Register a SA Forums Account here!
JOINING THE SA FORUMS WILL REMOVE THIS BIG AD, THE ANNOYING UNDERLINED ADS, AND STUPID INTERSTITIAL ADS!!!

You can: log in, read the tech support FAQ, or request your lost password. This dumb message (and those ads) will appear on every screen until you register! Get rid of this crap by registering your own SA Forums Account and joining roughly 150,000 Goons, for the one-time price of $9.95! We charge money because it costs us money per month for bills, and since we don't believe in showing ads to our users, we try to make the money back through forum registrations.
 
  • Post
  • Reply
fart simpson
Jul 2, 2005

DEATH TO AMERICA
:xickos:

PIZZA.BAT posted:

not really, no

come on. youve been posting for 10 years in anticipation of this exact moment

Adbot
ADBOT LOVES YOU

PIZZA.BAT
Nov 12, 2016

:cheers:

oh the tech bubble finally imploding hell yeah thatís great. kind of sucks because a lot of us have either been directly or indirectly benefitting from the absurd money flowing in but this had to happen eventually. iím glad these garbage startups with no actual model or use to society are finally going to be swept up

the whole bank contagion part means there will probably a lot of collateral damage as well which isnít as fun. though i guess in hindsight of course there would be collateral damage

fart simpson
Jul 2, 2005

DEATH TO AMERICA
:xickos:

the surgical excision of the tech lesion

qirex
Feb 15, 2001

I am genuinely curious if any of the senior decision makers at svb will face any actual consequences since basically the only people harmed by this were its investors and they're the ones with some pull

FrozenVent
May 1, 2009

The Boeing 737-200QC is the undisputed workhorse of the skies.
no, because if they start punishing each others for their gently caress ups thatís a slippery slope for them.

Beeftweeter
Jun 28, 2005


holy shit this os has cinepak?!?!?


raminasi posted:

if your problem is that the c-suite isn't being sufficiently punished, then how does screwing over uninsured depositors help? you think they don't care about shareholders, what makes you think they care about uninsured depositors?

i am not saying they should screw over uninsured depositors

FrozenVent
May 1, 2009

The Boeing 737-200QC is the undisputed workhorse of the skies.
just to be clear, uninsured depositors are those depositors with more than 250k in their account

which isnít a lot for a corporation, butÖ

bob dobbs is dead
Oct 8, 2017

I love peeps
Nap Ghost

FrozenVent posted:

just to be clear, uninsured depositors are those depositors with more than 250k in their account

which isn’t a lot for a corporation, but…

it means they dont make payroll lol

EricBauman
Nov 30, 2005

DOLF IS RECHTVAARDIG

qirex posted:

I am genuinely curious if any of the senior decision makers at svb will face any actual consequences since basically the only people harmed by this were its investors and they're the ones with some pull

even if they get pushed out, they'll be able to enter some vc hut at the highest level

or they'll hit those guys up for some money and start some new scammy fintech in the "regulatory arbitrage" space

imagine the insufferable corporate intro video:
"as head of risk at svb, i experienced first hand how hard it can be to make sure your startup has access to next months payroll. with our new service paychq, we help you allocate..."

raminasi
Jan 25, 2005

a last drink with no ice

Beeftweeter posted:

i am not saying they should screw over uninsured depositors

then what are you objecting to?

Beeftweeter posted:

that doesn't matter. they are saying "everyone who deposits at SVB is fully insured up to any amount, which you will not get at another bank"

which probably is bad! they effectively removed consequences for the bank behaving badly. it also signals to other banks that they can fail and nothing will happen either

"consequences" here is the potential for normally uninsured depositors to lose their money, and you seem to take issue with preventing that

raminasi fucked around with this message at 16:26 on Mar 17, 2023

PIZZA.BAT
Nov 12, 2016

:cheers:

qirex posted:

I am genuinely curious if any of the senior decision makers at svb will face any actual consequences since basically the only people harmed by this were its investors and they're the ones with some pull

i mean the ceo already got away with it once before hopping over to svb so...

qirex
Feb 15, 2001

PIZZA.BAT posted:

i mean the ceo already got away with it once before hopping over to svb so...

maybe he won't get invited to the good parties anymore? that's probably the actual worst thing that can happen to folks like that

Beeftweeter
Jun 28, 2005


holy shit this os has cinepak?!?!?


raminasi posted:

then what are you objecting to?

