sweetpea
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Post by sweetpea on Mar 13, 2023 20:36:43 GMT -6
How much money would this be and what does it mean? Like just straight cash in a checking account? I would imagine it’s $250K per bank*, as that is how much the FDIC insures you for. *it could be per account but I’m too lazy and too poor to Google
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origami
Amethyst
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Post by origami on Mar 13, 2023 21:07:56 GMT -6
I have a lot of emotions about the SVB stuff and the general Twitter vibe towards it, so I will just say that not enough folks on that site realize how many non -tech bro people are affected by this. (Also, all the folks hating on startups on Twitter seem to forget that very platform is a startup! Ugh) Ya gotta get off twitter. That place is circling the drain of outrage porn. But also you're right and regular folks don't realize how razor thin so many business margins are. I've seen a lot of "the rich get bailed out" takes and whoo boy people don't realize what chump change $1.7 million is when you have to make payroll. And I've never even been close to that amount of money but I've written grants for personnel and money just flys so fast.
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jaygee
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Post by jaygee on Mar 13, 2023 21:20:58 GMT -6
Yeah there’s an interesting thread on Reddit Bay Area about when and how tech went from loved to hated. And it is really weird to think about. Because everyone thinks of FB and Google. But tech is also healthcare tech and education tech and lots and lots of innovation that we really appreciate and want to continue.
And also - even the tech that we now all side eye and groan about is still incredibly popular. Like FB is annoying but people still use it so they can’t hate it that much.
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jaygee
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Post by jaygee on Mar 13, 2023 21:23:58 GMT -6
Ugh and Jessica is really talented. She's getting such crap for commenting on the shitty wsj article. The replies to her made me rage as much as the wsj article stupidity.
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Post by carmensandiego on Mar 13, 2023 22:32:00 GMT -6
I think that many folks only have experience with their own bank accounts and use that as a reference point, then accordingly think of SVB as a retail bank. The FDIC caps (and its credit union equivalent) are a lot of money for individuals whereas it's peanuts for companies making payroll.
Also, I think many folks don't appreciate the difference between making sure the depositors are made whole and making the investors whole. The investors (as of now) have lost their investment into SVB.
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Post by goldenbird on Mar 14, 2023 6:32:02 GMT -6
How much money would this be and what does it mean? Like just straight cash in a checking account? I would imagine it’s $250K per bank*, as that is how much the FDIC insures you for. *it could be per account but I’m too lazy and too poor to Google Definitely doesn't apply to me for sure, I was just curious
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Post by Wtfshouldmynamebe on Mar 14, 2023 7:23:13 GMT -6
I would imagine it’s $250K per bank*, as that is how much the FDIC insures you for. *it could be per account but I’m too lazy and too poor to Google Definitely doesn't apply to me for sure, I was just curious Per depositor per bank
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willow
Ruby
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Post by willow on Mar 14, 2023 7:25:09 GMT -6
I would imagine it’s $250K per bank*, as that is how much the FDIC insures you for. *it could be per account but I’m too lazy and too poor to Google Definitely doesn't apply to me for sure, I was just curious FDIC insures $250,000 per account holder per bank. So if you have that much flush cash, and you're not investing it for some reason, you'd need to have a checking or savings account in multiple banks for all your $250k. One in Wells Fargo, one in Citi bank, etc. Or you and your spouse could each have an account for $250k in one bank, and two in another, etc, assuming they are sole ownership accounts. I worked at a bank for 4 years and explained this a lot to college students (my branch was on a college campus) when they'd see the FDIC insured sticker everywhere.
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dc2london
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Post by dc2london on Mar 14, 2023 7:26:05 GMT -6
Yeah a lot of people running startups to just honestly solve problems were affected by the SVB meltdown. And like, people who sell earrings on Etsy. It really sucks.
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beatch
Amethyst
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Post by beatch on Mar 14, 2023 7:26:06 GMT -6
Yeah there’s an interesting thread on Reddit Bay Area about when and how tech went from loved to hated. And it is really weird to think about. Because everyone thinks of FB and Google. But tech is also healthcare tech and education tech and lots and lots of innovation that we really appreciate and want to continue. And also - even the tech that we now all side eye and groan about is still incredibly popular. Like FB is annoying but people still use it so they can’t hate it that much. I think it's a perfect storm of people disliking tech, venture capital, and bank bailouts still present in the collective memory. I have negative patience for the whining of VCs on Twitter asking for government bailouts or demanding everyone freak out. This is the playbook with many companies, not just tech. Fight taxes and regulation, and ask for a bailout when things fall apart. SVB made decisions as though interest rates would stay low forever, and they found themselves in trouble. Although honestly they might have been just fine if the guys in the group chat just stayed calm and kept their money there. But they didn't and here we are.
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beatch
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Post by beatch on Mar 14, 2023 7:31:47 GMT -6
Someone in this thread is claiming "Tiger Team" is a common corporate term, I have never heard it before. Is that true? Maybe my company is woefully behind on cool terms like Tiger Team 😭 Or I'm not spending enough (any) time on LinkedIn.
