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With YC’s deep and broad connections in the VC, tech company, and ultra high net worth communities why doesn’t it organize a private bailout instead of asking for a handout?
(I'm half joking, I'm sure there's a lot of money there not at those banks. Also, the big companies have so much money, they can buy this bank and get a chunk of all the startups easily enough).
Who puts millions of dollars in bank deposits ? Especially an undiversified bank where the limit of security is $250K.
You put your money in short term treasuries and transfer what you need to pay bills. Lazy or ignorant does not mix well with large amounts of money.
Back in the day when I had a VC startup (top tier valley VC), SVB was the place you were "coached" to use, as well as which companies to buy your "services" from (needed or not). Incest never works out too well.
If the billionaires want a bailout, they can simply buy the bank and run it. Of course, they were the ones who added the kindling by encouraging people to take their money out, but now that they missed that opportunity, they are now asking for the public to bail them out.
I 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 la…
FYI libertarians typically do not want the government / taxpayers to bail out companies for bad decisions.
With YC’s deep and broad connections in the VC, tech company, and ultra high net worth communities why doesn’t it organize a private bailout instead of asking for a handout?
Because all the money is in the same bank; can't do a private bailout if you can't access your money. (I'm half joking, I'm sure there's a lot of money there not at those banks. Also, the big companies have so much money, they can buy this bank and get a chunk of all the startups easily enough).
Now the post is flagged?
Not 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.
Similar for various services, technical and otherwise, if there was a portfolio company that offered these services.
This is from almost two decades ago, things may be different now.
Garry, are you going to allocate some shares of each of the companies to some public purpose in exchange for the gift you are requesting?
According to Bloomberg, YC was amongst the ones encouraging the bank run. https://www.bloomberg.com/news/articles/2023-03-09/svb-ceo-b...
I 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 la…
> sociopathic libertarians calling for government to make sure they never suffer any consequences for their failure to adequately manage risk FYI libertarians typically do not want the government / taxpayers to bail out companies for bad decisions.