"consequences" here is the potential for normally uninsured depositors to lose their money, and you seem to take issue with preventing that

no. you said:

raminasi posted:

what should she do instead? if she says "everyone's insured" then bankers will do even more coke and gamble even more with depositor money. if she says "only these specific banks are insured" then it will trigger runs on all the other ones. "you might or might not be insured, if you don't wanna find out then don't gently caress around" doesn't seem like the worst middle ground.

to which i showed you they are doing exactly that. you identified the problem all on your own: they are literally encouraging people to pull out the deposits in a volume that had already made one bank (their own) collapse

infernal machines
Oct 11, 2012

the future has already arrived. it's just not evenly distributed yet.
how did this conversation get dumber than it was a week ago when this was breaking news?

FMguru
Sep 10, 2003

peed on;
sexually

infernal machines posted:

how did this conversation get dumber than it was a week ago when this was breaking news?
yospos, bhitc!

Chris Knight
Jun 5, 2002

And I'm only saying this because I care.

There are a lot of decaffeinated brands on the market today that are just as tasty as the real thing.


Fun Shoe

FMguru posted:

yospos, bhitc!

DJ Commie
Feb 29, 2004

Stupid drivers always breaking car, Gronk fix car...

EricBauman posted:

enter some vc hut

i read that wrong

AlbertFlasher
Feb 14, 2006

Hulk Hogan and the Wrestling Boot Band

FMguru posted:

yospos, bhitc!

wins32767
Mar 16, 2007

qirex posted:

basically the only people harmed by this were its investors and they're the ones with some pull

My wifeís employer had half their revenue from working with SVB. Thatís about 70 families that are worried about paying their bills right now. Plus the several thousand employees of SVB who donít know where their paychecks are coming from when their temporary employment ends.

There is plenty of the usual kind of harm when a business goes belly up.

Greatbacon
Apr 9, 2012
:smugdog:
conquistador wuz heer

wins32767 posted:

My wifeís employer had half their revenue from working with SVB. Thatís about 70 families that are worried about paying their bills right now. Plus the several thousand employees of SVB who donít know where their paychecks are coming from when their temporary employment ends.

There is plenty of the usual kind of harm when a business goes belly up.

drat that sucks fr fr, but also this is the thread that has been wishing for literally this exact thing to happen for a decade plus so :shrug:

Beeftweeter
Jun 28, 2005


holy shit this os has cinepak?!?!?


wins32767 posted:

My wifeís employer had half their revenue from working with SVB. Thatís about 70 families that are worried about paying their bills right now. Plus the several thousand employees of SVB who donít know where their paychecks are coming from when their temporary employment ends.

There is plenty of the usual kind of harm when a business goes belly up.

why are they worried about paying their bills? depositors are not impacted by this and they can access funds as normal

similarly there are several goons working at SVB right now that post in cspam. salaried workiers are making 1.5x what they were and hourlies are making 2x. their paychecks are coming from "svb bridge bank, n.a."

post hole digger
Mar 21, 2011

Beeftweeter posted:

why are they worried about paying their bills? depositors are not impacted by this and they can access funds as normal

similarly there are several goons working at SVB right now that post in cspam. salaried workiers are making 1.5x what they were and hourlies are making 2x. their paychecks are coming from "svb bridge bank, n.a."

i think hes saying that svb was a large customer of his wife's employer.

Beeftweeter
Jun 28, 2005


holy shit this os has cinepak?!?!?


well ok, but are they not still?

wins32767
Mar 16, 2007

Beeftweeter posted:

why are they worried about paying their bills? depositors are not impacted by this and they can access funds as normal

similarly there are several goons working at SVB right now that post in cspam. salaried workiers are making 1.5x what they were and hourlies are making 2x. their paychecks are coming from "svb bridge bank, n.a."

My wifeís company had a contract with SVB that no longer exists. The FDIC is keeping some of their folks on as ďessential contractorsĒ but not everyone and they havenít gotten any clarity about how long that will last. My wife has been working 14 hour days since this went down trying to find some other deals to plug the huge revenue hole.

And all those SVB folks are getting paid right now, but the way this ends is for an acquisition to happen and thatís going to mean a big layoff. Thatís why theyíre getting paid so much.

Beeftweeter
Jun 28, 2005


holy shit this os has cinepak?!?!?


wins32767 posted:

My wifeís company had a contract with SVB that no longer exists. The FDIC is keeping some of their folks on as ďessential contractorsĒ but not everyone and they havenít gotten any clarity about how long that will last. My wife has been working 14 hour days since this went down trying to find some other deals to plug the huge revenue hole.