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origami
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Post by origami on Mar 14, 2023 8:10:32 GMT -6
Someone in this thread is claiming "Tiger Team" is a common corporate term, I have never heard it before. Is that true? Maybe my company is woefully behind on cool terms like Tiger Team 😭 Or I'm not spending enough (any) time on LinkedIn. The LinkedIn feed is like the very definition of cringe.
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jaygee
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Post by jaygee on Mar 14, 2023 8:11:35 GMT -6
Never heard of a tiger team. But healthcare is always behind on the cool corporate jargon.
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jaygee
Diamond
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Post by jaygee on Mar 14, 2023 8:12:54 GMT -6
And by cool I mean cringe.
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jaygee
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Post by jaygee on Mar 14, 2023 8:14:25 GMT -6
The apocalyptic rain today here in tech land certainly feels like this is a bad movie.
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Post by treeofheaven on Mar 14, 2023 8:18:09 GMT -6
FB is laying off 10k employees, according to a blog post by Zuck.
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cnf
Ruby
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Post by cnf on Mar 14, 2023 8:35:56 GMT -6
Today's The Daily does a really good job at explaining the SVB collapse and subsequent ripples in normal "I don't understand that much moving money" people terms.
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dc2london
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Post by dc2london on Mar 14, 2023 8:48:23 GMT -6
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jkjacq
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Post by jkjacq on Mar 14, 2023 8:52:41 GMT -6
Someone in this thread is claiming "Tiger Team" is a common corporate term, I have never heard it before. Is that true? Maybe my company is woefully behind on cool terms like Tiger Team 😭 Or I'm not spending enough (any) time on LinkedIn. By all that’s holy I hope my company never puts that term to use and I didn’t even read the thread
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Sundae
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Post by Sundae on Mar 14, 2023 11:48:35 GMT -6
Isn't that what CJ had to put together on TWW to get the uranium on her first day as Chief of Staff? a Tiger Team??
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jaygee
Diamond
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Post by jaygee on Mar 14, 2023 12:17:30 GMT -6
The apocalyptic rain today here in tech land certainly feels like this is a bad movie. I don't wanna walk to my office 😭 I drove DS to school - four blocks away - which I NEVER do. But I didn’t want to put on all my rain gear. I’m so over it.
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willow
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Post by willow on Mar 14, 2023 13:29:59 GMT -6
Wait....have I been wrong this whole time? I for sure thought @icedtea was east coast and I know jaygee is Bay area. Or are both coasts similarly wet right now? lol.
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Post by geekygirly on Mar 14, 2023 13:52:59 GMT -6
East coast here with flurries and trying not to blow away
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jaygee
Diamond
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Post by jaygee on Mar 14, 2023 13:55:16 GMT -6
Wait....have I been wrong this whole time? I for sure thought @icedtea was east coast and I know jaygee is Bay area. Or are both coasts similarly wet right now? lol. I’m here and iced tea is here for work. And we are having an “atmospheric river” storm. It’s a lot. It now sounds like wizard of oz at my house.
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willow
Ruby
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Post by willow on Mar 14, 2023 14:05:56 GMT -6
Wait....have I been wrong this whole time? I for sure thought @icedtea was east coast and I know jaygee is Bay area. Or are both coasts similarly wet right now? lol. I’m here and iced tea is here for work. And we are having an “atmospheric river” storm. It’s a lot. It now sounds like wizard of oz at my house. Ahhh that makes sense. I mean, I knew you hadn't moved recently but I was making sure I wasn't totally losing my mind. And of course I'm being a location troll.
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Post by cakewench on Mar 14, 2023 14:28:28 GMT -6
I always appreciate my congressman, but extra points for the Pride & Prejudice reference:
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addymac
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Post by addymac on Mar 14, 2023 15:19:30 GMT -6
I’m here and iced tea is here for work. And we are having an “atmospheric river” storm. It’s a lot. It now sounds like wizard of oz at my house. Ahhh that makes sense. I mean, I knew you hadn't moved recently but I was making sure I wasn't totally losing my mind. And of course I'm being a location troll. You know you’re hiding in their bushes right now don’t lie
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Post by blurnette989 on Mar 14, 2023 16:34:10 GMT -6
Someone in this thread is claiming "Tiger Team" is a common corporate term, I have never heard it before. Is that true? Maybe my company is woefully behind on cool terms like Tiger Team 😭 Or I'm not spending enough (any) time on LinkedIn. I've never heard tiger team and I'm def in a VC funded company that wants to be silicon valley soooooooo bad. But we are still just tech adjacent...
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beatch
Amethyst
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Post by beatch on Mar 14, 2023 16:43:01 GMT -6
Someone in this thread is claiming "Tiger Team" is a common corporate term, I have never heard it before. Is that true? Maybe my company is woefully behind on cool terms like Tiger Team 😭 Or I'm not spending enough (any) time on LinkedIn. I've never heard tiger team and I'm def in a VC funded company that wants to be silicon valley soooooooo bad. But we are still just tech adjacent... Okay, invent whatever you think it means and see if you can get it to catch on...
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Post by blurnette989 on Mar 14, 2023 16:46:17 GMT -6
beatch Tigers are known for being big and strong, so a tiger team is brought together to absolutely destroy whatever project you've brought before the board. No sir, this project will not happen.
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