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What is the “utterly despicable behaviour”? Startups trying to protect their investor’s assets? Banks trying to secure low risk long-term returns? Clearly th
by alex_young 4y ago
What is the “utterly despicable behaviour”? Startups trying to protect their investor’s assets? Banks trying to secure low risk long-term returns? Clearly they should have hedged, but is this really a moral failure?
- elbigbad 4y agoI think of people like David Sacks preaching libertarianism and not taking money from the government until the moment things seemed uncertain at which point he’s practically begging for government bail out. I think given his influence and hypocrisy this is despicable. But pathetic is another word that comes to mind.
- Apocryphon 4y agoI think people are unhappy about the hypocrisy in the form of a special carve out. This class of people, despite their wealth and influence, aren't exactly lobbying for expansion of similar protections for the average person. In fact, who's to say if a lot of these startups weren't just laying off people as part of the crowd recently? So people are mad of the unfairness.
- alex_young 4y agoHow is it a special carve out? The FDIC protects literally all the other deposits already.
- dismalpedigree 4y agoThey quite literally made exceptions for SVB and Signature only.
- alex_young 4y agoAnd all the average persons the OP mentioned were already protected. We’ll see if this stops the contagion. It’s in our collective interest that it does.
- tome 4y agoYes, it's a moral failure. Fiduciary duty is often poorly-remunerated and boring. If you can't tolerate that, don't become a fiduciary.