skysight-inc/HackerNews huggingface dataset:
I can't believe we're still on day 3 and people are still arguing with the strawman that you'd have to open an account per $250k to mitigate the risk. (You need to open two or three accounts total, and beyond that you're big enough to start buying your own T-Bills. And no, that doesn't mean you do that at $750k. Christ, it's a distributed systems problem, you guys should be able to figure this out.)
If you look at the FDIC data for bank closures a lot of times the ultimate resolution is over 90% payback - the FDIC calls these "dividends". In some cases the payback is 100% to depositors and general creditors get some money. It just takes time - a 2009 bank failure may not finish dividend paybacks until 2014.

The odds are the FDIC will ultimately (in the next 5 years) wind down SVB's assets with enough excess to nearly cover all deposits. The amount the insurance fund will eat isn't likely to be very large.

The statement about an assessment on member banks is just how the fund works normally: whenever there's a large payout event exceeding normal reserves the fund recoups the money by assessing member banks.
Once again billionaires and banks can mismanage their funds, behave recklessly and the government saves them from any consequences. This is completely unacceptable.

If i get myself in financial trouble, the Fed will not print money to give me a free loan until I can dig myself out. I am on my own to figure it out or declare bankruptcy.

But because our government is completely controlled by big money interests, when the billionaires say jump, our government says "Yes sir! How's this?!"

I hope this changes in my lifetime.
I've been really enjoying MLS since Apple launched their Season Pass. Sure, the skill level isn't what you'll find at the EPL or European league level, but it's nice to support football/soccer that isn't governed by overly corrupt organizations like FIFA and UEFA. There is also a lot less diving and dramatic acting which helps keep the pace exciting, and Apple's production is top notch.
But banks will just pass this onto account holders either through lower interest rates or higher banking fees. So taxpayers with bank accounts are going to pay for this indirectly.
S5E5 of “How To with John Wilson” (coincidentally, that I found a refreshing and even moving show that talks about human relationships - among other things - in a honest, down-to-heart way) disagrees with your assessment of cultural impact :)
"...recovered by a special assessment on banks, as required by law..." - Would love to know what law/regulatory framework she is referring to. Janet Yellen is ready to become a US based Liz Truss...

Now expect a contagion effect next week, if SVB liabilities are shown worst than currently known, and made to bare on other banks capital requirements...

"US banks sitting on unrealized losses of $620 billion" - https://edition.cnn.com/2023/03/12/investing/stocks-week-ahe...
Yup, and we can expect a movie in a few years.
I may get downvoted, I may not. But, I am really surprised so many of you all are all about putting likely hundreds of thousands of people out of work. It goes so much further than the "billionaires".
misfeasance, in this case, more than malfeasance.

And of course there are consequences to senior management.




Since they cashed out a bit and got their bonuses, they can probably take a vacation for a month or two and then come back and get a promotion in some other part of the financial industry. After all, they have learned a multi-billion dollar lesson. Don't want to throw that away!
You give kids an education and let them do some summer jobs if they want to earn something additionally but you don‘t let them work a real job when going to school. And gaining work experience starts when having vocational training. Look up the German dual education system we have in Germany

https://en.wikipedia.org/wiki/Dual_education_system
You can buy insurance to protect amounts above $250k.
Don't forget, receive bailouts if you go bust.
Ask HN: Is Anyone Working on Commercial Passenger Blimps?
That's like saying TARP returned a profit.

It's a bailout because the govt is stepping in to ensure the liabilities of a business that's insolvent.
> Shareholders and certain unsecured debtholders will not be protected.

Shareholders and bondholders will likely lose everything as nothing will be left after selling off assets.
> Good for you starting a tech company outside the tech meccas, it's a hard road.

Thanks. I think the hard road is getting easier every year. Access to capital is getting better, and as you said, remote work has been a game changer for talent.

> I'd like them to have a bit of self reflection about the role of government now that SVB has imploded.

