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Normally I'd sympathize but there were signs of this being inevitable for a very long time now. My father and I are small business owners in two entirely diffe
by fareesh 7y ago
Normally I'd sympathize but there were signs of this being inevitable for a very long time now.
My father and I are small business owners in two entirely different fields. Every now and then we talk about what we've been hearing - scuttlebutt etc. Both of us, in different cities multiple states away, heard that this was going to happen at least 7 months ago.
There has been a bunch of media coverage about the bank's financial woes as well.
I'd have moved off their infrastructure a long time ago. I know in some cases it's easier said than done, but I feel like you really had to know that this was coming, especially if you're a big corporation. There's really no excuse for being caught like this when even a small time guy like me could have told you this day would come.
Edit: For clarity - while there are ways to get infusions of funds to avoid this scenario, I was sure it would be inevitable because there is a well-founded reputation of corruption, fraud and a general culture of shady practices surrounding this bank. High profile folks at the bank were charged with some of these crimes in 2018 if I remember correctly.
- duxup 7y agoWouldn't moving money effectively make the crisis happen quickly and inevitably many, or maybe most people would simply be unable to move faster than others?
- fareesh 7y agoIn this case the bank was offering technology solutions like point-of-sale machines and QR Code payments and Payment Gateways and accounts for the Unified Payments Interface system, all of which stopped working because the bank is now unable to carry out its normal operations.
- duxup 7y agoAh thank you.
- hef19898 7y agoJust like the Hanjin, major container carrier, bankruptcy. Everybody was cought by surprise despite a lot of early warning signs.
- segmondy 7y agosmaller businesses are more nimble and can change directions faster than bigger businesses.