South Park anticipated this by several years.



This one is NSFW for graphic images and general bad taste.

quote:

Originally posted by ElToro:
The regional banks stock prices got whacked Friday more as a contagion than anything else. I’m not worried about them as most are solid well capitalised banks that lend home loan funds etc.

SVB specifically made it their primary business out lending to startups. Combined with SVB putting cash into long treasuries that are under water and they couldn’t sell then for anywhere close to what the paid to raise cash to give clients their cash Then the VC’s piled on Thursday with prominent VC’s saying pull your funds. So maybe when your VC business relies on a firehouse of cheap Quantitative Easing money and QE money is ending AND rates are heading up you gang up to murder a bank and get the Fed to open the cash firehouse again and cut rates ? Just a wild thought
Keep your cash under 250k per account in several banks to get the best yields and protection regardless.

I need to disclose/disclaim that this post reflects my own opinion and does represent my employer:

That said any treasury manager or high net worth individual that does not know how to use products sponsored by IntraFi such as ICS or CDARS are incompetent. You get FDIC protection of approximately 3000 Banks but only deal with a single member Bank.

I can support the depositors being made whole to prevent systemic Bank failures. But we still have the moral hazard of depositors not learning their lesson.

quote:

Originally posted by Dakor:

quote:

Originally posted by Sig2340:

quote:

Originally posted by 229DAK:

quote:

Not only does the FDIC have to pay back each account of $250k, but must somehow figure out a way to compensate the cash above the $250k.

So what's the purpose of the $250K insurance limit?

If you have $3.87M, you get $250,000 plus any scraps tossed their way in the bankruptcy proceedings.

Did you read the latest press release? Everything - all deposits are now covered so Biden & his cronies bailed out the SVB customers 100%. It would be bad enough but the it's truly sickening b/c the tax payer pays DOUBLE for this, if you understand economics.

Where the fuck are the Republicans in Congress??? Per the Constitution they control the purse strings.

No tax payer funds. But yes “everyone” will pay. The FDIC will charge an assessment to member banks. So in the end those costs will be passed on to the consumer. There are those who will suffer, common stock holders, investors and the Bank’s Executives among others.

Oh, what a surprise, a leftist wants to censor people for "misinformation"

Which country do you live in, asshole?

Arizona Sen. Mark Kelly calls for censorship of social media companies to prevent bank run

Why do Leftist Democrats Hate America, and Hate Americans SO Much!

https://www.breitbart.com/econ...silicon-valley-bank/

The Federal Deposit Insurance Corporation (FDIC) plans to try and auction off the collapsed Silicon Valley Bank (SVB) for a second time, according to the Wall Street Journal, after the first attempt failed on Sunday.

After being unable to find a suiter for the failed Silicon Valley Bank on Sunday, there will be another attempt to auction it off, the Journal reported after speaking to people familiar with the matter. However, it is currently unclear when the second auction will be.

The news comes after the officials from the FDIC told Senate Republicans Monday that there would be additional flexibility to selling it off after it was declared a threat to the financial system, according to people familiar with the briefing, which showed notes to the Journal.


https://www.marketwatch.com/st...l-megabanks-e072daa7

During the financial crisis a decade and a half ago, the federal government established six U.S. banks as systematically important financial institutions, or SIFIs:

JPMorgan Chase & Co. JPM, -1.80%,
Bank of America Corp. BAC, -5.81%,
Wells Fargo & Co. WFC, -7.13%,
Citigroup Inc. C, -7.45%,
Goldman Sachs Group Inc. GS, -3.71% and
Morgan Stanley MS, -2.29%.

Those banks are currently in the spotlight as havens for deposits.

quote:

Originally posted by parabellum:
Oh, what a surprise, a leftist wants to censor people for "misinformation"

Which country do you live in, asshole?

Arizona Sen. Mark Kelly calls for censorship of social media companies to prevent bank run

Somewhere out there is a tree tirelessly producing oxygen for Mark Kelly. He owes it an apology.

