Silicon Valley Bank closes after $42 Billion bank run.

Whether you're a working stiff or a business owner yourself, this is the place to discuss all aspects of financing your drinking habit ;-)

NO BUSINESS SALES HERE PLEASE, WE HAVE A SECTION FOR THAT IN THE CLASSIFIEDS.
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franzjaeger
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Re: Silicon Valley Bank closes after $42 Billion bank run.

Post by franzjaeger »

Exactly. not 'running to the bank', just clicking like crazy on a $4000 laptop trackpad.
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Doc67
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Re: Silicon Valley Bank closes after $42 Billion bank run.

Post by Doc67 »

Jerry Atrick wrote: Sun Mar 12, 2023 2:19 pm FRC Bank will fail tomorrow
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
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armchairlawyer
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Re: Silicon Valley Bank closes after $42 Billion bank run.

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This crisis must be getting serious. This morning my wife mentioned it (no prompting from me). She has read about it on her facebook.
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Doc67
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Re: Silicon Valley Bank closes after $42 Billion bank run.

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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.
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.
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armchairlawyer
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Re: Silicon Valley Bank closes after $42 Billion bank run.

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Doc67 wrote: Sun Mar 19, 2023 2:10 pm
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.
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.
When she tells me to buy credit default swaps on Credit Suisse, then I'll know the crisis is over.
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Re: Silicon Valley Bank closes after $42 Billion bank run.

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Re: Silicon Valley Bank closes after $42 Billion bank run.

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ego bibere nimis
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Re: Silicon Valley Bank closes after $42 Billion bank run.

Post by ego bibere nimis »

Doc67 wrote: Sun Mar 19, 2023 2:10 pm
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.
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.
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.
You know that tingly little feeling you get when you really like someone? That's common sense leaving your body.
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Re: Silicon Valley Bank closes after $42 Billion bank run.

Post by newkidontheblock »

‘Bull markets are born on pessimism and die on euphoria.’


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Re: Silicon Valley Bank closes after $42 Billion bank run.

Post by Jerry Atrick »

Die Deutsche Bank ist kaputt

Jim Cramer has just said "Deutsche Bank will be OK" - this is a kiss of death imo

Image
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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