What is remarkable is how much government intervention went into creating SV. You'd never know from listening to the scene. Regardless, I hope that the SVB situation ends well for everyone and we can get back to work building things that matter.
Three-Valued Logic in the λ-Calculus
It's beautiful scenery, awesome effect and impressive world building. Do not watch it for the story or Avatar 2 will chew you up and spit you out.
> As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.

> Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed.
Scott Hanselman posted today that this is no secret. Samsung have been talking openly about their "Moon Recognition Engine". It's on their website: In Korean, of course. But there's an automated translation of that too.

https://www.tiktok.com/@shanselman/video/7209770920301399342...

https://hachyderm.io/@shanselman/110012495335125530
I would put it differently. SVB was a bankers' bank, i.e., venture capital. Venture capital now is systemically important, having initiated their own bank run.
> not sure about Brazil.

We had Apple II clones for a long time - the military dictatorship wanted to develop a local industry and, to do it, they taxed heavily imports of any finished computer, as well as preventing foreign companies to start operations. We also had lots of different developments, but most based on American or European designs. Brazil never developed beyond simple logic and memory chips and there was no, as far as I know, any serious work on cloning or developing CPUs locally (I designed a stack-based CPU, but that was for college).

Personal computers in Brazil was mostly Apple II, then PC (if you had too much money) and MSX. Lots of "alternative imports" that included Macs too (we did a Mac clone, even, but the US Department of Commerce threatened taxing our exports if it were ever released). All my IIs were local clones (some were very good ones, with multiple enhancements).
Well one way to do this would be to regulate banks more, like we used to:

https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rollin...

https://en.wikipedia.org/wiki/Glass–Steagall_legislation
“Privatize the profits”? What are you talking about? The owners of SVB are wiped out, they will not see any profits, they lost their entire equity in SVB.
Crypto-Friendly Signature Bank Shut Down by State Regulators
That's the only musk I've been aware of for years
It's a different "magic" in recent films for sure. The images are visually pleasing, and have a kind of muscular, wet-and-glimmering look.

The old concept of animating physical objects to make them look like they're inhabited by a spirit and behave/bleed like real animals has been absorbed into motion capture and animation rigs.

We also used to love seeing people grow into new behaviours like luke in star wars. He was awkward and unsure of how he should act, and he grew into his new role as a jedi. Another example was Alan in Jurassic Park guiding people through the park by behaving in a manner that wouldn't get everyone eaten. But it's common for people to understand how to behave in action films and real life. The demand to see people learn a new set of behaviours, isn't such a strong pull to watch movies lately.

I struggle to imagine what a new-and-improved look for animated bones and lifelike animatronics would be? An engineer could make them stronger, better, faster and move more smoothly, but the higher experience people could want.. I don't know what it could be.
It's not batshit infuriating to use?

Idk, I was an OG PowerShell, I'd take nushells approach every day of the week.
It might just work, if you find a smarter approach than I did.

Will buy you a dozen beer if you succeed!
I'd get one one for a week. It'd need wifi though.
Well, paying for it by a special assessment on banks means the banks aren't going to get a free ride. They, as a group, have to get their shit together otherwise they will pay dearly
What you want already exists. It's called Qobuz. I switched from spotify and I am pretty happy. It does not have any bells and whistles but it's exactly what I want. Just music and playlists. With the added benefit that it has lossless audio.
How long until the usual crowd are back to full Ayn Rand/rugged individualist mode after getting their asses saved by the Fedora Reserve?
> I think it's called a "ladder" or something like that.

The term "ladder" crops up in personal investing where people will seek a higher overall return by rotating and staggering 1-3 year certificates of deposit ("CDs") so you'll see terms like "CD ladder". So if 2 year CDs have the best rate and you have $100,000 in savings you want to park in basically cash then every month you'll invest 1/24 of that capital in the latest 2 year CD.

Technically companies can do this with bonds too and there is a mix of long term and short term assets but it doesn't tend to be called a ladder.

