Well now, this is an interesting development.

[LightRoasted]

For your consideration ...

Just when you thought it was safe to go banking again. The writing is on the walls, no matter how hard they try to erase what is being written. Prepare accordingly.

Game Over: FDIC Shutters Silicon Valley Bank, Appoints Receiver | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

"Expect Mass Layoffs..." - The Real-World Impact Of SVB's Failure | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

300 Billion Reasons Why SVB Contagion Is Spreading To The Broader Banking System | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[PJay]

It's all going down. Has to.

Freedom for those of us who survive the storm.

 

[LightRoasted]

For your consideration ...

And how did this happen? Slowly .... then suddenly.

Do not think that this can't happen with your bank. It absolutely can. SVB may very well be the canary in the coal mine. And also, don't think for a minute that there will be any warning that other banks will be failing. Banks and their owners only care about themselves, you, are just an irritation they have to deal with. Again, plan accordingly.

Silicon Valley Bank calls NYPD on investors trying to pull cash out

Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue Friday morning.

www.dailymail.co.uk

 

[HemiHauler]

It will be interesting to see where the rest of the ~US$2T of unrealized bond losses are.15 years of ZIRP due to QE and now 5%. Unraveling was never going to be easy.

The good news - it will flush out the effluvia and those who still stand will be stronger.

 

[gemma_rae]

Is HomoHauler retarded?

 

[HemiHauler]

Is HomoHauler retarded?
View attachment 169337

With any luck, you're part of the effluvia to whom I will gladly wave bye-bye.

 

[LightRoasted]

For your consideration ...

It will be interesting to see where the rest of the ~US$2T of unrealized bond losses are.15 years of ZIRP due to QE and now 5%. Unraveling was never going to be easy.

The good news - it will flush out the effluvia and those who still stand will be stronger.

Don't forget the trillions in derivatives that need to be reset soon. That's a serious problem as well. And with higher interest rates .... pop goes the weasel.

 

[HemiHauler]

I'd be interested to know how SVB performed in the banking regulators "stress tests" they are required to have in the wake of the last financial crisis. Looks like they recognized and JPMorgan took note late last year; they knew SVB had $16B of unrealized losses tied up in the bond market. BUT they reckoned they's be covered by additional inflows after lower firm valuations would lead to new funding rounds and deposit inflows to the bank. I read elsewhere that Roku had like 16% of their cash holdings on deposit at this bank. Note FDIC insurance limits are a quarter-million I think, and I doubt there are other business loss insurance policies which can be purchased to protect against a risk like this. In many cases we're likely talking 10s of millions which will likely be lost (can you say, "Bailout!). I'm sure we'll soon be hearing of lots of other SillyCon Valley firms which lost a boat load of cash.

Fun times!

 

[TPD]

I used to watch Cramer until he started promoting the vax every night on his program, then I knew he was in the swamp with everyone else. Now I definitely know he’s a fake.

CNBC's Jim Cramer eviscerated for touting Silicon Valley Bank weeks before disastrous collapse

Jim Cramer touted the potential of SVB Financial back in February. His words did not age well, and he has been skewered on social media by major accounts.

www.foxnews.com

 

[HemiHauler]

I used to watch Cramer until he started promoting the vax every night on his program, then I knew he was in the swamp with everyone else. Now I definitely know he’s a fake.

CNBC's Jim Cramer eviscerated for touting Silicon Valley Bank weeks before disastrous collapse

Jim Cramer touted the potential of SVB Financial back in February. His words did not age well, and he has been skewered on social media by major accounts.

www.foxnews.com

Ripe for a RICO charge, that dude has never been mentally stable. He was also (in)famous for declaring, "Bear Stearns is fine!" He's never been worth paying a bit of attention to, except to point and laugh at the crazy.

 

[gemma_rae]

With any luck, you're part of the effluvia to whom I will gladly wave bye-bye.

I have nothing to do with the fecal matter under your fingernails. Maybe your favorite rapper should be N. E. Mah.

 

[AnthonyJames]

Maybe they can get a loan from Zelenskyy.

 

[LightRoasted]

For your consideration ...

Perception management. Now there's a new twist on the word "propaganda".

