Miscellaneous News

FriedButter

FriedButter

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Registered Member
Fatty said:
FYI it’s seriously hard to underestimate the damage this will do to the American (specifically Californian) tech sector. This bank is used by pretty much every single tech startup. Since a lot of these tech startups aren’t profitable in the first place, the money they’re going to lose here is critical, especially in a time when VC is drawing back. FDIC only insures up to 250k USD and from what I’ve seen only 2% of accounts had less than that so a ton of these companies are going to lose a lot. Many of them probably can’t even make payroll this week.
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FDIC insures individual accounts don’t they? Corporate is not included from what I heard.
 
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