>>> [W]e -- as a group -- were not acting with avarice or recklessness.

>> this industry's failure to understand why people feel this way

> In terms of "this industry", do you mean venture-backed startups? I'm not sure what mistake you're looking for people to acknowledge; taking on venture debt?

Let's not be coy. I think we all know the VCs who tried to talk this country into more bank runs this weekend (which you may have appreciated, but which the rest of the country found disgustingly selfish). You couldn't miss their pod or their constant posting in our Twitter feeds. And you, in particular, would seem to be well-adjusted enough to understand to whom I'm referring, you're talking about the same industry in this video: https://vimeo.com/190937358

> I think it's too reductive to think of this as one mistake, but if you must: the mistake wasn't made by depositors

You will not get any argument from me that deregulation had a part to play in this bank's failure. And no one is pointing fingers at Oxide for taking venture debt and/or agreeing to that covenant. Yet, most industries also don't destroy their bank out of "out of boredom and a desire for Twitter clout"[0].

I simply do understand the unwillingness to recognize that Circle and Roku were playing with fire, because sometimes community banks fail. You perhaps didn't deserve this, and you were perhaps subject to a term that was bargained for, but I thought you had chosen to discuss this issue re: the entire industry (if not here, then on Friday). The entire industry was given a break and you got lucky too, right?

I can see that the venture-backed start-up industry is feeling very embattled right now, which is unsurprising given 1) it all almost went down the tubes, and 2) you are taking shots from both the left and the right. However, this isn't as complex as you and others make it out to be -- many companies left vast sums (88% [1]) uninsured for very little reason, and were saved because FDIC went above and beyond what was required by law. Note -- which was probably a good thing for America!

The issue, political or otherwise, is acting entitled to it, and remember -- the pleas for a backstop/bailout were dripping with entitlement. At this moment, you don't have to act like you deserved a bailout/backstop, so why should you? Because the smart political/comms/marketing move is to be the first to say, "These events were almost tragic because it is tragic when any dream dies. Far too often, some in this industry have set themselves apart from the rest of America. Not today. Our government took action to stop a cataclysm for us. We will be forever thankful. We are so proud to live in a country, and among a people, who cared enough to not let the dream die. We won't forget." That may sound cheesy to you, but the alternative is "of course, it's the Rs and deregulation" and "no small business pays attention to insurance limits". Technical reasons that make a super majority of Americans want to barf up their lunch.

If you want to know why the country wants to kick you while you're down -- it's because you don't sound grateful and you should be grateful. I can hear you right now say "My company is all about heart" but you need to start sounding like it.

[0]: https://www.bloomberg.com/opinion/articles/2023-03-15/silico...
[1]: https://www.pbs.org/newshour/economy/why-silicon-valley-bank...