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"Short term risk can be mitigated by ensuring your companies have enough non-SVB cash on hand to make payroll." How do you do that without causing a bank run?
by chmod600 4y ago
"Short term risk can be mitigated by ensuring your companies have enough non-SVB cash on hand to make payroll."
How do you do that without causing a bank run? Tell all the CFOs "Don't be alarmed, but you need to initiate a small wire transfer from SVB to anywhere else that will cover things like payroll and your electric bill for the next couple months. No big rush, just try to do that in the next 45 minutes. But walk, certainly don't run.".
- slg 4y agoEffectively, yes. Tell them you are working on a solution to prevent this from growing into a bigger issue, but steps should be taken to mitigate risk if that attempt fails. I don't know why we expect everyone to behave like panicked children in this situation. The reason people panicked is because the messaging from Thiel told them to panic.