There is a concept in holding fixed income assets (which includes bonds) called "duration". The duration is the weighted time average of all the cash flows. Duration includes the coupon rate vs the prevailing interest rate, which for bonds would be the FEd rate.

So a bond with 8 years remaining might have a duration of, say, 4.1 years. The higher duration the more sensitive the price is to movements in interest rates.

So if you mix short and long term bonds, all you've really done is reduced the overall duration of your bond portfolio so you don't tend to think of this as a ladder.

Even if you had a ladder of long term bonds but you're still sensitive to interest rate movements and cash flow issues like a run on the bank.

SVB used depositor funds to acquire long term MBS bonds instead of rolling them in much shorter duration assets. Why? To eke out a few more cents in profit while adding huge risk. If SVB only held 3 month Fed debt and just constantly rolling it over then none of this would've happened.
I checked unemployment briefly during all the layoffs and the checks were just a fraction of my regular paycheck. Further, the process is arduous and takes a while before the first check is received. Even further, it’s not clear to me that one gets unemployment eligibility while still being employed just because there’s difficulty paying one’s normal check.

Your comment is very handwavey and lacks enough empathy to border on just cruel.
They sold the bonds at a loss because they suddenly needed to make a whole bunch of depositors whole. It was a bank run. The loss of confidence came before the loss of liquidity.
The final punch line is that types vanish and the compiled code is effectively useless.
If payment is done by other banks, doesn't that serve as mitigation?

Sure, when the government pays, it's super risky.

However if other banks pay, for sure they'll either self regulate or push for better legislation.
People have pointed out brokers that will shotgun your deposits across many banks to game the deposit insurance limit, and apparently the FDIC is fine with that. But if every employer needs to do this, they can’t vote with their feet anymore, and I’m not sure there’s still a reason for separate banks to exist and compete.
Yes, that's my read of what it means. (Although the carcass of SVB was renamed to "DINB.")
RAM is king as far as future proofing Apple Silicon.

Even a 128GB RAM M1 Ultra can’t run 65B unquantized.
the systemic risk exceptions/procedures they're using were put in place after 2008
As mentioned in other threads here, Germany and the UK have operated like this in the past as well.

If it's not a loss to the tax payers, then it seems like good governance to me.
I regret the passing of an internet that was free to
use, give or take a connection. They did steal it.

That's when I fell in love with the potential of the www/internet and switched career paths.

But in hindsight that was never really going to last. When the guts of the public www (browsers, servers, data pipes, protocols, TCP/IP support in operating systems) were being built out in the 90s, it was all predicated on the belief that it was the future of commerce.

Without that explosion, "the free internet" probably would have just been a slightly evolved version of the dial-up BBS scene in the 1980s and 1990s. Which is cool, and honestly depending on my mood I might be willing to trade 2023's technology hellscape for that simpler time.
It’s interesting to look at the politicians SVB employees donated to. Apparently that investment paid off. If this were a Texas bank with the majority of depositors being oil and gas companies, I am sure that the fed wouldn’t be as interested in paying beyond the insured $250k.

Who ever heard of an insurance company paying off more than the policy limits?

I’m happy for the depositors to be made whole — as long as SVB executives go to jail in exchange. But a failure without consequence isn’t fair to the rest of the country that get to pay higher bank fees as a result.
Intel's mesh is superior in some ways and I think they could scale it to 96C (4x24C) if they wanted to. There are rumors that Granite Rapids is moving to a slightly different layout with I/O dies bookending 2-3 compute dies. Ultimately AMD's chiplet architecture is cheaper, simpler, and faster for almost every app though.
Or rather the dems bailing out their VC donors.
Lol hardly. Even if they qualify for unemployment it’s a tiny fraction of a tech workers salary. It caps out in California at $450 a week.
It's so wildly awesome to deal with data natively in nushell than donhacky shit with jq and strings... In bash. No thanks.
Blue CSH crystal resurrects hope of room temperature superconductivity
If you're a company's CFO putting half a billion in a bank I would definitely expect that.
They've been fired and their bank has been shut down.

