Re:Urgent: Sign the petition now
by dragontamer on Saturday March 11, 2023 @07:12PM
(#35114467)
> Many startups chose SVB because they were the ones willing to open a bank account for them at all.
I mean, given the epic scale, herd-mentality of tech startup types to cause a $46 Billion bank run in a singular day (March 9th), can you blame them?
Its clear that other banks have seen systemic risk in focusing on this sector, and are pickier about choosing their customers.
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I get that this is a problem in any case. But the systemic risk / scale associated with the tech startup scene has just been proven to the world. "Other banks didn't want to take $100+ Billions in startup deposits" is beginning to look like the smarter move, given the circumstances.
Re:Urgent: Sign the petition now
by Ekaros on Saturday March 11, 2023 @07:25PM
(#35114660)
Now I wonder what is the intersection of those asking for this petition and the ones that organised this bank run... As things might not be so bad if it wasn't organised...
I mean, given the epic scale, herd-mentality of tech startup types to cause a $46 Billion bank run in a singular day (March 9th), can you blame them?
Its clear that other banks have seen systemic risk in focusing on this sector, and are pickier about choosing their customers.
-------
I get that this is a problem in any case. But the systemic risk / scale associated with the tech startup scene has just been proven to the world. "Other banks didn't want to take $100+ Billions in startup deposits" is beginning to look like the smarter move, given the circumstances.