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A comment on Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC. Parent comment

Re:Joint Statement by the Department of the Treasury, Federa... by hizanberg on Sunday March 12, 2023 @08:21PM (#35128760)
All our efforts are spent on improving our products, we've never sought any financial advisors and spent exactly zero time worrying about the liquidity of the bank we're with. Any funds left over from business operations are simply left in the bank they were collected in.

But sure after knowing this event is possible and that effectively all small US Banks are at risk of a Bank run we'll be moving to a top 3 bank that's too big to fail, then go back to focusing all our efforts on improving our products as usual.

[ Parent | on HN ]
Re:Joint Statement by the Department of the Treasury, Federa... by dboreham on Sunday March 12, 2023 @08:41PM (#35128922)
> we've never sought any financial advisors

No accounting firm??

[ Parent | on HN ]
Re:Joint Statement by the Department of the Treasury, Federa... by hizanberg on Sunday March 12, 2023 @09:06PM (#35129193)
Our accountant helps facilitate our tax obligations, they don't provide financial advice on our banking choices.
[ Parent | on HN ]
Re:Joint Statement by the Department of the Treasury, Federa... by DubiousPusher on Sunday March 12, 2023 @10:24PM (#35130059)
For your own sake, pay someone to help you with this. It doesn't need to be someone full time. You can use a consultant. You are not protected even with a big bank. Given the way the political climate has developed, if there's another "big one" even a fraction of this size of 2008, it may be politically impossible to wrangle another bailout. Your only protection is diversification.
[ Parent | on HN ]
Re:Joint Statement by the Department of the Treasury, Federa... by hizanberg on Sunday March 12, 2023 @10:51PM (#35130344)
No, I don't need to pay for an external consultant's help to tell us to spread our funds over multiple accounts to fit within 250k FDIC insured limit. If any of the top 3 "too big to fail" US Banks collapses we'll all have bigger problems resulting from the collapse of the US Banking system.
[ Parent | on HN ]
Re:Joint Statement by the Department of the Treasury, Federa... by DubiousPusher on Sunday March 12, 2023 @11:59PM (#35130848)
Cool. Suit yourself. You got lucky this time and are getting bailed out.
[ Parent | on HN ]