Honestly given all the red flags he ignored it seems like he had a death wish, or at the very least got a thrill from risking his life on these trips. Otherwise I can't wrap my head around the stupidity of the whole thing.
Some of these are super tiny...20 beds doesn't really seem like a hospital to me. Not saying this is a good trend but I'm not sure how you stay afloat with such a small footprint.
Mount Graham Regional Medical Center in Safford, AZ, is a Level IV trauma center. It has 25 staffed beds. Safford has a population of just over 10,000, and is approximately two hours to Tuscon by car. A Level IV trauma center provides initial evaluation, stabilization, diagnosis, and, perhaps, surgery and critical care, but what it mostly provides for serious cases is transportation to a bigger hospital, especially in the case of Mount Graham, which is listed as a short term acute care facility.
This comes directly from combat medicine: Small facilities save lives, especially if they're geared up to send serious cases to bigger units. Level IV trauma centers are at the bottom of what the American College of Surgeons recognizes as a trauma center, but they're still a vital part of the infrastructure.
No it wouldn't IMHO. It cannot have the expertise, the equipment, the clubs, the social opportunities, the field trips, the sports or 101 other things that a facility with even just 10 classes can offer.
Those are very different institutions and pretending they are the same is likely deceptive when they will produce vastly different outcomes for their users.
Personally, I've always believed the best form of government is an absolute monarchy headed by a benevolent monarch. The problem with that, of course, is benevolent monarchs are few and far between.
You may be surprised your role in an absolute monarchy would be a horse manure cleaner, not a noble landlord you are imagining it in your head. Same would go for your children - with no possibility to change it. Have fun!
The bank was nearly fully capitalized with low risk investments. Everyone would have gotten their money back anyways, it would have just taken 5-10 years.
Imagine what would happen if startups could not access their capital? By the time funds were available for withdrawal, the businesses would be dead. The regulators then have to track every funder to every dollar to return money. It would take a decade for this to happen.
At the same time, these startups all had a CFO whose job was to manage that financial risk. What if they had a late payment from customers or a supply chain delay, or were simply locked out of their accounts due to a cyber event or unavailability of a key employee? Did they have any contingencies like line of credit or instruments outside SVB? They took other risk reductions like insuring their office space, etc.
In addition every offering and statement from SVB shows >$250k is not insured but they treated it like nothing bad could ever happen there. Even your average retiree knows their life savings in a bank is only covered to FDIC limits.
This risk for businesses with cash is not new. Financial services like sweep accounts, negotiable instruments, etc. existed for decades. Is it just that SV entrepreneurs are too smart or not smart enough to manage these risks? Or was it the VC firms that forced their hand by requiring them to bank at SVB (noted as a VC funding requirement by others on HN).
The companies can sell their invoices or ownership of their deposits on the market, or use it as collateral for recovery. The CFOs job was to manage financial risk. They failed at this and their companies are at risk because of it. The FDIC takeover means they have unfettered access to at least $250K as of today, so it’s not quite as bad. And the FDIC will unwind SVB’s current assets through their insurance trust or by finding a buyer. The SVB stock and bond holders will lose, the depositors will lose much less.
But it makes you wonder how long the C-suite knew this liquidity issue given they had no risk manager for most of last year (also noted in other HN articles).
It’s not just that, some hospitals are outsourcing everything disenfranchising the people that work there. And I mean everything from the doctors themselves to IT to the cleaning lady to the food workers and selling the buildings to lease them back. It’s the fleecing of America.
