Re:OpenAI CEO Sam Altman sent startup six-figure loan after ...
by davidkuennen on Sunday March 12, 2023 @05:23PM
(#35126485)
I see. That makes sense. Thank you for clarifying.
Re:OpenAI CEO Sam Altman sent startup six-figure loan after ...
by saalweachter on Sunday March 12, 2023 @07:03PM
(#35127720)
Also, imagine the case where you do this and you're wrong. You panic but you're in the minority and there's no bank run and a week or two goes by and the bank is still fine.
Now you've got a weird thing to explain and no vindication.
Re:OpenAI CEO Sam Altman sent startup six-figure loan after ...
by rdl on Sunday March 12, 2023 @07:56PM
(#35128438)
Philosophical problem of "justified true belief"/Gettier problem. (https://en.wikipedia.org/wiki/Gettier_problem -- I learned about this from one of the Rap Genius founders when I was back in YC, lol.)
Generally the law handles this through the "reasonable man" standard; i.e. "would a reasonable man, knowing what you did at the time, have done what you did?" This would allow you to shoot someone in self-defense who was holding a realistic looking toy gun at a child (which you believed to be a real gun, unlawful intent, etc. at the time).
What is weird/scary (especially when not documented clearly and in advance) is moving your entire bank balance into a personal account. Aside from government/tax/legal, you'd have your investors (in a venture/angel backed company) to justify it to. It's justifiable in this truly exceptional case of SVB imploding and no other bank account being available. (It gets harder to justify in a larger company with lots of investors and more money involved; moving a $100mm balance in a company where you were down to 10% ownership to a personal account even in this situation would be weird AF and depending on the banks involved might cause you problems. I probably still would have emailed counsel and investors/etc. on thursday morning to ask what to do; likely would have sent it to lawyers to handle actually in the huge-account situation.)