"When you deposit your money in a bank, you become their creditor. Meaning the money is now THEIRS and they are free to "bail it in" due to a law passed after the 2008 financial crisis. The FDIC is tiny and can only cover only a small fraction of deposits, meanwhile the banking system is on the verge of total collapse"

BANKERS: YES WE ARE GOING TO STEAL YOUR MONEY, POINTING THIS OUT AHEAD OF TIME WOULD BE A BAD IDEA​

 

[GURPS]

SVB had NO head of 'risk assessment' for nine months before it collapsed... as woke boss for Europe, Middle East and Africa was busy organizing a month-long Pride campaign and a 'Lesbian Visibility Day'​

• The collapsed Silicon Valley Bank had no risk assessment head for nine months
• The bank's previous head left in April 2022, her replacement wasn't named until January
• While the bank's European risk officer is accused of being more focused on diversity efforts

 

[Kinnakeet]

So should I take all my money out of the bank and build a vault to put it in?

 

[GURPS]

Shocked Not Shocked: Failed Silicon Valley Bank Victim of Its Own Woke Green Energy Priorities​

As the scrutiny intensifies, and we try to determine exactly what happened, it not surprisingly turns out that the institution was heavily involved in green energy and woke ideals. Home Depot co-founder Bernie Marcus zeroed in during an appearance on Fox News with host Neil Cavuto:

I feel bad for all of these people that lost all their money in this woke bank. You know, it was more distressing to hear that the bank officials sold off their stock before this happened. It’s depressing to me. Who knows whether the Justice Department would go after them? They’re a woke company, so I guess not. And they’ll probably get away with it.

First, Marcus levels Joe Biden and his crazed economic policies, then at the 58-second mark he talks about SVB’s woes. Watch:

[ video at link]

Did the bank underwrite solid goods like hammers, wood, and construction materials—things that the Home Depot founder himself found immense success with? No—you probably won’t be stunned to find out their interests took a totally different path:

The bank’s website bragged about its particular support of solar, hydrogen, and energy-storage companies. It provided more than half a billion dollars in revolving credit to Sunrun, the country’s largest residential solar company. (Sunrun did not respond to a request for comment by press time.)
And more than 60 percent of community solar financing nationwide involved SVB in some capacity, the bank claimed on its website.

Apologies if I sound jaded, but the $570 million in wasted taxpayer money on the Obama-sponsored Solyndra fiasco still weighs on my mind—a costly boondoggle that even the Washington Post had to admit was “infused with politics at every level.”

 

[GregV814]

So should I take all my money out of the bank and build a vault to put it in?

well, no. if the dollar bills are worth nothing, you are storing nothing more than old newspaper that the mice will eat.

 

[Gilligan]

well, no. if the dollar bills are worth nothing, you are storing nothing more than old newspaper that the mice will eat.

And that, boys and girls, is why I'm heavily invested in things I can eat or things I can shoot.

 

[vraiblonde]

So should I take all my money out of the bank and build a vault to put it in?

If everyone does that it will ensure that the banks collapse.

That's the thing about these hysterical news stories - the implosion of SVB doesn't have anything to do with 99.999% of Americans.....unless they force it to. SVB was a big tech lender and they were more concerned about social issues and lining their own pockets than risk management. That's why they tanked.

But here's my question:

Can you get a statement or whatever from your bank that discloses what they're heavily invested in? For instance, if my bank is a big construction lender in a shaky market, I'd want to know that.

I'm pretty sure my bank is secure, but I'd like to be sure sure.

 

[PeoplesElbow]

If everyone does that it will ensure that the banks collapse.

That's the thing about these hysterical news stories - the implosion of SVB doesn't have anything to do with 99.999% of Americans.....unless they force it to. SVB was a big tech lender and they were more concerned about social issues and lining their own pockets than risk management. That's why they tanked.

But here's my question:

Can you get a statement or whatever from your bank that discloses what they're heavily invested in? For instance, if my bank is a big construction lender in a shaky market, I'd want to know that.

I'm pretty sure my bank is secure, but I'd like to be sure sure.

Believe its all in their prospectus that gets mailed to shareholders once a year, nobody reads them.