Start-up founders reportedly resorted to selling uninsured deposits as they need to pay staff as early as next week

Start-up founders have resorted to selling uninsured deposits as they need to pay staff as early as next week. “I’ve had a few companies sell [for] 90 cents on the dollar to make sure they make payroll,” said one venture capital investor per FT.

This was before the Federal Reserve came in with an emergency backstop for the banks.

Biden said: I am committed to "holding those responsible for this mess fully accountable."

He fully said:

At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system.

The American people and American businesses can have confidence that their bank deposits will be there when they need them.

I’m firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again. I’ll have more to say on this tomorrow morning.

Read more: https://unusualwhales.com/news/biden-i-am-committed-to-holding-those-responsible-for-this-mess-fully-accountable