skysight-inc/HackerNews huggingface dataset:
This is the problem though! And why people don't feel as much sympathy as you would like. Agreeing to those terms was not a risk-neutral thing. And now the feds have eliminated the downside of that risk, leaving only the upside. And I'm glad you were able to get a venture debt line and I'm glad your deposits are going to be whole, because I really like your business. But this kind of thing creates perverse incentives.

Edit to add: In sensitivity to your point about insufficient empathy, I want to say that I have felt personally very worried for everyone waiting to hear about their paychecks, and about whether businesses I admire would be ruined by this mistake that was not their own. I (unsurprisingly as a commenter here) have a lot of attachments to people affected by this, and I've been very nervous about everybody. But I just also feel like we should be able to take a step back from our own personal feelings and look at this dispassionately and ask: Is this actually good, broadly?
Yes, people make mistakes and then learn from them. Sometimes not every scenario can be anticipated. In this instance a bunch of startups got caught in this mess and 250k won't be enough for them to survive/meet their employees' payroll. I appreciate the govt stepping in and hopefully rewriting the rules based on the learnings.
I don't think it was ever explained; it looked like general cost-cutting. I think he was just the head of risk for MBS, not for the whole bank.
> (indirectly bank customers)

That's not a given since it may just reduce profits. Banking is a very competitive environment.
There's barely laws against making money off inside information that actually result in enforcement in 99% of cases, would it even matter if there's laws against not losing your bank deposits?
Not a lot. Many of them are using GPT API. I would not invest in any of them.
It's all the other banks with MBS or bonds which they hold for deposits - that have devalued due to interest rate increases. Big banks > 250 billion are required to buy swaps to protect themselves against interest rate risk. But apparently smaller banks are not? Or the regulators just don't bother to check? Either way - this means a tonne of banks like SVB which don't have enough liquid assets to match their deposits 1-1 would likely have folded over the next week as depositors commenced the mother of all runs. Now they can borrow the shortfall for a year. Thus creditors of these banks have been spared. Thus it's a bailout. Commenters here claiming the contrary are straight up wrong.

Furthermore - folks are saying not to worry about the big banks because they do have interest rate swap protection on their hold-to-maturity assets. Cept - cast your mind back to 2008. Who was providing swap protection back then? And what exactly happened to them? How do you spell AIG?
So, going forward, are they planning to do a “special assessment” for every failure? Because before banks were paying premiums into the system, just like an insurance.
There are many synonyms for blasé corruption.
I did enjoy that article! Thanks for sharing
The airlines got bailouts specifically because they had union contracts that wouldn't have survived otherwise. It was for the workers.

Though, planes probably would've ceased to exist eventually, they need continual maintenance.
The stock dropped 60%; what more do you want?

And there was that blog post in December.
"It's not all tax payers, just all tax payers with bank accounts", which is basically all tax payers.

Sounds like word games played by people in charge to have tax payer bailouts using two layers of obfuscation.
There aren't any genoa in public clouds, so if sapphire rapids arrives in general production soon it will indeed by head-to-head against milan. And in my experience even ice lake beats milan.
cat is a command that reads one (or more) files from disk and outputs them either to the terminal or to a subsequent command if the pipe | is used.
I think this is a bit premature. AI is nowhere close to being able to replace an engineer in almost any role. If that isn't the case for you, take on more ambitious roles.
You need to dig into the bonds and understand what happened here. It wasn't 2%, it was about liquidity of those assets when the interest rates rose.
> I also don't like continuing our march toward privatizing profits while socializing losses.

We're already there, aren't we?
Now that we know a second bank is being taken over, yes, a verdict is in. But I think that says more about having a second failure than the situation we were discussing.
with this logic, you will probably end up with laws governing every action you take or does not take. More laws is an intuitive solution but often the wrong one.
The banks are still gone though, once they get taken over, their equity zeroes out.

All owners of the bank will end up with nothing, I think that's a good enough deterrence against bad things.
What's the 4chan version?
>People are worried that they won't be able to get to their money even if it is insured.

If the US government is unable to cover those claims then you have much bigger problems to worry about.
WSJ Editorial Board asserts this is a bailout. It claims Yellen is indulging in semantics.

https://www.wsj.com/articles/the-silicon-valley-bank-bailout...

Why are uninsured depositors being rescued.
PowerShell command names, their parameters, string comparison, and regex matching are all not case sensitive, unless you want them to be.

It really gets you that you need to know aliases to keep it short? So why aren't you writing:

du --summarize --human-readable | sort --human-numeric-sort --reverse | sed --expression='10q'

`-exec ls -lt {} +` is not good because -exec is not handled by the shell so it behaves differently to running other commands, because `+` is a nonstandard command terminator, because {} is a nonstandard placeholder and because using `find` to run commands is an onion nobody would guess.

