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no, just curious. SVB serves the tech sector.
no, just curious. SVB serves the tech sector.
As mentioned above, SVB is tech sector focused.
Doesnt suprise me a major bank collapses in hole california. Just like it doesnt suprise they are the state with the most debt in the US. but hey,,,,as long as they can hand out 5 million dollar reparation payments and add more to their collasal debt while screwing over the white liberals that vote for it like Nono,,,,more power to 'em,,,,
US States With The Most Debt
Rank State Debt Total (Billions) 1 California $152.80 2 New York $139.20 3 Massachusetts $77.00 4 New Jersey $65.90 5 Illinois $61.80 6 Texas $51.00 7 Pennsylvania $47.50 8 Connecticut $38.80 9 Michigan $33.50 10 Ohio $33.50 11 Washington $33.40 12 Florida $28.80 13 Maryland $28.00 14 Virginia $27.80 15 Wisconsin $23.30 16 Indiana $21.80 17 Missouri $18.40 18 Louisiana $18.10 19 Colorado $17.00 20 Minnesota $16.40 21 North Carolina $16.30 22 South Carolina $15.70 23 Kentucky $14.40 24 Arizona $14.30 25 Georgia $13.10 26 Oregon $12.70 27 Hawaii $9.70 28 Rhode Island $8.90 29 Alabama $8.80 30 Oklahoma $8.50 31 New Hampshire $7.70 32 Kansas $7.50 33 Mississippi $7.50 34 Utah $7.50 35 West Virginia $7.50 36 New Mexico $7.10 37 Iowa $6.10 38 Tennessee $6.10 39 Alaska $5.90 40 Arkansas $4.80 41 Maine $4.80 42 Delaware $4.60 43 South Dakota $3.50 44 Vermont $3.50 45 Idaho $3.40 46 Nevada $3.20 47 North Dakota $2.90 48 Montana $2.80 49 Nebraska $2.00 50 Wyoming $0.80
Not very different from what seems likely to me.
Fed pivot > melt up > recession > more QE
Stagflation seems a real possibility, hope the doomers are wrong about that.
Just another bank making bad bets with depositor's money, who end up footing the bill for their ups.
Should've never repealed Glass–Steagall, tbh
Libertarians when their wallet takes a hit:
Thiel et al started the bank run, tbh
https://www.levernews.com/svb-chief-...ank-risk-regs/In 2015, SVB President Greg Becker appeared before a Senate panel to push legislators to exempt more banks — including his own — from new regulations passed in the wake of the 2008 financial crisis. Despite warnings from some senators, Becker’s lobbying effort was ultimately successful.
Touting “SVB’s deep understanding of the markets it serves, our strong risk management practices,” Becker argued that his bank would soon reach $50 billion in assets, which under the law would trigger “enhanced prudential standards,” including more stringent regulations, stress tests, and capital requirements for his and other similarly sized banks.
In his testimony, Becker insisted that $250 billion was a more appropriate threshold.
“Without such changes, SVB likely will need to divert significant resources from providing financing to job-creating companies in the innovation economy to complying with enhanced prudential standards and other requirements,” said Becker, who reportedly sold $3.6 million of his own stock two weeks ago, in the lead-up to the bank’s collapse. “Given the low risk profile of our activities and business model, such a result would stifle our ability to provide credit to our clients without any meaningful corresponding reduction in risk.”
The bank reportedly did not have a chief risk officer in the months leading up to the collapse, while more than 90 percent of its deposits were not insured.
Then starting the bank run. Then expecting the government to bail out them out after screwing their clients twice.
Last edited by Winehole23; 03-11-2023 at 10:01 AM.
sure, why not?
So the government bails SVB bank out but who bails the government out when the time comes? I realize it's a lot more complicated than that but it seems like the financial system is a house of cards built on false promises just waiting to fall. These financial ins utions seem to be failing with greater regularity. Meanwhile, our investments suffer. I'll admit I don't understand the complexity of it but I'm not sure any of the people in charge really understand what they've created either. Meanwhile, the government just prints some more monopoly money because that's what will fix it and everyone carries on like nothing happened.
Then you have the ponzi scheme of social security where we get to fund the current retirees but when the time comes for younger generations to retire, it will be reduced or they'll just keep pushing the age to collect further out. People have way too much faith in our leadership/government. If everyone was to go to the bank and withdrawal their funds, a major show would ensue. That tells me my and your money doesn't really exist. Pretty comforting.
Seems pretty simple -- don't bail them out over $250k -- but I guess all the other rugged individuals will get scurred without a socialism to protect them.
Lol Twitter can't afford custodians
Yeah and they'll get their bailout because someone somewhere will say the economy will collapse if they don't
Let it burn! NO ING BAILOUTS for the smug, condescending, assholes in silicon valley. them all!
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
https://www.semafor.com/article/03/1...on-valley-bankHedge funds are offering to buy startups’ deposits stranded at Silicon Valley Bank for as little as 60 cents on the dollar, pitching expensive but crucial lifelines to founders unable to access their cash after the lender collapsed yesterday, people familiar with the matter said.
Firms better known for investing in distressed debt, including Oaktree, one of the people said, are fanning out to startups in the wake of the bank’s failure and seizure by the Federal Insurance Deposit Corp. on Friday. Its collapse left hundreds of startups — as well as the venture funds that backed them — unable to access their cash to meet payroll and other expenses.
Bids range from 60 to 80 cents on the dollar, the people said, reflecting a range of expectations for how much of the uninsured deposits — those that exceed the FDIC’s $250,000-per-customer cap — will ultimately be recovered once the bank’s assets are sold or wound down.
govt doesnt need to nationalize this bank, theres plenty and enough banks already...
those nerds having all their money in one nest...not diversifying..
Someone suggested that Elmo should buy SVB and he said he's thinking about it
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