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Sorry but it’s as simple as a directive to the person who clicks “Pay Now” to not do that yet. A predictable part of compensation is being paid your regular wa
by ssss11 4y ago
Sorry but it’s as simple as a directive to the person who clicks “Pay Now” to not do that yet.
A predictable part of compensation is being paid your regular wage on time and for many clients of SVB this is probably not possible this week coming.
They should have halted the bonuses.
- danpalmer 4y agoIt's not always that simple. Making several thousand payments totalling as much as $100m is not "clicking a button". The process of making those transfers could be days or even weeks long. Payroll processes and the actual transacting involved typically take at least a few days.
- deepsun 4y agoI clicked that "Pay Now" button in my business. Nothing really that complex there, once the amounts are calculated (usually by automated programs). The rest is just regular ACH transfers, which take 2 business days to clear.
- JumpCrisscross 4y ago> process of making those transfers could be days or even weeks long Every payroll processor worth their salt has a big red abort button. Worst case: funds hit flagged and are then reversed.
- thanksgiving 4y agoScrew that. If the recipient of the bonus is CXO level or higher, I’d say the government has a duty to claw back this money.
- danpalmer 4y agoFor that I would agree! They're directly responsible for this mess. However almost every bonus is not a CXO bonus, and I think clawing those back would be the wrong decision, and could be quite harmful to many.
- shadowgovt 4y agoWhy?
- candiodari 4y agoNo reason at all, obviously after bankruptcy is declared contractual obligations to pay mean nothing until the courts decide on what they mean ... which is never 100%.