![]() Jackson is truly one of the most integral parts of delivering this newsletter to your inbox, and I’m grateful to him every day. These past two weeks he’s been helping out with reporting, too, and he always has words of encouragement for his colleagues. Jackson Fordyce tirelessly puts Term Sheet’s deals section together every single day-and you’ll never find a person more excited to do it. “He may not have slept for days to help firms navigate risk,” one investor says.Īnd one from me. John Clendenin, attorney at Cooley, quickly provided calm, sound advice and a plan to venture capital firms. Milka Micic from JPMorgan Chase’s Chicago office hustled to quickly open accounts for venture firms and portfolio companies when the bank’s venture team was backlogged. Harrison Long, vice president of finance at Vividly, stayed up all that weekend putting a cashflow forecast in place, working closely with the company’s board, SVB, and FDIC’s support team and ensuring that Vividly’s venture debt line was intact and drawn down on after it was announced that SVB deposits would be backstopped. visa was revoked when SVB became a bridge bank, continued to send frequent updates on the situation regardless and worked tirelessly to help her clients even though her own personal situation was uncertain. An anonymous Silicon Valley Bank employee, whose U.S. Josh Kopelman at First Round coordinated a bunch of personal loans from First Round partners, to ensure companies made payroll the Monday after SVB collapsed. John Underwood from Goldman Sachs helped activate policymakers across both sides of the aisle to recognize the gravity of the SVB crisis, and the implications for Silicon Valley innovation and national economic competitiveness. A venture investor says they were texting her a lot with requests, and she would get back within minutes at all hours of the day. Meggie Ramirez, who works with many emerging managers at First Republic Bank, was working 24/7 for four days onboarding new clients to FRB and pushing hard to migrate capital as quickly as possible when it wasn’t clear that SVB deposits would be safe. Brandi Craig and her team at Fifth Third Bank created an accelerated process for onboarding new clients and were opening accounts in ~30 minutes. Some of these stories have already made their rounds, such as Vinod Khosla and Sam Altman offering to loan cash from their personal accounts to startups that needed it. “We saw a lot of humanity across the tech landscape-people stepping up to help each other in very meaningful, direct ways,” says Justin Butler, a partner at Eclipse Ventures. That’s why I want to dedicate this edition of Term Sheet to the people you might refer to as “unsung heroes”-the people who stepped up in a way that restored someone’s faith in the private markets when everything looked like it might fall apart. Sometimes it’s a small act of kindness-or a big, much-needed sacrifice-that makes all the difference in the world. ![]() And it served as a powerful reminder amid my ongoing coverage of the worst banking crisis since 2008 that it isn’t just doom and gloom out there: It never is. I won’t ever know who wrote it, but I do know I really needed a few words of encouragement that day. Their report attributed the increase in grade inflation to “consumer-based approach” to education, writes Catherine Rampell for The New York Times. Faculty feels that by grading more generously, they can receive favorable reviews as well as make students more competitive candidates for graduate schools and jobs. However, that makes it harder for employers to determine who is excellent, good and mediocre student.“Keep going-you’re doing great!” it read. Stuart Rojstaczer and Christopher Healy, authors of "Where A Is Ordinary," that grade inflation can make students complacent and not study as hard. “When college students perceive that the average grade in a class will be an A, they do not try to excel,” they write. However, grade inflation is nothing new as shown in the charts on the right and the number of A's given has been increasing at both public and private schools since 1940. He blamed this situation on grade inflation, stating that it helps keep the weak students in the accounting program, stretches the department's resources, and lowers the department's CPA passing rate. Professor Jimmy Ye, chair of the Stan Ross Department of Accountancy, said in an email that the school was at risk of losing its accreditation for having too many students and too few professors. Account icon An icon in the shape of a person's head and shoulders. ![]()
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