Not sure how they're getting a pass.
Web analytics isn't boring to me. I also think it's a really hard area to break into. There's no shortage of competition and none of them seem very differentiated.
It really is such a shame given just how much money got poured into the project that they didn't allocate even 0.1% to writing an actively good story.

At this point, I think that while Cameron has great visual taste, he simply just doesn't have any literary taste at all. I believe he actually thinks these horribly banal, cliched stories are genuinely good.

It's gotten so bad that it makes me retroactively wonder whether he actually wrote "Aliens" and who the real author is.
> What if someone starts from a clean slate. Which shell is better?

Then they learn the better and end up having to learn bash anyway coz that's what runs on remote machines.

There is also not that much to be gained. Common easy tasks might be easier to learn but just few percent faster in the end. Harder ones are faster by one-off script in "real" programming language most of the time. Harder repeatable one should never be written in shell or shell-like language because it is just a terrible one to write any real programs.

Also if you really spend that much time gnobling in shell you'd be FAR better off investing time into learning configuration management tools.
excessive risk? I mean one could argue that the MBS they bought were slightly risky, but its not like they bought a crap ton of crypto - or bought a bunch of high risk mortgage securities.

They got bit by interest rates, which they should have managed better, and the bank needs to go down, but dont bring down a huge amount of workers with it.
… are you sure you understand who Liz Truss is and what she did?
I bet if all the startup investors were Republican this wouldn't have happened.
Max unemployment insurance in California is $450/week. You can't even pay your rent on a bad apartment with that money unless you're sharing it with someone else.
the children yearn for the mines
It's not clear that there was malfeasance. Bad business performance isn't criminal.
> To those with large amounts of fiat hanging around: please don’t fuck around again.

They are going to. The smuglord backpatting on social media has already begun.

But I admire your optimism.
I mean US still has the torture chambers of Guantanamo bay, not to mention all the war crimes and “collateral” damage from the wars and “special operations” over the years. So really at least Saudis got backlash and had to absolve their king, US ignored the backlash and continues injustice. At least the Iraq and Afghanistan wars are over, but every day the US military apparatus gains blood on its hands, even if indirectly (I’m thinking specifically sanctions targeted at Afghanistan, among other unjust things the US supports).
If treasury bonds are so risky for banks to hold that they need to create a funding program to repo them "at par" - what is the point of the govt allowing banks to hold these bonds in the first place?
Those who did foresee it made highly profitable trades: https://twitter.com/notmrmanziel/status/1633940364460474372
it does not, credit unions are not members of the FDIC. They are members of the NCUA, which serves the same purpose as the FDIC for credit unions
> Surely you mean you're happy for the workers, clients, contractors, etc., not the depositors?

Why would anyone be happy for the workers of a bank that won't exist anymore in any form once the liquidation is sorted out?

[Edit: Nevermind, my dumbass didn't understand that those were the workers of the depositors, the clients of the depositors, etc.]
US regulators bail out SVB customers, who can access all their money Monday
If you don't know what the other dominoes are or when they'll fall, it makes for a very boring game of dominoes.
I suspect hating on Twitter/FB/etc is a tech industry thing. Most people don't hate big tech. They buy iPhones/Androids to keep up on their family and friends on Facebook, watch Netflix, find things on Google and buy stuff on Amazon.
The Fed is giving banks an infinite credit line at par value of their assets.

This allows them to borrow and cash out any customer who wants, so long as they have assets.

This program would have saved SVB last week.

People may continue moving around money, but the runs are over.
Should be doing that anyway, bash is terrible for actual programs.
I don't think anybody would have the guts to do this with Muhammad or the Quran.
How do you square this statement of yours:

> Yellen has just broadcast that FDIC insurance is essentially unlimited, as long as you can threaten wider disruption to the economy.

with this quote from the Treasury Dept statement?

