YC: We ask for depositors to be made whole
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YC: We ask for depositors to be made whole
1–10 of 47 posts
Re: YC: We ask for depositors to be made whole
#2According to Bloomberg, YC was amongst the ones encouraging the bank run.
https://www.bloomberg.com/news/articles/2023-03-09/svb-ceo-b...
Re: YC: We ask for depositors to be made whole
#3Not without taxpayers receiving equity. And not without restrictions.
I’d like to know if the startups were forced to bank as a requirement of accepting funding. That dumb shit needs to be fixed.
Re: YC: We ask for depositors to be made whole
#4Where was YC when thousands of tech workers have been laid off in recent months? Where will YC be when Meta lays off the 10,000+ more they are rumored to be preparing?
It is extremely disingenuous to pretend they care about how the individual is affected. They only care right now because their investments are on the line.
Also YC seems like it should be able to muster the resources to help its companies whether this storm. Where is the rugged, exceptional individualism championed by PG and others when something bad happens?
Re: YC: We ask for depositors to be made whole
#5Where was YC when thousands of tech workers have been laid off in recent months? Where will YC be when Meta lays off the 10,000+ more they are rumored to be preparing? It is extremely disingenuous to pretend they care about how the individual is affected. They only care right now because their investments are on the line. Also YC seems like it should be able to muster the resources to help its companies whether this…
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Re: YC: We ask for depositors to be made whole
#6Garry also posted this to HN and forced it to the front page, and readers roundly told him to get knotted and flagged the post: https://news.ycombinator.com/item?id=35114009
Garry is calling for a regulation. Many respondents cited the precise regulation that would have stopped this happening, which the CEO of SVB had lobbied to remove in 2018: https://www.theguardian.com/business/2023/mar/11/silicon-val...
Garry hasn't addressed those responses as yet that I've seen.
Re: YC: We ask for depositors to be made whole
#7Privatize the gains, socialize the losses. Before the government supplies anything, the wallets of those at the top of SVB should be first to be liquidated. Otherwise, it's equivalent to just randomly awarding those top guys with millions of taxpayer money. Easy scheme, honestly. Set up a bank, get some deposits, gamble it away, walk away with gains you periodically skimmed off the top. Let the government deal with the fallout.
Re: YC: We ask for depositors to be made whole
#8I ask for all the taxi drivers who were completely fucked by Uber and Lyft to be made whole:
https://www.nytimes.com/2018/12/02/nyregion/taxi-drivers-sui...
I ask for VC funded delivery services to stop stealing tips from gig workers:
https://www.nbcnews.com/business/business-news/why-instacart...
I’d also like to see social media held accountable for the harms done to children and communities and for our existing laws against anti-competitive behavior and collusion to be enforced against search and software platforms.
The chutzpah of the Silicon Valley influencer crowd over this weekend has become seriously fucking unbearable.
My feeds are full of sociopathic libertarians calling for government to make sure they never suffer any consequences for their failure to adequately manage risk? I mean GTFO.
I’m all for regulation and I in fact do think the government should be heavily involved in preventing this kind of thing and helping if it ends up happening.
But if we’re going to regulate let’s fucking regulate. Any answer to this tweet should start with a quick review of this guy and his friends campaign contributions and lobbying involvement.
There’s nothing special about you. Your lives aren’t more important than the lives of the children of employees at the Carrier plant in Indianapolis, or the workers at the Amazon faculty on Staten Island.
If your values system only applies to you and your friends it’s not much of a values system.
Re: YC: We ask for depositors to be made whole
#9A VC asking gov't for more corporate welfare. The gov't owes these companies nothing. VCs & Big Tech is free to pool some of their cash reserves to make these depositors whole beyond the standard FDIC insured amount of $250K.
Re: YC: We ask for depositors to be made whole
#10Where was YC when thousands of tech workers have been laid off in recent months? Where will YC be when Meta lays off the 10,000+ more they are rumored to be preparing? It is extremely disingenuous to pretend they care about how the individual is affected. They only care right now because their investments are on the line. Also YC seems like it should be able to muster the resources to help its companies whether this…
YC probably is encouraged by the recent BigTech layoffs as it frees managers and engs from the Vortex, and that they may now start companies.
> They only care right now because their investments are on the line.
Of course YC cares more about its startups and founders than others. How is this controversial?
> Also YC seems like it should be able to muster the resources to help its companies whether this storm.
We don't know that, but isn't the tweet you're critiquing is also YC clouting up to help its companies?