I wouldn't put it past them thothis is such a bad take
they're the worst of the b4 for a reason
We got a bank collapse y'all
- Thread starter garbagemanlb
- Start date
they're the worst of the b4 for a reason
Menger
OT Supporter
- Nov 23, 2011
- 26,430
Simple
Sexy Beatch
Simple
Sexy Beatch
Menger
OT Supporter
- Nov 23, 2011
- 26,430
External audit? Smashed in a broom closet that has the Wi-Fi password taped to the door, only allowed out when they drink our coffee or go on a 2 hour lunch.there's probably an audit program for that
You have to be a fucking idiot to not take advantage of this panic over a fucking tweet.
No clue if this has been posted. But....
Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.
Last Update: March 12, 2023
Joint Statement by Treasury, Federal Reserve, and FDIC
Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Cha
www.federalreserve.gov
Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.
Last Update: March 12, 2023
cooly
OT Supporter
- Jan 23, 2006
- 51,456
Yep I bought some SCHW today as wellYou have to be a fucking idiot to not take advantage of this panic over a fucking tweet.
View attachment 311407
They should not have put money into super risky and extremely dangerous investments like.....this is such a bad take
Treasury bonds
Aged perfectly.SVB collapse is due to fear right? I tried looking for something nefarious but cant find anything on tweets or articles, but it all points toward fear and rumors about people can get their money causing a run and a self fulfilling proficiency.
I know people are still trying to find the facts but its so hard with so many information and misinformation out there.
If people didnt panic due to a fucking tweet and created a bank run of SVB, it will still be operational today.
- Dec 30, 2004
- 69,706
stevezissou
OT Supporter
I'm not sure any bank can survive a true "bank run" if you understand how our fractional banking system works.
Burmonster
OT Supporter
worthless fucking CPAs
I’m literally paying KPMG $20k a day to do Q of E on a firm here in LA. Shit is ridiculous.
stevezissou
OT Supporter
"
EXCEPRT FROM HOBART'S FEBRUARY 23 NEWSLETTER
In a newsletter sent out on February 23, Hobart wrote:
'This is a pretty striking occurrence: on a mark-to-market basis, they were broke last quarter, albeit still liquid. And that liquidity matters; one reason banks aren't required to mark assets to market is that they can hold them indefinitely as long as they have deposits. On the other hand, Silicon Valley Bank's deposits are less sticky than other companies', since they're provided by mostly money-burning companies. The lack of mark-to-market accounting is a reflection of general banking reality, that banks don't get explicitly margin-called by customers. They do sometimes experience runs. It would take an absolutely titanic bank run to actually impair the company's liquidity, so a run is unlikely. And even if the company did run into trouble, there are good political reasons to think that depositors wouldn't be harmed: the people who donate the legal maximum to political campaigns are disproportionately likely to bank with Silicon Valley or work for companies that do.
'On the other hand, the tech world is more risk-averse than it used to be, and depositing money into a bank that's still levered 185:1 on an asset base that includes, among other things, "Premium wine"-backed loans in an amount almost equal to last quarter's marked-to-market equity.[1] No one wants to look paranoid by being the first to move their money out, but no one wants to deal with the consequences of being last. And if money does flow out, they eventually have to start selling assets, which turns an "unrealized losses" footnote into a headline loss number.'"
Was Silicon Valley Bank's collapse triggered by a NEWSLETTER? Well-regarded tech expert's mailer first flagged bank's 185:1 debt-to-asset ratio in February, spooking VCs who follow him avidly
- A tech writer from Texas said in February SVB had a debt-to-asset ratio of 185 to 1
- Another tech author has said the well-read newsletter may have caused collapse
- The Diff, authored by Bryne Hobart, is read by VC executives and tech analysts
Silicon Valley Bank had 185:1 debt-to-asset ratio flagged in February
The Silicon Valley Bank collapse may have been triggered by a newsletter authored by a tech expert in Texas in the last week of February.
This guy might have been the start of it. Newsletter went out Feb 23th.
Dont know the exact numbers but every deposited dollar 'creates' ~$9, so yeah no bank can survive more than 30% of thier assets being taken out at once.
But that was my point in that people should be taking advantage of this panic back on sunday
Also sold out my KRE just now
Didnt pop like I wanted but good enough to skim some profits.
NULL_bits
OT Supporter
- Feb 10, 2021
- 1,320
Not to get all pol, but my dad is blaming this on "wokeness", where is he getting this shit from? He's geriatric af and wouldn't come up with that dumb shit on his own.
Also it's weird hearing my dad talk about "wokeness", kinda like when geezers try to use young people slang.
Also it's weird hearing my dad talk about "wokeness", kinda like when geezers try to use young people slang.
Daily Show aired segments of Fox News blaming it on SVB hiring too many non white men, so it was going to fail eventually.
The fucking garbage Fox News viewers gets fed
Snake Pliskin
OT Supporter