Myomo’s Mr. Henry said he had avoided using multiple banks for commercial banking transactions because it can be unwieldy to navigate the company’s enterprise resource planning system with different bank systems. Now he said he is looking to set up operating accounts with one or two new banks, but hasn’t decided on which yet. One bank would handle an operating account for the company while at least two banks would hold its excess cash for investments, he said.
“We are in a better position than most companies that had full-blown panic last weekend, but it’s still not an enviable position to be in, just from the standpoint of now I’ve got to find another bank on the fly,” Mr. Henry said. “This is work that I didn’t plan on doing.
Finance executives will likely face greater pressure from corporate boards, for example to reduce the amount of cash sitting in deposits, said Helen Kane, director of risk and exposure management at treasury-software provider G Treasury SS LLC. Boards could also impose on executives a minimum set of requirements around bank dealings, such as quantifying and communicating total counterparty risk, she said.
Mr. Korn, who has been in chief financial officer roles for around three decades, said he set up backup bank accounts among two or three banks other than SVB, though the CFO hasn’t needed to use them, to protect against the risk of something like what happened at SVB. “People like familiarity, and if you’re the VC and you always work with SVB, you have your own money at SVB, you think that that’s always better, but of course it means you have one point to failure,” he said.
Jim Cramer = Lee Gates ( Money Monster) But all the rest of you're Kyle Budwell, because you're falling for these scams and scammers, over and over and over again...
It’s actually a sophisticated Ponzi Scheme perpetrated with the help of sophisticated VCs who are all leveraging OPM (Other Peoples Money). It would have worked if management hadn’t greedily tried to boost returns with longer duration assets.
Question for all the $btc bulls If Bitcoin is so great why aren't the VC just putting the $$$ into $btc Scaramucci pmarca Would seem to 'solve' these issues CoinDesk
Question for all the $btc bulls If Bitcoin is so great why aren't the VC just putting the $$$ into $btc Scaramucci pmarca Would seem to 'solve' these issues CoinDesk
I've been wracking my brain trying to figure out what the scam was for keeping all your money at SVB, because the rules were quite clear, so there must have been something keeping it there, and I can't figure it out. Were they just stupid the whole time?
I've been wracking my brain trying to figure out what the scam was for keeping all your money at SVB, because the rules were quite clear, so there must have been something keeping it there, and I can't figure it out. Were they just stupid the whole time?