3 ms·

This is just brazen. These people play all kinds of financial games, run business right at the margin of what is legal, decry regulation or legislation that “hu

This is just brazen. These people play all kinds of financial games, run business right at the margin of what is legal, decry regulation or legislation that “hurts their competitiveness” (abusing 1099 employees anybody?) and then cry out immediately for a bail out as soon as they feel an ounce of pain. Maybe these CEOs and VCs can fund payroll for a few pay periods. Edit: I fully expect the YC sycophants to flag this story to hell and get it off the front page, and the censors here will come along with their canned finger wagging and admonishments of anybody taking them to task.

_dain_ 4y ago
do you understand the difference between a depositor and an shareholder?
- snickerbockers 4y ago
  do you understand the difference between a taxpayer and a shareholder?
snickerbockers 4y ago
>Edit: I fully expect the YC sycophants to flag this story to hell and get it off the front page, and the censors here will come along with their canned finger wagging and admonishments of anybody taking them to task. i have news for you lol.
- mberning 4y ago
  It took all of 10 minutes lol
  - snickerbockers 4y ago
    If YC thinks this comment section is bad, they're really going to LOVE congress.
simple-thoughts 4y ago
Your edit is exactly what happened, with the line being “depositors aren’t equity holders.” Of course no mention of the fact that depositors are only insured up to $250k and anyone who went to business school knows this and the mechanisms for reducing risks of bank failures. No recognition of the gross incompetence by vc advised startups who are the depositors here. VC needs a haircut to capital and ego. It’s obvious now that free money is the reason for their success, not skill. Everyone looks like a genius in a bull market and when the bear comes fact and fiction are split.
- mberning 4y ago
  As an individual it is generally advised and expected to have 3-6 months of living expenses saved up in a secure location. Yey these VC backed startups can’t even cover a single missed payroll with emergency funds of any kind. It really does go to show how smart and sophisticated they aren’t.
sircastor 4y ago
> Maybe these CEOs and VCs can fund payroll for a few pay periods. Don’t they already? Isn’t that where payroll is coming from? I would guess for the first two years (at least) half of startups are paying out of investors’ funding instead of revenue.

_dain_ 4y ago

do you understand the difference between a depositor and an shareholder?

snickerbockers 4y ago
do you understand the difference between a taxpayer and a shareholder?

snickerbockers 4y ago

>Edit: I fully expect the YC sycophants to flag this story to hell and get it off the front page, and the censors here will come along with their canned finger wagging and admonishments of anybody taking them to task. i have news for you lol.

mberning 4y ago
It took all of 10 minutes lol
- snickerbockers 4y ago
  If YC thinks this comment section is bad, they're really going to LOVE congress.

simple-thoughts 4y ago

Your edit is exactly what happened, with the line being “depositors aren’t equity holders.” Of course no mention of the fact that depositors are only insured up to $250k and anyone who went to business school knows this and the mechanisms for reducing risks of bank failures. No recognition of the gross incompetence by vc advised startups who are the depositors here. VC needs a haircut to capital and ego. It’s obvious now that free money is the reason for their success, not skill. Everyone looks like a genius in a bull market and when the bear comes fact and fiction are split.

mberning 4y ago
As an individual it is generally advised and expected to have 3-6 months of living expenses saved up in a secure location. Yey these VC backed startups can’t even cover a single missed payroll with emergency funds of any kind. It really does go to show how smart and sophisticated they aren’t.

sircastor 4y ago

> Maybe these CEOs and VCs can fund payroll for a few pay periods. Don’t they already? Isn’t that where payroll is coming from? I would guess for the first two years (at least) half of startups are paying out of investors’ funding instead of revenue.