. President Biden on Thursday called for the reinstatement of certain regulations on midsize banks that were rolled back during the Trump administration, including requiring them to hold greater stores of immediately available cash.
“My plan was just to PayPal people their paycheck amount if they needed it. And my other plan was, basically, figure it out later,” Laskey said. The next morning, a colleague woke him before dawn in San Francisco to say that reports of missing paychecks were coming in from the East Coast. The Rippling CEO then turned his attention to a bigger problem: finding money to cover the $415 million due by the following Wednesday. The payroll company didn’t have that much cash lying around, so it needed to raise it, fast. “We felt very strongly that it wasn’t our fault that SVB failed, but it was our responsibility. … Companies had sent us this money. We needed to make sure that it got to their employees.
Maxx Follis-Goodkind, director of Push/Pull, a small arts organization in Seattle, was receiving urgent emails from Rippling telling her to switch her banking codes to JPMorgan Chase — and complaints from employees that they hadn’t been paid.Follis-Goodkind considered her arts organization a world away from Silicon Valley. “We don’t have any digital products that we sell or create. … We’re trying to get people to paint and write and draw,” she said.
End Slavery! Now!
Wapo writes 'could have' as if it actually happened. This is an example of the strategy Wapo uses to emotionally manipulate readers.
The guarantee of deposits is unheard of.
The banking crisis was prevented due to swift action by the Biden administration to clean up failed policies that were implemented by the Trump administration.