Urgent: Sign the petition now

Post by throwwwaway69 » Sun, Mar 12, 2023, 1:12 AM UTC

glerk wrote: post #395

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.

I am leaning libertarian and I am very sympathetic to this point of view. However, with the amount of taxes these companies pay and the economic growth they generate, they have every right to ask the question: when does the government benefit us ? If this very costly government is not able to guarantee the integrity of its federal reserve notes deposits, then what is its purpose? What makes it legitimate?

Post by prepend » Sun, Mar 12, 2023, 1:13 AM UTC

garry wrote: post #358

prepend wrote: post #133

What 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…

Post by seizethecheese » Sun, Mar 12, 2023, 1:14 AM UTC

Nifty3929 wrote: post #435

seizethecheese wrote: post #412

Earlier quoted context omitted.

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…

He was targeting VCs, not founders. I’m sorry you’re going through this though.

Post by anigbrowl » Sun, Mar 12, 2023, 1:15 AM UTC

j_crick wrote: post #516

gustaf wrote: post #257

I work as a group partner at Y Combinator. Over the last 48 hours I've talked to numerous founders of YC companies who told me they can't make payroll to their employees next week. In many cases they had raised millions of dollars which is currently locked into their SvB accounts. Even if they get access to the insured $250k on Monday that won't last long and in many cases not even cover the payroll they are planning…

Question from a foreigner: if this bank is so important for your ecosystem, why don’t y’all interested parties chip into some fund or something and buy it out yourself?

Post by hyperhopper » Sun, Mar 12, 2023, 1:18 AM UTC

netsec_burn wrote: post #243

nwienert wrote: post #38

For posterity, the chefs kiss title of this submission as of now is: “YC Is Asking for a Bailout”

It was changed to "Urgent: Sign the petition now".