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I think it's reasonable post > Clearly shows the consequences of missing payments: > personal liabilities to directors/officers > What a private sector sol

I think it's reasonable post > Clearly shows the consequences of missing payments: > personal liabilities to directors/officers > What a private sector solution could look like > What were the alternatives (Hedge funds offering 60/70%) > How quick this solution would be up and running Maybe the author can add more details but it's interesting enough already

gsibble 4y ago
What details would you like to hear? The only one I've been adding is that our terms were 90-95 cents on the dollar.
- zamnos 4y ago
  Since most of us don't know any HNW or UHNW individuals, what's the reality of what it's like to have a relationship with them? Do you call their assistant's assistant to schedule a phone call routed through a satellite phone? How does that conversation go? Do you causally bring up the need? "Hey, umm, can I borrow $3,000,000 for a couple days?" If the FDIC hadn't made depositors whole, would you just drive to the homes of UHNW individuals' living rooms and wait while they moved money via Venmo on their phone, like regular people, just with bigger numbers? And then, what would have been involved with the solution if it had needed to go live? A Excel/Google sheets with a bunch of rows on who's borrowing what, and where, and a room full of people texting around? What's mundane and obvious to you, isn't necessarily for the rest of us.
  - PaywallBuster 4y ago
    if you read the post, this is not a loan for a couple of days > Brian McDanial (fantastic attorney) at Wilson Sonsini figuring out exactly how to structure the fund it's a gamble/bet that the deposits will either be made whole or paid more than they're offering (90-95%) But with such a nice offer, the fund was most likely to make little to no profit so it would be more like "public-benefit corporation" ---- If you're around the right circle - founders/VC doing capital raising you probably know a few people who often invest or may have "exited" already so you can just get in touch " would you like to save SV startups? I'm planning to make a fund that will buy SVB deposits at 90% or more from companies to ensure they have enough liquidity for payroll and other operational costs This is mainly in the public interest by helping startups survive through the whole ordeal until something is sorted out so unlikely you'd make a profit here "
    - gsibble 4y ago
      Pretty much exactly this.
      - rexreed 4y ago
        Where and how do you have contacts where you can make a weekend call to get $300M in commitments?

gsibble 4y ago

What details would you like to hear? The only one I've been adding is that our terms were 90-95 cents on the dollar.

zamnos 4y ago
Since most of us don't know any HNW or UHNW individuals, what's the reality of what it's like to have a relationship with them? Do you call their assistant's assistant to schedule a phone call routed through a satellite phone? How does that conversation go? Do you causally bring up the need? "Hey, umm, can I borrow $3,000,000 for a couple days?" If the FDIC hadn't made depositors whole, would you just drive to the homes of UHNW individuals' living rooms and wait while they moved money via Venmo on their phone, like regular people, just with bigger numbers? And then, what would have been involved with the solution if it had needed to go live? A Excel/Google sheets with a bunch of rows on who's borrowing what, and where, and a room full of people texting around? What's mundane and obvious to you, isn't necessarily for the rest of us.
- PaywallBuster 4y ago
  if you read the post, this is not a loan for a couple of days > Brian McDanial (fantastic attorney) at Wilson Sonsini figuring out exactly how to structure the fund it's a gamble/bet that the deposits will either be made whole or paid more than they're offering (90-95%) But with such a nice offer, the fund was most likely to make little to no profit so it would be more like "public-benefit corporation" ---- If you're around the right circle - founders/VC doing capital raising you probably know a few people who often invest or may have "exited" already so you can just get in touch " would you like to save SV startups? I'm planning to make a fund that will buy SVB deposits at 90% or more from companies to ensure they have enough liquidity for payroll and other operational costs This is mainly in the public interest by helping startups survive through the whole ordeal until something is sorted out so unlikely you'd make a profit here "
  - gsibble 4y ago
    Pretty much exactly this.
    - rexreed 4y ago
      Where and how do you have contacts where you can make a weekend call to get $300M in commitments?