> "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."
The masks came off and never forget it. There were many people dancing on the grave and full of joy that our industry was wounded. That our businesses would fail and we’d be hurt and “taken down a notch”.

Remember these people and what they stand for. They aren’t our friends. Put them on your lists. Do not forget.
The "freebie" was (supposedly) that SVB would give mortgages to people who no other bank would touch.
hey, off topic but can you explain or link a post which explains what the benefits of the alias -> function definition are over just defining the function directly?
Thanks!
>senior management are going to get wiped out and fired

Wasn’t one of executives working at Lehman Brothers or some such before? This is just failing upwards and doing same thing.
dupe: https://news.ycombinator.com/item?id=35127063
A bail out for the Bay Area. Should’ve just let them bust tbh
What if the Federal Reserve offered retail banking. Would it stabilize the banking sector? They wouldn’t be forced to try to find loans to pay interest on deposits. Where do private banks add value over what the Fed could do. ELI5.
I know this is a bit tangential (awesome work OP), but has anyone been able to get usable, consistent results from this thing? I've been playing around with the 13B model with llama.ccp, and while I do sometimes get good results, it often just gives me weird, repetitive nonsense.

I know it hasn't been fine tuned on instructions or had RLHF like ChatGPT, but has anyone figured out how to kinda work around it and actually use it in the way you can ask ChatGPT a question and typically get something coherent and useful out of it?
From the UK branch which also is in severe trouble[0]

Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.

“The phrase ‘you can’t be what you can’t see’ resonates with me,’” Ersapah was quoted as saying on the company website.

“As a queer person of color and a first-generation immigrant from a working-class background, there were not many role models for me to ‘see’ growing up.”

Her efforts as the company’s European LGBTQIA+ Employee Resource Group co-chair earned her a spot on SVB’s “outstanding LGBT+ Role Model Lists 2022,” a list shared in a company post just four months before the bank was shut down by federal authorities over liquidity fears.

[0] https://nypost.com/2023/03/11/silicon-valley-bank-pushed-wok...
This is 100% a bailout and the wording that “no losses […] will be borne by the taxpayer” is a shameful misrepresentation. Just because a bunch of VCs and founders didn’t realize they were at risk of this happening if they kept all their money in one bank, they still bear the responsibility of their losses. Looking forward to this new future where uninsured deposits are actually 100% backed by the FDIC, so actually if your company spends any money to diversify or de-risk your banking posture based on how the rules are written, you’re a rube and potentially being irresponsible towards your shareholders
That's how all FDIC insurance works. The banks pay, not the taxpayers. Don't be confused by the word "Federal" in the name, it's federally-administered and required by law, not paid for by the feds.
Exactly this, take out insurance, open additional accounts so that the companies livelihood is not dependent on a single bank. What about all the companies who funded all these 'companies' ? Why aren't they stepping in to clean up the mess?
So much for moral hazard.

Capitalism is supposed to be about profit and loss, you bail out the losers, there is no end to the loss.

I guess we still haven't learned the lessons from 2008. Effective regulation should have been put in place to oversee that banks are effectively managing their risks. Not bailing out companies whenever times get tough.
Yeah but look at the FDIC historical data on "dividends" (FDIC's term for uninsured depositor paybacks). Lots of cases have >90% payback rates... they just take years to do so.

This whole operation is just a short term backstop to prevent a bank panic. By promising 100% with no delay everyone can calm down.

And the cost of 100% immediately vs 96% within 5 years isn't that high.
We solved this problem decades ago, these businesses chose not to use the tools available to them to protect their money.

https://www.intrafinetworkdeposits.com/
The entire c-suite were running things at Lehman and DB and flew those into the ground, too.
For the most part, that was almost certainly pure panic. Getting stoked by more and more people that should have known better than to push such a narrative.
And yet, socializing any potential losses across banks (as opposed to homeowners, back in 2008) feels like the appropriate move.
I’ll give it a try this evening.