Sam Altman on SVB
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> the government has a role to protect depositors, and we should all want this certainty.
Yes, and the government DOES protect depositors and is 100% clear about it--up to $250K, which covers 95-99% of Americans. It could not have been clearer that amounts over $250K were uninsured. A seven year old can understand this.
Everyone with more than $250K should take a haircut if there are not enough funds to go around. The government should NOT bail out the 1%.
This affects my portfolio companies. They will survive, tougher.
The lack of integrity shown by some in the VC class is pretty revealing.
Sadly I bet they will get their bailout. You get a sense that their secret private message groups are becoming more organized.
Anyone calling for a bailout of depositors with over $250K should be ashamed. At the very least, publish your dataset of all your positions. You want the public's help, time to make yourself more public.
A no strings attached guarantee of 100% depositor funds over $250K would be awful (but sadly, has a chance of happening).
I hope you are right and any bailout comes with obligations. I think you could easily craft a win-win-win where companies get their >250K deposits back in return for offering a great deal to the public.