Guess he's taking a break from 13+ years of unsuccessfully attempting to get rid of the 2nd amendment by parading his poor wife around.

tatortodd, the good news is at least that douchenozzle is NOT your demonrat US Senator!

“Credit Suisse shares fell five percent to an all-time low in early trading on Tuesday after the bank confirmed material weaknesses and an $8billion loss in 2022, just hours after a financial expert claimed it would be the next institution to fall following SVB.
<snip>

Today, Credit Suisse said the 'weaknesses' were down to a 'failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements'. …”

DailyMail article:
https://mol.im/a/11857123

Likely cause: focused on improving wokeness rating instead of managing risk.

quote:

Credit Suisse shares fell five percent to an all-time low

In the grand scheme of the hammering that pretty much every bank took, a 5% share loss is actually pretty good. Better than average, certainly. Just about every bank lost value, with many bank stocks seeing double-digit percentage losses, and some being in the higher double digits. (I think First Republic Bank was the winner at around -60% yesterday, although in early trading today they've already made much of that back at +49%.)

To put it in perspective, Credit Suisse's -5% is the same as Bank of America lost yesterday, and less than Wells Fargo or Citibank's -7%, and those banks are not in bad shape or displaying "material weaknesses".

Besides, Credit Suisse has been in decline for years now.

Coincidence?


Got this email today, they are paying a whopping 0.15% interest rate. ASSHOLES!



This is huge.
Wells Fargo home page
Enjoy a $525 bonus*
Open a new Way2Save® Savings account**, or other eligible consumer savings account, with a minimum opening deposit of $25 and complete the steps outlined below to receive your $525 bonus. This offer is for new savings customers only.

Offer expires on April 17, 2023

Visit your nearest branch to open a new consumer savings account. Branch appointments are encouraged ahead of time.

How to get your cash bonus:


1. Open
Open a new eligible consumer savings account at a Wells Fargo branch by April 17, 2023, with a minimum opening deposit of $25. You must provide the bonus offer code to the banker at the time of account opening.
2. Deposit
Bring $25,000 or more in new money to your new savings account by Day 30 and maintain at least a $25,000 balance through Day 90 after account opening.
3. Enjoy
We will deposit your bonus into your new savings account within 30 days after you have met all offer requirements.

Here's your bonus offer code: DRV2JN

Yeah, Bank of America is still paying 0.01% interest on their savings accounts.

The big banks don't feel like they have to compete for deposits, like the smaller, hungrier banks that are offering 4%+ do.

Vivek Ramaswamy: Biden intervened with SVB to 'pander' to rich donors

My kinda guy!

“Vivek Ramaswamy thinks that President Joe Biden is 'pandering' to drifting Democrats by intervening to help depositors at the crisis-stricken Silicon Valley Bank and said it was absolutely a 'bailout'.

The 2024 Republican presidential hopeful, who is a biotech company and investment firm founder, told DailyMail.com that the Federal Reserve is trying to 'play God.'

He also vowed if he's elected that he will fire 90 percent of the Fed's staff to downsize the federal government's involvement in the economy.

Ramaswamy told former New York City Mayor Rudy Giuliani in a recording of his syndicated radio show WABC, which will air later Tuesday afternoon, that the Fed is a 'cancer' that needs gutting. …”

DailyMail article:
https://mol.im/a/11858923

Margin Call (2011) is streaming on YT.

Steak

quote:

Originally posted by SigSentry:
Margin Call (2011) is streaming on YT.

Also available on Amazon Prime. Margin Call is a fictionalized story inspired by the run-up to the 2008 financial crisis, and it's a great dramatic movie with some top-tier acting. Jeremy Irons, Kevin Spacey, Stanley Tucci, Paul Bettany, Simon Baker, etc.

There's also 2015's The Big Short, which is a more comedic but also more explicitly factual account of the 2008 financial crisis, based on a nonfiction book written about its causes and effects.

