4 ms·

Could someone please explain what SVB is and what money being stuck there means? Why do companies put money there? For what reason would a company file, or have

Could someone please explain what SVB is and what money being stuck there means? Why do companies put money there? For what reason would a company file, or have to file, an 8-K?

IgorPartola 4y ago
You want to check out this: https://news.ycombinator.com/item?id=35096877 https://news.ycombinator.com/item?id=35096877
zeven7 4y ago
Silicon Valley Bank. Knowing that probably answers your other questions.
- carstenhag 4y ago
  Sorry, that doesn't explain why companies use that specific bank or what/why they file a "8-K".
  - boeingUH60 4y ago
    Silicon Valley Bank was a go-to bank for many big technology companies because it forged deep connections in the industry. The bank experienced a bank run and had to be taken over by the FDIC (U.S. government). Roku is letting investors know that they have a lot of cash stuck there and may not be able to access it for a while (as the FDIC tries to sort out the mess).
    - notch898a 4y ago
      The US Government is the people of the US. They went over the 250k limit. If they don't have private insurance for that, fuck them they're on their own. Not big enough to bail out, the regular people didn't get it either in the great recession.
      - boeingUH60 4y ago
        And of course, the FDIC is not guaranteeing deposits of over $250k. What's actually happening is that the FDIC will take care of the sub-$250k deposits by itself and sell the remaining assets of Silicon Valley Bank (which they have taken over) to sort out the remaining uninsured deposits.
        notch898a 4y ago
        >And of course, the FDIC is not guaranteeing deposits of over $250k FDIC says they are. After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. https://home.treasury.gov/news/press-releases/jy1337 https://home.treasury.gov/news/press-releases/jy1337
      - cscurmudgeon 4y ago
        You are misinformed. FDIC is not funded by the US govt. It operates on premiums. > The FDIC receives no Congressional appropriations - it is funded by premiums that banks and savings associations pay for deposit insurance coverage. The FDIC insures trillions of dollars of deposits in U.S. banks and thrifts - deposits in virtually every bank and savings association in the country. https://www.fdic.gov/about/what-we-do/index.html https://www.fdic.gov/about/what-we-do/index.html (If anything, the US govt. and people receive more in taxes from the startup demographic and you should be looking at govt. corruption first if you are keen on saving taxpayer money.)
        notch898a 4y ago
        I am not mistaken. I said the amount over 250k. I in fact never said the FDIC would even compensate them for that, just that they're on their own.
        cscurmudgeon 4y ago
hoofhearted 4y ago
https://twitter.com/jonwu_/status/1634250754486857729?s=46&t=UrDwbp6h3pQPjZiHctb5JA https://twitter.com/jonwu_/status/1634250754486857729?s=46&t...
ycstohley 4y ago
[flagged]
- carstenhag 4y ago
  Judging by their user name they are from a german-speaking country like I am, and yesterday there was a mass shooting in a church in Germany. Which is not usual, and people care more about that than some bank over the pond.
  - temp_praneshp 4y ago
    Then focus on mourning the dead, and don't waste time over some bank over the pond?
- AdamJacobMuller 4y ago
  rude. suggesting he must have been hiding under a rock for the past 2 days to miss the news is funny because it pokes fun at just how prolific the news on this has been in the past 48h, but, the shoelaces comment is implying that he's stupid for not seeing the news.
  - DanHulton 4y ago
    I think its more about how this information is all very easily researchable, especially now. And most news articles about this situation will have explainers about the finer details in the articles, at least enough to get you up to speed that you don't have to ask commenter on an HN thread for super basic information.
    - mtlmtlmtlmtl 4y ago
      Pretty sure it's just a troll. User has 3 comments including that one. Another is calling someone a son of a whore(I think) in Spanish. And the third is just saying don't customise emacs. The 2 first comments were in 2021. What a strange account. Do comments ever get deleted(by mods) on HN? Looks kind of like an account with lots of comments, all deleted, so it's just 3 comments with a weird 2 year gap in between.

