You clearly don’t have a clue. I am the CEO of a company that has had successful 25 year relationship with SVB. We’re not a start up but a strong company with 75 employees who will need paychecks this week. How does a company handle a $250k limit. Occasionally a customer will pay their invoice, sometimes well over a million and it sits on our SVB account until we use it to buy more inventory or pay the rent on our warehouse our pay or employees or their health insurance. There been no lavish spending or free food on my watch and yet you think you know the reality. Perhaps you’ll make one of my employees mortgage or truck payments on Friday. Or how about some groceries? It is easy to mature sweeping comments based on ignorance when you’ve got nothing on the line. I’m spending the weekend with my management team trying to figure out how to keep the company alive.
Thanks for posting.
For folks who do not understand your post is what “financial contagion” is all about...
Because...
Not only do you have to meet your payroll but you have vendors to pay who have to meet their payroll and pay their vendors etc on down the line....
I had a small business back in the day—rising interest rates killed me dead.
Good luck, and perhaps you saw my likewise response to this jack wagon.
Just curious - what do you think the odds are of a white knight coming in early next week and not only saving SVB, but making good - perhaps just "mostly" - on deposits over the FDIC guaranteed limit?
I figure if SVB or its successor is going to have any kind of "trusted" reputation in the future, those deposits can't just go "poof"…
Thanks for sharing. So many do not understand the implications of this bank closure.
Not my problem. That is what you are overpaid to figure out. No BAILOUTS period! Our country is broke and I could give a rat’s ass about a whining CEO of a company. You should be fired for not keeping abreast of where your money is and how solvent your bank is.
You said it, you’re not a startup. Fact of the matter is SVB catered to most startups in the tech world, many of whom have operated irresponsibly and with an undiversified bank. I’ve worked in the tech startup world, am an investor in some caught up in the SVB mess, and have been around somewhat high profile CEOs who lavish their executive teams with perks and junkets around the world while shooting for an IPO, and had to be reigned in. Yes, unfortunately a lot of good people may get wrecked in this mess.