Both are well worth watching. Excellent movies on their own, and the underlying subject matter is interesting (and important).

quote:

Originally posted by parabellum:
Oh, what a surprise, a leftist wants to censor people for "misinformation"

Which country do you live in, asshole?

Arizona Sen. Mark Kelly calls for censorship of social media companies to prevent bank run

Maybe what we really need is a truth in labeling law.
Those that like to call themselves Liberals have actually become those that want to restrict your liberties any way they can.
And who do they think gets to decide when it's enough of an emergency for those rules to kick in?
That's not a very tough question, is it?

Margin Call is one of my all time favorite movies. I've watched it almost as many times as I have the original Top Gun.

The New York Post ran an article yesterday headlined, “Obama Official, Hillary Donors, Improv Actor: Meet SVB’s Board of Directors.”
https://nypost.com/2023/03/14/...tor-meet-svbs-board/

You thought the bank’s woke, sex-obsessed risk manager was bad, wait until you hear THIS. It explains a LOT.

Here are a few of the people who managed Silicon Valley Bank (SVB) on its 12-member board of directors:

— Kate Mitchell, 64, a Hillary Clinton mega-donor and diversity champion who went to a Shinto shrine to pray after Donald Trump won the White House.

— Mary J. Miller, 67, Obama’s undersecretary of domestic finance before her own run for Baltimore mayor failed spectacularly (her PAC sent an awkward email to potential donors saying her campaign strategy was to target white voters.)

— Garen K. Staglin, 78, a prolific Democrat contributor, including Nancy Pelosi — who owns a Napa Valley vineyard just 15 minutes from the Pelosi’s vineyard.

— Elizabeth “Busy” Burr, 61, who is implementing DEI as the interim CEO of RiteAid, and is a longtime improv actor.

— Former Congressman Barney Frank, 82, who ironically was co-author of the biggest bank security law in history, the Dodd-Frank Act. According to the Boston Herald, Frank has earned $2.4 million since 2014 for his great work on the board.

Want to know how many people with ANY relevant banking experience were on the board? ONE — Tom King, 63, who retired from finance at Barclays Bank in the UK. Of the twelve, only one was under 60, and Frank, the oldest, is 82. The board is 41% female.

All the board members donated to Obama, Clinton, and Biden, as well as to local Democratic congressional reps (including Pelosi), as well as political action committees for Senate Majority Leader Chuck Schumer and Senator Mark Warner (D-Va.), a longtime member of the powerful Senate Banking Committee. That was lucky, huh?

That, folks, is how you do it. Get woke, go broke, get bailed out, start over!

https://www.coffeeandcovid.com...nesday-march-15-2023

Chuck Schumer, Dems rush to give back donations from Silicon Valley Bank CEO

From https://www.foxbusiness.com/po...icon-valley-bank-ceo

quote:

Democrats on Capitol Hill rushed to donate or return donations they received from Silicon Valley Bank (SVB) after its dramatic collapse last week.

Senate Majority Leader Chuck Schumer gave back a total of $8,500 to charity on Tuesday after receiving the sum in donations from SVB and its former CEO, Greg Becker. Becker had donated $5,800 to Schumer's campaign in 2021, and the bank's PAC had offered up $2,700 in 2015.

Schumer's office did not immediately respond to a request for comment, nor did it detail which charities the funds had been sent to.

Meanwhile, Rep. Maxine Waters, D-Calif., also plans to return donations she received from the PAC. The SVB's political arm gave Waters $2,500 in late 2020.

"Yes, I will send it back," she told Politico on Tuesday when asked about the funds.

Federal regulators seized control over SVB on Friday after a bank run collapsed the company.

President Biden assured Americans they should "feel confident" in the banking system on Monday. His administration has guaranteed that SVB's depositors will have access to their funds. He has said this will come at no cost to U.S. taxpayers, however.

"No losses will be borne by the taxpayers," Biden emphasized. "Instead, the money will come from the fees that banks pay into the deposit insurance fund. Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them."

Biden says his administration will soon fire all the bank's leadership, including Becker, who donated the funds to Schumer.