Could someone please explain what SVB is and what money being stuck there means? Why do companies put money there? For what reason would a company file, or have to file, an 8-K?

IgorPartola 4y ago

You want to check out this: https://news.ycombinator.com/item?id=35096877 https://news.ycombinator.com/item?id=35096877

zeven7 4y ago

Silicon Valley Bank. Knowing that probably answers your other questions.

carstenhag 4y ago
Sorry, that doesn't explain why companies use that specific bank or what/why they file a "8-K".
- boeingUH60 4y ago
  Silicon Valley Bank was a go-to bank for many big technology companies because it forged deep connections in the industry. The bank experienced a bank run and had to be taken over by the FDIC (U.S. government). Roku is letting investors know that they have a lot of cash stuck there and may not be able to access it for a while (as the FDIC tries to sort out the mess).
  - notch898a 4y ago
    The US Government is the people of the US. They went over the 250k limit. If they don't have private insurance for that, fuck them they're on their own. Not big enough to bail out, the regular people didn't get it either in the great recession.
    - boeingUH60 4y ago
      And of course, the FDIC is not guaranteeing deposits of over $250k. What's actually happening is that the FDIC will take care of the sub-$250k deposits by itself and sell the remaining assets of Silicon Valley Bank (which they have taken over) to sort out the remaining uninsured deposits.
      - notch898a 4y ago
        >And of course, the FDIC is not guaranteeing deposits of over $250k FDIC says they are. After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. https://home.treasury.gov/news/press-releases/jy1337 https://home.treasury.gov/news/press-releases/jy1337
    - cscurmudgeon 4y ago
      You are misinformed. FDIC is not funded by the US govt. It operates on premiums. > The FDIC receives no Congressional appropriations - it is funded by premiums that banks and savings associations pay for deposit insurance coverage. The FDIC insures trillions of dollars of deposits in U.S. banks and thrifts - deposits in virtually every bank and savings association in the country. https://www.fdic.gov/about/what-we-do/index.html https://www.fdic.gov/about/what-we-do/index.html (If anything, the US govt. and people receive more in taxes from the startup demographic and you should be looking at govt. corruption first if you are keen on saving taxpayer money.)
      - notch898a 4y ago
        I am not mistaken. I said the amount over 250k. I in fact never said the FDIC would even compensate them for that, just that they're on their own.
        cscurmudgeon 4y ago

hoofhearted 4y ago

https://twitter.com/jonwu_/status/1634250754486857729?s=46&t=UrDwbp6h3pQPjZiHctb5JA https://twitter.com/jonwu_/status/1634250754486857729?s=46&t...

ycstohley 4y ago

[flagged]

carstenhag 4y ago
Judging by their user name they are from a german-speaking country like I am, and yesterday there was a mass shooting in a church in Germany. Which is not usual, and people care more about that than some bank over the pond.
- temp_praneshp 4y ago
  Then focus on mourning the dead, and don't waste time over some bank over the pond?
AdamJacobMuller 4y ago
rude. suggesting he must have been hiding under a rock for the past 2 days to miss the news is funny because it pokes fun at just how prolific the news on this has been in the past 48h, but, the shoelaces comment is implying that he's stupid for not seeing the news.
- DanHulton 4y ago
  I think its more about how this information is all very easily researchable, especially now. And most news articles about this situation will have explainers about the finer details in the articles, at least enough to get you up to speed that you don't have to ask commenter on an HN thread for super basic information.
  - mtlmtlmtlmtl 4y ago
    Pretty sure it's just a troll. User has 3 comments including that one. Another is calling someone a son of a whore(I think) in Spanish. And the third is just saying don't customise emacs. The 2 first comments were in 2021. What a strange account. Do comments ever get deleted(by mods) on HN? Looks kind of like an account with lots of comments, all deleted, so it's just 3 comments with a weird 2 year gap in between.