Rippling historically relied on SVB for payments rails for payroll

The implication here is that many people who were expecting paychecks (from the companies Rippling serviced) won't get them. Perhaps some never will, especially if Rippling's deposits at SVB were over FDIC limits - which seems very likely.

This is the danger with painting problems as due to liquidity rather than solvency - especially in the current environment.

Every solvency issue begins as a liquidity issue.

This is going to lead to so many phishes.