And all those SVB folks are getting paid right now, but the way this ends is for an acquisition to happen and thatís going to mean a big layoff. Thatís why theyíre getting paid so much.

i see. i really do appreciate the explanation, i wasn't trying to be argumentative and figured it was operating as normal (because that's essentially what the cspam folks say)

that does suck. if it's any consolation i also think an eventual acquisition is likely, the FDIC is not in the business of running banks. rumor is that BoA is going to take over signature bank which was apparently in much worse shape

e: which of course does not help immediately, but it's possible the contract could be renewed once one happens

Beeftweeter fucked around with this message at 06:18 on Mar 18, 2023

wins32767
Mar 16, 2007

Beeftweeter posted:

i see. i really do appreciate the explanation, i wasn't trying to be argumentative and figured it was operating as normal (because that's essentially what the cspam folks say)

No worries, just been a stressful week in casa del 32767 and Iím a bit touchy about the whole thing.

Luigi Thirty
Apr 30, 2006

Emergency confection port.

https://arstechnica.com/gadgets/2023/03/employees-say-google-is-botching-those-12000-layoffs/

quote:

Current and former employees feel Google is being cruel in how it's treating employees who were on medical or parental leave during the layoffs. CNBC reports that Google has decided to not honor pre-approved leave for laid-off employees. Some Googlers formed a group called "Laid off on Leave," which is attempting to get Google to honor its previously agreed-to timelines for employees going through major life changes.

whoa, a large company not honoring its agreements?????

infernal machines
Oct 11, 2012

the future has already arrived. it's just not evenly distributed yet.
wow, i bet you can save a lot of money by just laying off everyone on disability and personal leave

i can't believe google is the first company to discover this

who says google doesn't innovate?

Just a Moron
Nov 11, 2021

bob dobbs is dead posted:

there needs to be a way to become more short on housing than the default way of consuming housing

shorts are the designated drivers of finance. housing markets routinely get ridiculously drunk and crash, killing money and also routinely peeps

I agree, further financializing the housing market can only lead to good things.

Beeftweeter
Jun 28, 2005


holy shit this os has cinepak?!?!?


remember around 2008ish people just wanted to hand control of the country over to google

lol, lmao

nudgenudgetilt
Mar 18, 2003

it scratches that "oddly satisfying" itch

Beeftweeter posted:

remember around 2008ish people just wanted to hand control of the country over to google

lol, lmao

instead, they turned over to the 'star' of the apprentice a mere eight years later

mystes
May 31, 2006

Beeftweeter posted:

remember around 2008ish people just wanted to hand control of the country over to google

lol, lmao
I don't even remember that but 2008 also feels like it was approximately 500 years ago

Even knowing that I must have been excited when I first started using the google search engine, signed up for gmail, and started using chrome the idea of anyone having any faith in google seems almost incomprehensible at this point

mystes fucked around with this message at 01:35 on Mar 19, 2023

haveblue
Aug 15, 2005


Toilet Rascal
you forget how bad pre-google search was

it became one of the most trusted sites on the internet very, very fast

bob dobbs is dead
Oct 8, 2017

I love peeps
Nap Ghost
the goog still has a 70%something approval rating among normal peeps

infernal machines
Oct 11, 2012

the future has already arrived. it's just not evenly distributed yet.

haveblue posted:

you forget how bad pre-google search was

it became one of the most trusted sites on the internet very, very fast

i remember using altavista for a while and then google coming out of nowhere and just smoking them on results

pseudorandom name
May 6, 2007

the normal state of affairs was to attempt your search query on all of your favorite search engines and your list of favorite search engines changed week to week

google went from one of the search engines you use to the only search engine you use almost overnight

Beeftweeter
Jun 28, 2005


holy shit this os has cinepak?!?!?


mystes posted:

I don't even remember that but 2008 also feels like it was approximately 500 years ago

Even knowing that I must have been excited when I first started using the google search engine, signed up for gmail, and started using chrome the idea of anyone having any faith in google seems almost incomprehensible at this point

they did have some pretty good stuff from like, idk, 2001-9ish. it wasn't really as ridiculous as it sounds now, they were still competent back then

bob dobbs is dead
Oct 8, 2017

I love peeps
Nap Ghost
you can never have permanently good software, because if software is too good and too useful you end up paying the software peeps millions of bucks and they gently caress off and sip mai tais on a beach somewhere

which is what happened to goog peeps 2000-2008.

Achmed Jones
Oct 16, 2004



bob dobbs is dead posted:

the goog still has a 70%something approval rating among normal peeps

for real? i thought the public shine had worn off of google long ago. maybe it's just my fellow computer-touching cynics then

Adbot
ADBOT LOVES YOU

bob dobbs is dead
Oct 8, 2017

I love peeps
Nap Ghost
it kinda goes to poo poo if you ask about big tech tho, iirc. simpsons paradox strikes again

  • 1
  • 2
  • 3
  • 4
  • 5
  • Post
  • Reply