware of the $250k FDIC insured limit? Or were you, and didn't act on mitigating this potential problem? Any particular reason?
Re: Urgent: Sign the petition now
#497What would I gain as a taxpayer in return for this bailout? Would the taxpayer receive 10% equity in YC? It seems like YC could have insured these funds, but didn’t. They saved money and accepted the risk. This risk is now realized. Seems bizarre that YC would be made whole. Certainly it saves jobs, but it benefits YC more than anyone else.
These are deposits at a bank. We're advocating for protection of 37,000 small business accounts, a small number of which are YC. We discovered about 30% of YC companies would not be able to make payroll even after the $250,000 insured amount if they were to wait months for their payments. That is detailed on the FDIC website currently as the process for remediation. This petition represents the lived experience of th…
This is a pathetic reply
Re: Urgent: Sign the petition now
#498People are misdirecting their (rightful) ire over 2008 bank bailouts at depositors , which apparently is because they don't like some of those depositors for unrelated reasons. Nobody is defending the bank, which already has been shut down and its shareholders rightfully wiped out. The idea that backstopping depositors is moral hazard is preposterous and honestly embarrassing on a platform where people should know be…
I hope this is what’s going on because the comments in this thread are wild.
People cheering for thousands of businesses to lose funds and potentially go under just because they chose the wrong top-20 bank to hold their cash??
Re: Urgent: Sign the petition now
#499What would I gain as a taxpayer in return for this bailout? Would the taxpayer receive 10% equity in YC? It seems like YC could have insured these funds, but didn’t. They saved money and accepted the risk. This risk is now realized. Seems bizarre that YC would be made whole. Certainly it saves jobs, but it benefits YC more than anyone else.
These are deposits at a bank. We're advocating for protection of 37,000 small business accounts, a small number of which are YC. We discovered about 30% of YC companies would not be able to make payroll even after the $250,000 insured amount if they were to wait months for their payments. That is detailed on the FDIC website currently as the process for remediation. This petition represents the lived experience of th…
Sounds like a problem.
Can you comment on what the many billionaires associated with the SV ecosystem are doing? Sounds like they have personal risk plus social responsibility, and (collectively) enough billions to bail out SVB.
Re: Urgent: Sign the petition now
#500LOL, 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.
Are you saying if I deposit more than $250k (which is NOT a lot for a business) into a reputable and regulated US bank at negligible rates of interest I should just accept the impact of the bank shutting down due to events unrelated to my actions and choices? And that my deposit should vanish into thin air?
You don't accept it, you deal with the regulators and FDIC and demand they release liquidity as soon as possible, which they are striving to do.