And we all said in unison: cope.
Urgent: Sign the petition now
841–850 of 864 posts
Re: Urgent: Sign the petition now
#842Startup Svb customer here. Big fan of yc. But this is just wrong.
The vcs and startups (including yc) were gambling on the taxpayer dime.
I’m ok helping on some of the uninsured deposits (say 80%). But rewarding people for gambling with taxpayer money? No thanks.
Re: Urgent: Sign the petition now
#843Nope. An industry so ideologically against government intervention in the free market should stick to their guns, even if the barrel is in their own mouth. Live by absolute freedom, die by absolute freedom. I'd be open to bailing them out if they allowed the US government to take significant equity positions.
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Re: Urgent: Sign the petition now
#844And we all said in unison: cope.
They just need to stop buying lattes and avocado toast, right?
Re: Urgent: Sign the petition now
#845Earlier quoted context omitted.
If you have an account in need of insurance in excess of the FDIC limits, you can speak with your CFO about depositor bonds or contact the appropriate party about any of the other methods in the links that were posted in this thread.
Unless you have a link for these depositor bonds, I'll remain skeptical since they weren't mentioned in your previous link, google produces nothing obvious and DIF isn't at all what you'd claimed.
You want me to google for you? You don't seem serious. Here you go anyway with 5 out of the top 6 links on the first page from Google.com. Hopefully, these links will help someone who is looking for information on how to secure their bank account.
The normal method for this insurance is to call an insurance company and ask for excess deposit insurance. This should be your first step. But, it seems very strange to me that you are beligerently asking people on the internet for financial information that you don't appear to need.
1. Understand How a Depositor Bond Works [1]
2. Depositor bonds for FDIC-insured deposit accounts [2]
3. Excess Deposit Guarantee Surety Bond [3]
4. Bond Penalty: Based on Coverage Requested Excess FDIC Limits [4]
5. Hello old friend – The reappearance of excess deposit bonds [5]
In summary, the Depositor Bond provides a third
party guarantee (from the insurance company who
is called the Surety) that deposits will in fact
be returned to the depositor. Depositor bonds
are designed to be “Excess FDIC Insurance
Coverage” and coverage begins at the point where
the $250,000 FDIC insurance obligation ends. [1]
[2] https://www.travelers.com/iw-documents/surety-bond/59375-dep...
[3] https://surety1.com/bond_info/excess-deposit-guarantee-suret...
[4] https://suretyone.com/bank-depository-bond
[5] https://www.cuinsight.com/hello-old-friend-the-reappearance-...
Re: Urgent: Sign the petition now
#846LOL, 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.
pretty much this. hard pass on signing this nonsense.
Re: Urgent: Sign the petition now
#847Earlier quoted context omitted.
Right but the link itself isn’t critical of HN or anything, just some of the comments turned out not to be super on board with the petition.
My speech gets rate limited under the guise of "posting too fast" here from time to time. For YC that and flagging are a feature being used to control the narrative and as a user it sucks because you can't in general have a conversation about anything remotely confrontational. Same thing happens at Twitter despite the new boss. Rules more thee but not for me. So I agree with you in general. But in my opinion YC doesn…
> But in my opinion YC doesn't want the petition on the front page probably because they don't want to have to explain the comments to Congress
In my opinion they probably didn't want it on the front page with that title ("Y Combinator is asking for a bailout") because it looked desperate. I don't think that's why it disappeared though. Apparently some others didn't want it on the front page with the revised title ("Urgent: Sign the petition now") because they didn't like the idea that YC would get some special treatment (see https://news.ycombinator.com/item?id=35115948).
Weird story altogether, and some people who would actually otherwise be aligned ended up doing a bit of friendly fire.
Re: Urgent: Sign the petition now
#848Re: Urgent: Sign the petition now
#849Recently cancelled cartoonist Scott Adams once compared women asking for equal pay to children asking for candy.
I think comparing the depositors in Silicon Valley Bank to these children would have made a better analogy.
Re: Urgent: Sign the petition now
#850Earlier quoted context omitted.
In hindsight, were there actions that depositors could have taken to reduce the risk? Was there any level of due diligence that could have warned people off of SVB?
Put the money in a money market fund backed by T-bills. Zero credit risk and easy access to cash. > Was there any level of due diligence that could have warned people off of SVB? Really no. A small business manager doesn't have time or expertise to read a bank's financial statements. SVB's did show serious problems but most businesses don't have the capacity to spot this. But the answer to that is to not trust any ba…
> Really no. A small business manager doesn't have time or expertise to read a bank's financial statements. SVB's did show serious problems but most businesses don't have the capacity to spot this.
But surely smart VCs with millions / billions invested are capable and have capacity to do this?