In your terse example, `sort -h` depends on you having run `du -h` to trigger the matching "serialise information to text" and "parse information out of text" that they both need to make that one use work, because there's no separation of content and presentation (like PowerShell has) and no structured data to pass between different commands.

Not only will PowerShell tab-complete the names and the parameters, it will tab complete the properties Length and LastWriteTime because it can tell what objects come out of Get-ChildItem and what their available properties are.

> "Also, again, case-sensitive commands make me mad."

You do understand that du, find, sort, sed are case sensitive commands with case sensitive parameters, right?
hilariously "15 person company run by a Mom out of ohio" was literally one of the tweets going around trying to get empathy for people who had money at svb https://twitter.com/lcmichaelides/status/1634654751479541760
10 people can go a few days without access to 10% of their money much easier than 1 person can go a few days without access to 100% of their money. And hopefully more customers means more scrutiny for each bank.
Want do you want them to do, ring a giant bank run bell?
Because he lives in America, and drinks at the same bar as me, and we have mostly amicable arguments. He tells me what he sees on Russian telegram. I believe he sincerely believes this propaganda. And I think he doesn't feel comfortable telling most other people here his opinions (although as I often point out, he will not be arrested or punished here for having a dissenting view, as he would be in his home country). I'm not someone who's into "canceling" people, so I listen and respond to his topics. I hear him out and give him my views and we argue. A lot of it comes back to his view that the West is not as good as Russia, even though when we talk about the details (like not getting arrested for free speech) he admits that it's better in some ways, but says that without strong central leadership the West is morally falling apart, (even though he chooses to live here)... I think he partly wants to convince an American, but partly he just wants to understand our point of view.

[edit] based on your other posts down the chain, I think you're implying he's what we'd call a "chickenhawk". I won't confirm or deny that I think the same thing. To me it would be unhelpful to attack his personal lack of bodily commitment when I'm trying to argue historical reality and I'm one of the few Americans in his orbit who probably can. He can, of course, go to anyone else and be told to put his ass on the line if he believes X, Y and Z, so it wouldn't help the conversation.
Most of them just seem wildly uninformed, and a lot of really strange libertarian takes that make little sense.
This is an intriguing idea. Obviously, there are various cost trade-offs to have more security. For example 'free checking accounts' can't be free if the bank can't rent out some of the cash to cover the costs of operating the account.

I think there would be demand for a retail bank offering products with various blends between cost (or interest paid) and liquidity. The reality is that "cash" in checking accounts isn't really cash because banks can't redeem too much, too quickly. Basically, banks are profiting in a non-transparent way by "overselling" their liquidity capacity the same way airlines oversell their seats. Both are betting that not everyone will show-up / cash their account at the same time. Usually, this works out fine – until it doesn't.

The lack of transparency can be solved by making the unstated assumptions of the bank explicit up front to customers. For example, "with this checking account you aren't allowed to withdraw more than 50% in any 30 day period. In exchange the account pays the 30-day T-bill rate on half the funds." Seems like an area ripe for product innovation. I even know some people who are risk intolerant to the extent they'd probably pay a meaningful uplift for a full-reserve checking account.
Because he was about to embarrass his boss, the Chief Risk Management Officer, by uncovering intentionally obfuscated negligent trading activity that she was ostensibly in charge of overseeing and preventing.
I think it was just a regular down-sizing thing on the other hand it was a little bit weird with the USB hand-off but I dont think it was intended to be sketchy. That movie is a lot of fun, lots of good performances from Spacey, Jeremy Irons, and Zach Quinto.
Yes, the premiums are called assessments.
Tableau Datasets for Practicing Data Visualization
Pretty much every US business is.
I believe that is his way of calling us gossipy ultracrepidarianists.
A bit embarrassing?

But yep, I'm happy with the ends, but honestly not that happy with the means.
It could be borne by the tax payers who have bank accounts. But it is also possible the banks could bear some or all of the "tax" by lowering their margins.
T-bills are short duration (up to 1 year). If they had stuck with T-bills they'd be in better shape today.

SVB reportedly bought longer-duration US Treasury debt which is more sensitive; one source says their portfolio had an average duration of around 5.7 years, up from 4 years a bit over a year ago: http://twitter.com/MacroAlf/status/1634626136364679168

The issue with longer-term debt is that if you need the money now, you can't force the issuer to redeem it before the bond matures - instead, you have to find someone else to buy the bond it from you. And if it's paying half the interest that a new issue would pay, nobody's going to give you face value.
The Greenspan Put was 37 years ago.
Honestly I'd like for there to be a decent look-back period to recover the funds from any stock sold ahead of time, as appears to have happened in this instance. Use the proceeds to help make depositors whole.

