[SVB had an investment grade rating, had been operating for 40 years
https://wolfstreet.com/2023/03/11/sv...op-to-default/
crush the plebs, even though there's no detectable wage/price spiral.we need to keep the rate hikes going. Can't have stagflation. Take the hit one way or the other but not both, preferably more unemployment and less government spending. Quan ative easing is inflationary and expansionary economic policy is the last thing we need.
Biden is Jimmy Carter 2.0
SVB fell apart in 3-4 days. Let's not reward the VCs who already got rich on both sides of the failure.
Tech founders and banks get to sit like dragons on huge piles of money because "they take all the risk", but when they crap out, they whine for protection.
They got the regulators out of the way, enjoy the risk, dudes.
lol
Reportedly, 70% of VCs and 50% of UK tech startups bank with SVB
The pink paper reports that BOE wants Barclay's to take over SVB UK.
As sure as the sun rises....
Just lol
Last edited by spurraider21; 03-12-2023 at 04:40 PM.
Expect possible blue check chaos bro bull this week.
Ain't that a .
The Biden administration announced Sunday night that all depositors at the failed Silicon Valley Bank would have access to all their money on Monday morning, approving an extraordinary intervention aimed at averting a crisis in the financial markets.
Authorities said they were also extending protection to depositors of a second bank, Signature Bank of New York, which state regulators closed on Sunday as unease in the financial sector appeared to spread. Separately, the Federal Reserve announced that it was creating a new lending facility for the nation’s banks, designed to buttress them against financial risks caused by Friday’s collapse of SVB.
https://www.washingtonpost.com/silic...-bank-deposits
too terrified to fail
Worse, no one arrested for the ery.
And further they're all protected from civil suits I'm sure
Signature Bank closed for systemic risk
Money printer goes brrrrr
better not bail out the share holders
I don't know if any actual laws were violated. This bank and many of it's depositors were pretty stupid and it looks like they're being rewarded.
They announced Wed. that they sold a bunch of securities at a loss (risky bet that is not chump change ~$2B) and it was not like they did not see it coming.
My personal opinion is that someone is to blame civilly/criminally for that big ass, bad management decision which triggered Joe to intervene.
Maybe that's the problem right there... but Congress is sleep at the wheel per par...
same jokers who imposed the risk (and possibly shorted it after the big mass VC chat, then started the bank run) are spreading the fear of contagion, and the USG is gratifying it.
Last edited by Winehole23; 03-13-2023 at 12:04 AM.
I guess they had to try at least as hard as the failing UK.
Implication here seems to be that banks will have funded the rescue of uninsured deposits and will again.
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