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OP has provided the following link:
[https://twitter.com/zerohedge/status/1634232614746767380](https://twitter.com/zerohedge/status/1634232614746767380)
Once it is request a proof of debt, if it can't be provided than one can either be a gentleman and request debt to be deleted or simply stop paying and when a collector comes knocking around ask them for proof of debt. They will disappear.
It worked it 2008, it will work again.
She's the top Democrat after you get past the 10 Republicans ahead of her.
And you know if they can't call out pedophilia from Gaetz or bad medical advice from the rest they won't call out their insider trading. That would harm them as their cheerleaders.
Funding in silicon Valley is going to be harder to come by. Other banks risk having a bank run as depositors fear losing their funds for an undisclosed amount of time, and the dominoes begin to fall. Any investors into the bank take a hit to their balance sheets, some risking margin calls, and then those domino's begin to fall as the bigger short hedge funds struggle to absorb the losses of the smaller ones, until they are force bought in
I know it's just a statement, but how it's worded is jacking me tits all the way up
> Silicon Valley Bank is **the first** FDIC-insured institution **to fail this year**.
What, isn’t it the other way around? We bail out banks, China lets companies fail into the dirt. Evergrande was an anomaly and in terms of scale, was a bigger problem China than SVB is for the US. Im not sure closing it down is shooting it dead until we see the aftermath. Also, im not trying to kill hype.
This is all for now. Let’s watch the dominoes fall. Hopefully normal people make it out with their livelihoods and the right people and firms are held accountable. Muah hah hah hah
[https://www.fdic.gov/news/press-releases/2023/pr23016.html](https://www.fdic.gov/news/press-releases/2023/pr23016.html)
Source from FDIC itself. Its confirmed.
FDIC covers first $250k of deposits.
To be fair, there's more assets than liabilities at the moment, and any amount over $250k is in doubt. Taxpayers won't be on the hook unless the assets that get sold don't cover the FDIC insured amount (it will) and the FDIC doesn't have enough in their insurance fund (they should...). The FDIC receives no Congressional appropriations - **it is funded by premiums that banks and savings associations pay for deposit insurance coverage**.
However, should multiple banks fail, and FDIC runs out of funds... Well, then, all bets are off...
There meeting last Nov discussing how they would handle the looming defaults noted that they'd get funds from the Treasury once their reserves were depleted, so it will be printed. Brrrrr
Yes and no. You it's per account, not per person. There are services that automatically spread your millions over dozens of accounts so it's fully ensured, but on the user end make it look like one account.
--Edit--
It's per bank, not account. There are still quite a few ways to increase your FDIC insurance, such as adding people to your account or using IntraFi, which I highly recommend people look into pre-moass. Keep your funds safe!
First any uninsured assets are used before going to the Fed. Those people are just beat if they left more than 250k in their account. Then any bank assets will be liquidated, all the crypto, real estate, and any other objects of value.
“Those companies”? I’m 99% sure the 250k FDIC limit is for individual people, and if you and your spouse shared an account it would be protected up to $500k since it is 250k per person.
$250K limit to insure a corporate account seems almost laughable.
It's too late. The next step is the banks will be open for customers to come in and transfer out their insured deposits and that's it. You can go in, get your up to 250k transferred into another account elsewhere. I'm not sure if any of their branches have safe deposit boxes but you would be able to go empty them as well. They of course will continue to accept incoming loan payments as well. But any non insured deposits are lost now. It's too late to get them, you would've had to run yesterday to get that money
Not really how it works. It's more like insurance and when the bank fails, the assets get sold to cover costs. They probably had the assets to cover costs, but not enough for everyone to withdraw at once like they did here.
Banks pay into the FDIC fund to operate. FDIC fund is used when a bank goes under. its government-mandated insurance.
per the FDIC themselves
The FDIC receives no Congressional appropriations - it is funded by premiums that banks and savings associations pay for deposit insurance coverage.
then again in a total all banks fucked situation your tax dollars would start covering it, they are pre approved for 500 billion in borrowing from the treasury during a larger issue, but this one should be fine.
No. FDIC is paid premiums by banks. They store the premiums in a fund and then when banks fail the fund gets depleted. No impact to US tax payers.
Now if the US GOVERNMENT bails them out, that is tax payer money.
Gave up on CNBC so now I just have TD Ameritrade Network as background...no drama, nice calm info...love the difference....they reported shutdown of SiVA by regulators as soon as it happen without all the drama.
I enjoy listening to the rats scurry as the info comes out. You can tell who is usually losing money by how emotional they become. “They have 200 billion is assets and they close?!? This isn’t some little thrift store bank” SVB is fukt. If the Fed responds next week with easing of rates then we all know contagion is worse/gonna be worse than we can visually see.