No proof at the moment, but from what I've read several of the executives conveniently sold a lot of their stock more or less at the same time right before this kicked off. Guarantee at least some of that was some insider golden-parachuting.
The subject is wrong though, SVB isn't getting bailed out, their depositors are. At the end of the day, SVB as a bank would be no more/the ownership would be washed.

The depositor didn't do anything wrong, they had the full right to withdraw at anytime and they didn't make the decision to invest into long term illiquid low interest MBS in 2021.
I created a callbox bot using Twilio about 10 years ago. It started as something simple: when my callbox bot is called, play dial tone 9 (to signal the callbox to open the door) and then send me a text message that someone is coming up. I wasn't too worried about people abusing the system and this worked really well.

Over the years, I've made it more complex. I added a simple menu system using text-to-speech and accepting the DTMF tones for the selection. This way I could tell people to enter a secret PIN and they could provision themselves access to my lobby. If they didn't know the secret PIN, there was an option to have it patch through to my phone so I could screen the guest using normal voice and I could manually press 9 on my cell phone.

It also has an SMS interface where I can select different modes and hours of operations. So when I host a poker night, I'd txt my bot "poker" and it would it update the menu system to be Poker themed so that when guests were at the callbox they'd be greeted with poker puns. When my friend comes to visit from Austin, I'd txt "StarCraft" and he'd get to hear some dumb SC2 puns. I have 20+ different modes now for various occasions over the years. Now when people visit they get their phones out and record the greeting half-expecting something that they would want to remember or share on social media.

Sadly, my building just replaced their callbox with a newer model that does not accept secondary input. So once the call is connected to Twilio, if the user touches any button on the callbox (e.g. to enter a secret PIN), it will disconnect the call. I suppose it's now time to use some voice-to-text options to bring back the interactivity, but I suspect the lag would make the experience more frustrating than fun.
CrystalEyes Stereographics (still selling??)
Wow, so 90s. Are they for real still selling these? Because I really am looking for a shutter 3D quadbuffer solution...
Only considering the US, yes.
Tell HN: Submitting an empty login form at Signature Bank NY logs me in?
With all the news regarding Signature Bank NY's shutdown, I decided to visit their website. Their login form was front and center and for no particular reason I submitted it without entering anything. I was surprised to see that it appears to have actually semi-logged me into someone's account, stopped only by the 2FA setup... [0] What the?

As the FDIC is now in control of the bank, I reported the finding to them.

[0] https://www.dropbox.com/s/9ew07fifrfgxmyu/signaturebankny.mov?dl=0
On any system I'm working on I add a stupid simple script named `can` that moves items to the trash can. I can't say how many times it has saved my bacon avoiding accidental permanent deletions over using `rm`.
You’ve convinced yourself that you can see twenty years in the future. That’s not something people can do. You’re just feeding your own anxiety and frustration.

Time to disconnect and take a break from your doom feed, maybe. Make some pies or pitch a tent or something.
Based on the constant narrative that rape is not about sex but about power of the male patriarchy I would have expected there to be little to no change. According to the abstract there's a significant change which would indicate that is more of a sexual outlet than a power dynamic.

I've always supported legalized prostitution. I can understand the argument that it's not a good outlet and that stable family relationships are best but banning it just creates a black market increasing the risk of both sellers and buyers by many orders of magnitude.

Legalization, regulation, taxation would provide a framework for a safe working environment.
We definitely disagree, because anything less than 100% was going to result in the failure of other banks -- probably FRB among them. (It's very hard to argue that there wasn't systemic risk when Signature also failed!)
Isn't bailing out startups who pay employees a similar position?
NHS spending has increased by over 6.5% yearly since 2010, with even more massive increases planned for 2024-25.

Want a comparison? France's healthcare spending increased 0.3% yearly in the same timeframe. The UK is outpacing France's spending increases by 2,066%.

The spending argument is made from political propaganda, not from fact.
It depends. It's likely that some of those big SVB shareholders were also shareholders of ventures which had deposits at SVB so they got punished and bailed out at the same time... Less punishment. Maybe even profitable for them.
A useful hack I've implemented in several projects is to accept the stored password hash as a valid password.

It is generally possible to impersonate a user but there are always subtle differences in the way those sessions work.

