Even very small businesses have cash on hand at various points in time to make payroll. And that's not a big rich company. That's like a pretty pretty small business with 10 to 20 employees. I mean, just playing out that string for a community bank. Are you kind of screwed? Unless there's some kind of regulatory change or some different smoke signal from from the Federal Reserve and Janet Yellen.
The Sunday Times’ tech correspondent brings on Parker Conrad, founder and chief executive of Rippling, to talk about getting caught in the collapse of Silicon Valley Bank (3:30), receiving a call at 5:30 am (8:30), how wide the SVB blast radius was (11:00), moving $130m to JP Morgan in three hours (13:45), raising $500m in a day (17:00), why some people still didn’t get paid (23:40), the growing vulnerabilities of regional banks (30:20), the importance of SVB to tech (32:30), Conrad's experience at Zenefits (37:15), why automating things with software is harder than it seems (42:30), and operating in a slowing economy and tighter funding environment (44:40).
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