PeoplesElbow
Well-Known Member
Am I the only one that wants a cold, heartless, machine like, faceless bank that money is the only thing that matters to? I want Goliath National Bank.
Biden bails out Silicon Valley Bank..
- Thread starter Bird Dog
- Start date
Where's Milburn Drysdale when we need him.
ah yes, all insults NO FACTS ... it's ok to admit you have NO Counter Point
Either the FDIC has the funds to cover all the bank accounts or not
Dead. I'm sure.
HemiHauler
Well-Known Member
I guess the big question is, when through the results of poor management a bank fails, does the govt always step in now to rescue the institution/shareholders/depositors?
Only if the Big Guy gets 10%.
HemiHauler
Well-Known Member
Shareholders have never been bailed out, nor are they this time.
But depends on how "systemically important" the bank is. The government's #1 job (for better or worse; no one has to agree it is a valid role for government) is to maintain the public's confidence in the banking system.
So you are standing by your LIE / Incorrect Information
The FDIC does NOT have the funds to cover all accounts, where is the money going to come from ?
HemiHauler
Well-Known Member
Piss off, kid. Do your own work for a change.
LightRoasted
If I may ...
For your consideration ...
Well of course the FDIC has the funds. /s. They will be handed any shortfall from the Federal Reserve which will then have us plebs taxed to pay it back. When one plays the game of fraud with those that wrote the rules and referees the game, there is going to be favoritism. If the house of cards need reinforcing, then damn it all to hell there will be reinforcing.
Well of course the FDIC has the funds. /s. They will be handed any shortfall from the Federal Reserve which will then have us plebs taxed to pay it back. When one plays the game of fraud with those that wrote the rules and referees the game, there is going to be favoritism. If the house of cards need reinforcing, then damn it all to hell there will be reinforcing.
Well the funds are coming from somewhere ... The FR or the Gov through more taxes / borrowing
Supposedly SVB is the 16th largest bank in the US. It sounds like in the overall scheme of things, this bank was only important to Silicon Valley companies. Does that qualify as too big to fail?
HemiHauler
Well-Known Member
My sense is that this is a unique situation. Bank regulators have a specific definition of "systemically important" or "too big to fail", if you will; I was using the term more generically/colloquially.
Again, the issue here wasn't risk of failure. The bank wasn't insolvent. They had a liquidity squeeze. The were too heavy in long bonds and couldn't complete overnight interest swaps quickly enough to meet cash demands.
Again, the overriding meme here is the bank regulators NEVER want to give even a HINT that the banking system is in peril, lest a nationwide bank-run start.
But much more not great news coming out today.
Strap in.
LightRoasted
If I may ...
Prepare to be shocked. Shocked and appalled. The New York Post ran an article yesterday headlined, “Obama Official, Hillary Donors, Improv Actor: Meet SVB’s Board of Directors.” 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!
☕️ COLLISION ☙ Wednesday, March 15, 2023 ☙ C&C NEWS 🦠
What's the "current thing" these days? Reason prevails as the US and Russia collide; SVB board even more incompetent than you thought; DeSantis says Ukraine not a vital interest; and more.
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