Accepting the hash lets people with database access perform a real login if needed.
“no losses will be borne by the taxpayer”

“Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks”

So you as a taxpayer will not have to fund this bailout, unless you’re the kind of taxpayer with a bank account, in which case you’re going to be paying for it.
Things aren’t better at all. People say this because we have better technology, medicine, etc. but there was never a time in the past when humans had the life sucked out of them as they do now. We are raised inside boxes, our whole lives elapse inside boxes staring at screens and our social and emotional brain networks atrophy, leaving us damaged and hollow. Like zombies. There is no escaping the state. The law is absolute, there is no chance of escape or starting over. There is no land that is mysterious, the world has been collapsed. There’s no mystery in the world compared to before. AI gets better by the month and now most people can’t rationalize or ignore it: humans will face obsolescence soon. This is bad not just for the obvious reasons. We ingest chemicals and environmental contaminants that make us extremely sick. People are keeling over from heart attacks, obesity much more than they used to. I’ve read a lot of history and I would much rather live in 1720 than 2020.
>Execs ... are wiped

Let's see SVB's board of directors and C-level have all their pay and stock option sales clawed back for the past couple years. Somebody is responsible for having signed the monthly reports to the regulators ... or doesn't that signature come with consequences?
They didn't have risk officer for months. They lobbied to repeal regulations. And I don't blame them, that's their incentives.

At 10x leverage, when you're correctly assuming your customers will be bailed by the government instead of you getting criminally prosecuted, the worst you can lose is 100% of your money. With the kind of leverage you get in a bank, you don't even need to have positive expectation value investment to have positive expectation value for the bank shareholders.

even with completely trash odds of 50% chance of losing it all and 50% chance of earning only 20% with 10x free client deposit leverage, your expectation value is still 100%!

This is the moral hazard you're dealing with. At 10x leverage ratios of banks, they can take the worst possible bets and still win so long as their maximal loss is just losing all the investment.

You're just encouraging this behavior. This latest decision gives a huge incentives to all banks out there to blow out. Just the incentive structure alone is enough to collapse the entire financial system at this point. It was already eating itself and it's only going to get worse.

It's just a matter of time before they blow it beyond repair.
Shodan: Search Engine for the Internet of Everything
If you keep reasoning down this path you eventually arrive at DishOps, where you dispose of dirty dishes by hurling them out of a window, and provision new dishes automatically on demand, by ordering them from Amazon for same day delivery as part of spinning up each meal. From a systems design point of view it approaches maximum theoretical efficiency, with no stocks of 'dirty' dishes accumulating anywhere, or scheduling conflicts over when to run cleaning cycles; the same approach also scales up from a single snack to a multi-course banquet for several visiting diplomatic entourages.
Imagine you’re a business owner. Would you rather bank with Local Community Bank, the failure of which will essentially kill your business, due to haircuts on uninsured deposits that’ll annihilate your working capital, or will you bank with Chase, the failure of which forces government action to cover depositors because the economy is a goner otherwise?
I'm not sure what you imagine FDIC does with the bank's seized assets. But let's say you think they should be vanished some reason, and good for nothing.

Hundreds of thousands of employees from tens of thousands of small businesses aren't getting paid salaries for the last 1-3 weeks. And aren't getting paid this week. And very likely are out of a job. Same for those businesses vendors and subcontractors. Hundreds of thousands left without a health care plan with two weeks notice because premiums will go unpaid and afterall the employer is the true contractor of the plan, if they go out of business because most of their cash deposits were just destroyed. That seems bad.

What sort of influence levers do these depositors have over their bank's investment policies either before of after the fact? It seems pointless.
Austerity like NHS spending increasing by 6.5% yearly since 2010? Absolutely absurd argument made from political propaganda, not fact.

Not only has it increased in raw numbers, it's increased per capita, making this argument false by any measurement.
The chance was a godsend for me as a teenager. Sometimes I think HN is populated mostly by people who had comfortable middle class upbringings who didn’t need those things, and don’t understand why they would ever be useful.
Chart KRE (regional bank ETF) against SIVB looking back the last year. You'll notice that SIVB starts to underperform the broader index around the Aug/Sept 2022 time-frame. (Underperformed by more than 30% between Aug-Dec 2022). This is a clear sign that not only insiders were aware by that time, but some savvy market participants were already betting against the company.
> It's also more compact than having to directly control all of the connections inside of a CPU manually.

I expect this compactness -- or more specifically transistor count -- was a big driver of the design. Ken discusses the "hybrid" microcode of the 8086: Both more microcode or less microcode would probably have required more transistors than the final design incorporated.
>That's not a given since it may just reduce profits. Banking is a very competitive environment.

So the options are:

1. Banks eat the cost.

2. Banks take on more risk to cover the cost (putting the whole system at more risk).

3. Banks increase customer fees, interest rates, etc...

I don't have a crystal ball but I have a strong guess about which of these options are most likely to be implemented.

Not only will tax payers likely pay for this but the most likely tax payers to pay are the ones with the least flexibility (stuck with variable rate debt, limited banking choices, no dedicated money managers working on their behalf) aka the poorest tax payers.

If my assessment is correct, they have somehow found and settled on a solution more disgusting than a generally distributed tax payer bailout.