Yikes. Does anyone have an idea of which orgs have significant exposure (like Molly White's FTX contagion graph[0])?
These are companies, sorted by PPP loan size who had SVB as their servicer.
I'm sure a lot of startups will be in trouble, but those that are working with decent investors probably had help protecting the assets.
What SIPC does is similar to FDIC but it basically comes down to "If you buy stocks via Vanguard, Vanguard guarantees that those stocks actually exist and that if they fail you get them, and SIPC helps with that".
That's literally what they told me they did, and what I was trying to say happened here. It's possible he was misled, but he seemed pretty knowledgeable about this. The money initially came from Softbank, who helped with the process.
Also, $250k per depository per bank. You can also distribute the money across multiple banks to get higher insurance levels.
As an intuitive measure, extrapolate this idea to Apple or Microsoft, which keep ~$10B in cash on hand and also need to protect it.
Literally cash, as in deposits? Or highly liquid assets such as T-Bills?
Making sure that if there's X in cash or cash equivalent at noon on March 9th, 2023 PST there's still X in cash or cash equivalents at noon on March 10th, 2023