What does Silicon Valley Bank’s collapse mean for the financial system?

Re:What does Silicon Valley Bank’s collapse mean for the fin... by hedora on Friday March 10, 2023 @10:36PM (#35104964)

Pay me 20x market rate, and I’ll try to fix your cobol dumpster fire of safety critical murder spaghetti. I will need to add some liability clauses to your standard employment contract.

That doesn’t mean I’m incompetent; just that people you should hire on those terms are hard to find.

Anyway, I don’t have idea what happened here. The long time to fill the position also could have been because they were looking for a CRO that was better suited for a mushroom farm (kept in the dark + fed bullshit).

The resume of the new CRO suggests it was the former, not the latter.

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Re:What does Silicon Valley Bank’s collapse mean for the fin... by ThrowawayR2 on Saturday March 11, 2023 @12:20AM (#35105660)

Isn't the CRO and other CxO positions considered officers of the corporation by law? I'm under the impression that there isn't any kind of liability clause that would get a corporate officer out of hot water with regulatory bodies should they decide to pursue charges.

If that's not correct, I'd love to be enlightened.

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Re:What does Silicon Valley Bank’s collapse mean for the fin... by hedora on Saturday March 11, 2023 @10:57AM (#35109370)

Presumably, they could make sure they got a personal copy of the books as they existed on the start day, so that any negligence charges would be directed at the prior CRO.

Not a lawyer, but various CxO’s specialize in jumping in and trying to repair failing companies. I’m sure they’ve figured out how to shield themselves from personal liability if their new employer ends up laying of 100,000 people and crashing the global economy.

[ Parent | on HN ]