teamgreen02 Posted March 10, 2023 Share Posted March 10, 2023 Yikes. The stock trading was halted yesterday pending news. Now the FDIC took it over. Bank stocks are getting hammered. Quote Regulators shut down Silicon Valley Bank Friday after a run on deposits doomed the tech-focused lender’s plans to raise fresh capital. The Federal Deposit Insurance Corp. said it has taken control of SVB via a new bank it created called the Deposit Insurance National Bank of Santa Clara. All of the bank’s deposits have been transferred to the new bank, the regulator said. Insured depositors will have access to their funds by Monday morning, the FDIC said. Depositors with funds exceeding insurance caps will get receivership certificates for their uninsured balances. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 10, 2023 Share Posted March 10, 2023 you know ts bad when hey don't wait till the weekend to take it over. in good times there are 3-4 many years so until we exceed that not any signal of financial collapse. Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted March 10, 2023 Author Share Posted March 10, 2023 7 minutes ago, Angry ginger said: you know ts bad when hey don't wait till the weekend to take it over. in good times there are 3-4 many years so until we exceed that not any signal of financial collapse. Something like around 5% of their deposit accounts were under the $250k FDIC insurance amount. Bunch of people getting IOUs today. Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted March 10, 2023 Author Share Posted March 10, 2023 9 minutes ago, Angry ginger said: you know ts bad when hey don't wait till the weekend to take it over. in good times there are 3-4 many years so until we exceed that not any signal of financial collapse. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 10, 2023 Share Posted March 10, 2023 It’s the beginning of the great reset from people who leave their house wearing Star Wars outfits. Quote Link to comment Share on other sites More sharing options...
toslow Posted March 10, 2023 Share Posted March 10, 2023 13 minutes ago, spin_dry said: It’s the beginning of the great reset from people who leave their house wearing Star Wars outfits. I known over history of cult leaders, But fuck me i thought the whole world would never fall under one Quote Link to comment Share on other sites More sharing options...
Matt Posted March 10, 2023 Share Posted March 10, 2023 Over 80% of venture-backed startups bank with SVB, and the vast majority have millions with them. This is potentially devastating. Tens of thousands of tech workers might not get paid on the 15th. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 10, 2023 Share Posted March 10, 2023 Hopefully there’s no bailout this time. 1 Quote Link to comment Share on other sites More sharing options...
Matt Posted March 10, 2023 Share Posted March 10, 2023 The ramifications of this are far-reaching. All the VCs running on SVB bent Powell right over a barrel and said "Get the gimp" It's his interest rate hikes that fucked over SVB and the tech sector... but it's largely Biden's fault for flushing the market with $$$ Quote Link to comment Share on other sites More sharing options...
Voodoo Posted March 10, 2023 Share Posted March 10, 2023 3 hours ago, spin_dry said: It’s the beginning of the great reset from people who leave their house wearing Star Wars outfits. What exactly gets reset? if it’s debt that simply get magically erased, can I get a heads up? Might as well max out the credit cards and heloc! Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 10, 2023 Share Posted March 10, 2023 21 minutes ago, Voodoo said: What exactly gets reset? if it’s debt that simply get magically erased, can I get a heads up? Might as well max out the credit cards and heloc! You might want to ask AC about all this great reset talk. He’s up on all that conspiracy stuff. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 10, 2023 Share Posted March 10, 2023 29 minutes ago, Voodoo said: What exactly gets reset? if it’s debt that simply get magically erased, can I get a heads up? Might as well max out the credit cards and heloc! Countries are setup as corps. What happened when they fail? Who assumes the debt. The great reset. Quote Link to comment Share on other sites More sharing options...
