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JackFrHNSource author
Lessons learnedExperience excerpt · English

(In the case of the company I worked for which went bankrupt — we were a fintech startup with a …

… (In the case of the company I worked for which went bankrupt — we were a fintech startup with a truly innovative and fantastic product. Our management made three bad decisions which led to our demise. Two were technical and would have been recoverable, the last was a strategic move which ultimately proved disastrous.)

Original discussionYellen says government will help SVB depositors but rules out bailout1,410 source comments · at import
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MI
mixologicHN

You get your last paycheck, sure, but you still lose your job which is definitely a threat to workers lively hoods. It's even more of a threat if the whole sector you're employed in suffers simultaneously, as it becomes difficult to continue to be employed in that sector.

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ordinaryradicalHN

Because you don’t make depositors responsible for banks’ mismanagement unless you intend to create a depression. Are you truly proposing that every time a bank fails we make everyone who kept money there take the hit? A return to the 1920s, eh?

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RM
rmilkHN

Exactly. I got a letter from my last startup Thu at 11pm telling us they had no cash for payroll tomorrow and we were all laid off. Poor planning along with super-lean cash flow broke my employer. This is no different. For example, how many business checking accounts are backed by money market funds to get a little interest on them? Clearly states in offerings that rates aren’t guaranteed and you could even lose capital. Same with the $250k FDIC limit - clear risk with zero forethought from these employers of hedging it with lines of credit, payroll/business continuity insurance, etc. Those are things “slow” companies do, not move fast and break things companies do (sarcasm intended - I have worked in R&D in both types multiple times).

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