The Ledger, every show

“It probably generated fifty billion dollars worth of economics to Yahoo shareholders”

“And so, I see the next 10 years of interesting companies being developed around expenses, expense management, and then infrastructure as the second component.”

“There are some components for us as a bank that are also interesting because we understand how to assess risk in the crypto market, and we have been able to onboard those crypto companies that are super high quality companies that are getting unbanked by those…”

“And so I do think there are many consumer fintechs where I just don't see the differentiation in the product to truly stand the time or their features. They're not companies. And they should be integrated into other products that can help build LTV. Cause I do…”

“And I do think those banks will start to see deposit pulls just out of panic, even if they have a very strong balance sheet.”

“And so we almost got held up that first quarterly earnings period because we couldn't get accountants in the SEC to agree that we were accounting it correctly and then actually get it in the numbers in order to launch the product.”

“If they decide that they just want to manage their business for cash flow, they will die a long-term death.”

“The regulators are highly incented to get a buyer for this business this weekend, and so going back to oh eight, as the example, they're, they will pull out all the stops in order to get it to the Likely and best outcome possible for American insurers.”

“If you remember, there was this dynamic where Carol Bartz had been in this contentious fight with Jack Ma that was widely chronicled, and the two companies stopped talking to each other, even though Yahoo owned 40% of Alibaba.”

“Our last year's revenue was about two hundred and eighty million dollars. Yeah. And about thirty one million dollars of net income.”

“We developed PPP, this is at Square, in a crisis. And we ended up with a core team of people working on it, and then we literally got the entire company of Square to volunteer for us to be, you know, loan reviewers twenty-four-seven during that period of time,…”

“We drew a lot of inspiration from that in what we built at Square, Because we had seen what was being built at Alipay with firsthand insight, and were able to look at that and draw inspiration from it.”

“And given the increase in funding that happened, I think there's a 10 X increase in funding over the last few years, you will see the rationalizing of this market with companies that just haven't achieved product market fit.”

“I remember in 2017, maybe, yeah, it was end of 20 16 when Jack wanted to put Bitcoin into Cash App. And he, ah, two engineers sat, ah, on the sixth floor of 14 55 market and wouldn't leave the office until they were able to build that product.”

“By the end of 2024, I think we'll be in a better place.”

“I think it'll change the dynamic for how people manage their deposits going forward. Like I would not be surprised going forward if when a venture backed company raises money that VCs don't demand that they take controls over where they put their funding, how …”

“I mean, I do think you'll see an orientation towards de-risking your deposit base and trying to orient towards systemically important banks or big regional banks like a PNC, and I do think that, that people will be oriented.”

“And so, you know, and we built a bank at Square. We were the only tech company to ever have built a bank, right?”

“SVB also was uniquely concentrated in terms of larger deposits. I think only two percent of their depositors were below the 250,000 amount per account. The rest were above.”

“Square Capital. It was actually a Hack Week project. That a bunch of folks had started, and so I took over for this amazing Hack Week project, and I ended up going to run literally this thing that had started. It had 10 colleagues that were pulled together fro…”

“He took three engineers and he sat at the corner of the sixth floor at 14 55 market and didn't leave the office for three days. And so everyone sat there, he included, and they coded up the crypto trading platform.”

“My brother's worked for JD since pre his Senate run, and he has this amazing job as his chief of staff, which is pretty surreal.”

“JD and Usha and many people from the White House were kind enough to come to my father's funeral last summer, and so we flew back to D.C., and they were nice enough to take me.”

“So in the case of SVB, for example, the team at SVB has signed four-week contracts with the FDIC.”

“They put out a notice on, on Friday that said, only 15% of our securities are, or 15, 15% of our assets are, you know, securities. Nine percent of our deposit base is tech, you know, broadly diversified.”

“I ended up moving out of my house when I was 14. I sent myself to boarding school, and I got myself out of a household of chaos.”