Snake Posted March 11, 2023 Share Posted March 11, 2023 Never, ever take a liberal's advice on investing.... Yet another of CNBC host Jim Cramer’s hot stock market takes just fell harder than President Joe Biden stumbling up the steps of Air Force One. Cramer listed his top ten biggest stock “winners of 2023” during the Feb. 8 edition of CNBC’s Mad Money. In the ninth spot for Cramer was Silicon Valley Bank’s parent company, SVB Financial Group. Cramer characterized the institution as a “merchant bank with a deposit base that Wall Street has mistakenly been concerned about.” In Cramer’s ludicrous view, the stock was a good buy because “being a banker to these immense pools of capital has always been a very good business.” He bizarrely called the stock “cheap,” despite it trading at around $320 a share at the time. Cramer said he thought the “fears were not justified. It’s a very compelling situation.” It wouldn’t take but a month for his take to implode. A March 10 CNBC story headline read: “Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis.” The SVB collapse, per CNBC, “a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money.” Oops. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member SnowRider Posted March 11, 2023 Platinum Contributing Member Share Posted March 11, 2023 7 minutes ago, Snake said: Never, ever take a liberal's advice on investing.... Yet another of CNBC host Jim Cramer’s hot stock market takes just fell harder than President Joe Biden stumbling up the steps of Air Force One. Cramer listed his top ten biggest stock “winners of 2023” during the Feb. 8 edition of CNBC’s Mad Money. In the ninth spot for Cramer was Silicon Valley Bank’s parent company, SVB Financial Group. Cramer characterized the institution as a “merchant bank with a deposit base that Wall Street has mistakenly been concerned about.” In Cramer’s ludicrous view, the stock was a good buy because “being a banker to these immense pools of capital has always been a very good business.” He bizarrely called the stock “cheap,” despite it trading at around $320 a share at the time. Cramer said he thought the “fears were not justified. It’s a very compelling situation.” It wouldn’t take but a month for his take to implode. A March 10 CNBC story headline read: “Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis.” The SVB collapse, per CNBC, “a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money.” Oops. Sure thing Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 11, 2023 Share Posted March 11, 2023 4 hours ago, Matt said: Over 80% of venture-backed startups bank with SVB, and the vast majority have millions with them. This is potentially devastating. Tens of thousands of tech workers might not get paid on the 15th. I can tell you this eatsy deposits there vendors/sellers money on Fridays. They sent out a memo this am that no payments will be made till further notice . This is a day after eatsy was downgraded . How many small marketplace type shops are in this same boat with SVB sticking it to them Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 11, 2023 Share Posted March 11, 2023 (edited) On 3/10/2023 at 6:52 PM, SnowRider said: Sure thing He ownes enough political figures he can't loose . You kids love hauling your oil in safe rail cars from the pipelines not allowed to go further than buffets rail yards . Another pos But lets be honest he is nothing but a fluffer for Laurence Douglas Fink. The worst human alive Edited March 12, 2023 by Ez ryder Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member SnowRider Posted March 11, 2023 Platinum Contributing Member Share Posted March 11, 2023 You fuckers support rolling back regulation - now own it! Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member SnowRider Posted March 11, 2023 Platinum Contributing Member Share Posted March 11, 2023 Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted March 11, 2023 Share Posted March 11, 2023 30 minutes ago, SnowRider said: You fuckers support rolling back regulation - now own it! Exactly what scrutiny did they drop? If the measures passed with bipartisan support, tell us again why this was on Trump, and not on the regulators, or the bank management themselves, you dishonest hack? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member SnowRider Posted March 11, 2023 Platinum Contributing Member Share Posted March 11, 2023 6 minutes ago, DriftBusta said: Exactly what scrutiny did they drop? If the measures passed with bipartisan support, tell us again why this was on Trump, and not on the regulators, or the bank management themselves, you dishonest hack? Your boy signed it. Looks like the 30+ Democratic Senators who opposed it got it exactly right: The senator said her colleagues who opposed it did so not because of community banking policies but because of the restrictions lifted on mid-sized and regional institutions. https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted March 11, 2023 Share Posted March 11, 2023 5 minutes ago, SnowRider said: Your boy signed it. Looks like the 30+ Democratic Senators who opposed it got it exactly right: The senator said her colleagues who opposed it did so not because of community banking policies but because of the restrictions lifted on mid-sized and regional institutions. https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html Looks like you still dont understand why it was done. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 11, 2023 Share Posted March 11, 2023 Here’s the bottom line. Best to have some actual cash in hand as more is revealed about where this is going Quote Link to comment Share on other sites More sharing options...
Snake Posted March 11, 2023 Share Posted March 11, 2023 1 hour ago, SnowRider said: Your boy signed it. Looks like the 30+ Democratic Senators who opposed it got it exactly right: The senator said her colleagues who opposed it did so not because of community banking policies but because of the restrictions lifted on mid-sized and regional institutions. https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html It was CNBC that was pushing investment in the bank 2 weeks prior to the takeover.... My God, you can't make this shit up.... 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 11, 2023 Platinum Contributing Member Share Posted March 11, 2023 7 minutes ago, spin_dry said: Here’s the bottom line. Best to have some actual cash in hand as more is revealed about where this is going Gold is up $38.10 just yesterday Quote Link to comment Share on other sites More sharing options...
Snake Posted March 11, 2023 Share Posted March 11, 2023 I'll take money advice from Jim Cramer before I would Vanlife Barbie.... Be right back, I gotta go make a deposit... 1 Quote Link to comment Share on other sites More sharing options...
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