Saturday, March 11, 2023
So Glad I Do Not Work in Software Anymore
3/11/23 National Review explains the Silicon Valley Bank collapse and how lots of startups that did not pull their money out now will have no money to pay bills (you know, like salaries). Their deposits exceeded the FDIC $250,000 insured amount so they may never see most of those millions again. The left got screwed by bad decisions and rising inflation. Leftists do themselves in again!
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Apparently the Fed is covering both SVB and Signature.
ReplyDeleteSuch largess can only go on for so long though
Who is third?
Who keeps that kind of cash in bank accounts? Even businesses with expenses shouldn't have cash lying around not earning much of anything, unless they are so solvent they don't care about the loss. Recurring, predictable expenses such as salaries? These people needed to lose their money.
ReplyDeleteIt was reported that one of the requirements of the funding for a startup (most of them were done through SVB) was that all banking transactions HAD to be done through SVB. So, any/all moneys from the "angels" were kept in that bank.
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