Urgent: Sign the petition now

Re:Urgent: Sign the petition now by jimnotgym on Sunday March 12, 2023 @08:41AM (#35119402)

Indeed I have read countless times on hn that it would be very risky to keep more than the insured amount in a bank.

Sounds like YC should invest more in mentoring their portfolio companies to manage their treasury correctly.

[ Parent | on HN ]

Re:Urgent: Sign the petition now by ZachPruckowski on Sunday March 12, 2023 @09:59AM (#35120096)

Well and it's not just that they had money over the insured amount in a bank. It's that they had ALL of their money in ONE bank. If they had $500K in three different banks instead of $1.5M in one bank, there would still be a risk, but it would be that they'd lose $250K if any of those three banks failed, not that they'd lose $1.25M if one particular bank failed.

(And obviously actual losses are gonna be like 20% here, not 100%, but you get the picture).

[ Parent | on HN ]

Re:Urgent: Sign the petition now by jimnotgym on Sunday March 12, 2023 @12:33PM (#35122220)

So why on earth was everyone using SVB?

[ Parent | on HN ]