Silicon Valley Bank closes after $42 Billion bank run.
- franzjaeger
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Re: Silicon Valley Bank closes after $42 Billion bank run.
Exactly. not 'running to the bank', just clicking like crazy on a $4000 laptop trackpad.
Re: Silicon Valley Bank closes after $42 Billion bank run.
Signature Bank has been closed yesterday.
If you were a CFO with more than $250,000 in any of those banks listed, how can you not move the money to JP or BoA? If your bank collapsed by Monday afternoon what are they going to say? "We were waiting to see what happened"
The FED has made additional liquidity available, but that might just encourage people to grab it while they can and get out of Dodge City.
The Federal Reserve announced a new lending facility on Sunday aimed at providing extra funding to eligible institutions to ensure that “banks have the ability to meet the needs of all their depositors”. The US central bank said it was “prepared to address any liquidity pressures that may arise”.
https://www.ft.com/content/8e0be2f4-0b4 ... 180980ba90
HSBC takes over the UK subsidiary, so that's about 3300 firms saved and an awful lot of jobs.
A sale of the stricken bank was the preferred choice of Jeremy Hunt, UK chancellor, since it would avoid the government having to make a big intervention to protect depositors.
Hunt wrote on Twitter at 7am: “This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC.
“Deposits will be protected, with no taxpayer support I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise.”
The extraordinary overnight rescue mission involved Sunak, Hunt and City minister Andrew Griffith, while Andrew Bailey, Bank of England governor, and Sam Woods of the Prudential Regulation Authority were also involved.
https://www.ft.com/content/216b193d-62b ... eb3d96ebf1
- armchairlawyer
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Re: Silicon Valley Bank closes after $42 Billion bank run.
This crisis must be getting serious. This morning my wife mentioned it (no prompting from me). She has read about it on her facebook.
Re: Silicon Valley Bank closes after $42 Billion bank run.
It reminds me of the probably apocryphal tale of Joseph Kennedy who decided to sell all his shares in 1929 when his shoeshine boy began giving him tips on stocks he already held.armchairlawyer wrote: ↑Sun Mar 19, 2023 10:29 am This crisis must be getting serious. This morning my wife mentioned it (no prompting from me). She has read about it on her facebook.
- armchairlawyer
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Re: Silicon Valley Bank closes after $42 Billion bank run.
When she tells me to buy credit default swaps on Credit Suisse, then I'll know the crisis is over.Doc67 wrote: ↑Sun Mar 19, 2023 2:10 pmIt reminds me of the probably apocryphal tale of Joseph Kennedy who decided to sell all his shares in 1929 when his shoeshine boy began giving him tips on stocks he already held.armchairlawyer wrote: ↑Sun Mar 19, 2023 10:29 am This crisis must be getting serious. This morning my wife mentioned it (no prompting from me). She has read about it on her facebook.
- Jerry Atrick
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Re: Silicon Valley Bank closes after $42 Billion bank run.
Yep - Wall St the only place in the world where people turn up in Rolls Royce's to take advice from folks catching the subway to work.Doc67 wrote: ↑Sun Mar 19, 2023 2:10 pmIt reminds me of the probably apocryphal tale of Joseph Kennedy who decided to sell all his shares in 1929 when his shoeshine boy began giving him tips on stocks he already held.armchairlawyer wrote: ↑Sun Mar 19, 2023 10:29 am This crisis must be getting serious. This morning my wife mentioned it (no prompting from me). She has read about it on her facebook.
You know that tingly little feeling you get when you really like someone? That's common sense leaving your body.
- newkidontheblock
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Re: Silicon Valley Bank closes after $42 Billion bank run.
‘Bull markets are born on pessimism and die on euphoria.’
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- Jerry Atrick
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Re: Silicon Valley Bank closes after $42 Billion bank run.
Die Deutsche Bank ist kaputt
Jim Cramer has just said "Deutsche Bank will be OK" - this is a kiss of death imo
d picture
Scholtz will say otherwise because he must, but if their 23B derivatives bubble bursts Deutsche bank will fall, and so will the German and EU economies
Jim Cramer has just said "Deutsche Bank will be OK" - this is a kiss of death imo
d picture
Scholtz will say otherwise because he must, but if their 23B derivatives bubble bursts Deutsche bank will fall, and so will the German and EU economies
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