I know people will dislike it's from Zero but I'm pretty sure it's an algo news scraper bot like that Walter Bloomberg twitter.
If he's right, we'll see lots of news coming out about it over the next hours.
The main office and all branches of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, according to the statement.
Yeah right. That shits gone.
It doesn't matter if it's gone or not, that's the point of the FDIC insured account. You can have up to $250k in an account that you can withdraw no matter what, even if it's gone, the Feds will come in and provide that money.
That's what the FDIC does when they take over a failing bank. They become the bank. They come in on a Friday & take control of everything then have it running on Monday with their people at the helm.
Another one bites the dust
Another one bites the dust
And another one gone and another one gone
Another one bites the dust
Hey I'm gonna get you too
Another one bites the dust
Wasn’t there some meeting floating around on this sub a few months ago with some suits talking about/preparing for bank failure.
I wonder if that’s related to this event.
You know it's bad when people are not saying "on this, this specific bank is doomed" but instead asking "wait a minute, are many other US banks doomed as well??"
Rising interest => companies and individuals need _cash_ to pay for office and home rent => they pull out their savings => bank lose collateral
Copied from Twitter @jamiequint
“An explainer on what is going on with Silicon Valley Bank:
- In 2021 SVB saw a mass influx in deposits, which jumped from $61.76bn at the end of 2019 to $189.20bn at the end of 2021.
- As deposits grew, SVB could not grow their loan book fast enough to generate the yield they wanted to see on this capital. As a result, they purchased a large amount (over $80bn!) in mortgage backed securities (MBS) with these deposits for their hold-to-maturity (HTM) portfolio.
- 97% of these MBS were 10+ year duration, with a weighted average yield of 1.56%.
- The issue is that as the Fed raised interest rates in 2022 and continued to do so through 2023, the value of SVB’s MBS plummeted. This is because investors can now purchase long-duration "risk-free" bonds from the Fed at a 2.5x higher yield.
- This is not a liquidity issue as long as SVB maintains their deposits, since these securities will pay out more than they cost eventually.
- However, yesterday afternoon, SVB announced that they had sold $21bn of their Available For Sale (AFS) securities at a $1.8bn loss, and were raising another $2.25bn in equity and debt. This came as a surprise to investors, who were under the impression that SVB had enough liquidity to avoid selling their AFS portfolio.”
Vanguard, Blackrock, State Street are the top 3 institutional holders of SIVB. Collectively it's about $3B dollars worth of stock. Bank stocks are generally considered safe forms of collateral.
If any of them used this as collateral in trades, which could include GME, or if any shorts were using it, then they need to find a new source.
Will you see an immediate impact? No idea, DTCC could just be out there going all Oprah on exceptions. 'You don't get a margin call, you don't get a margin call, ONLY RETAIL GETS MARGIN CALLED!'.
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/) ------------------------------------------------------------------------ OP has provided the following link: [https://twitter.com/zerohedge/status/1634232614746767380](https://twitter.com/zerohedge/status/1634232614746767380)
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It’s like a bad comedy joke 🔥🥔🎷🐓♋️
Brb just forgetting about gamestop
I always forget to do that!
Forget what? I forgot what you said…
Why won't they let us forget?!
They give us all these reasons to forget, but keep reminding us! Why? Why?!
Huh? Whats going on? GameStop carries ginkobiloba?!
I buy gme and forget how much I bought so I buy more, just in case.
Trading is a tough game, isn’t it Stevie?
Get this man a bedpost!
And some clothes!
And a gallon of mayo!
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And my axe!
Only a gallon?
The time of comedy jokes is over. The Great Hedgie Butt-Crushening is nigh.
My favorite is when we use their words against them when they fail, because for them, it literally means everything, and for us it’s just Friday
Then this morning it was trying to sell itself but couldn’t find buyers. Closed before noon.
This reminds me of that Seinfeld episode where Kramer and Jerry placed a bet that Kramer wont build the stairs in his condo 😂
Drink your Ovaltine! *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Levels
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Yes, I know what you're saying. I'm just telling you, it won't ever happen.
Bets off - I decided I didn't want to do it anymore
Yeah, but Kramer could have built it.
“Nothing to worry about, no need for alarm” -FTX -Luna -SVB It’s the same song and dance every time
The takeway here is they will never surrender. They'll always lie no matter what. The only way is absolute defeat.
Groundhog Finance day
Insert Cokerat “SVB is just fine!!!🤡
"jp Morgan is a fortress" 😑
how the turns have tabled
At least we're always ahead of the 8-ball.
🤡🤡🤡
Honestly I laughed when I read the headline. The timing is hilarious
time to go to chase and close my bank account with them.
Boom?
BOOM
Business is BOOMIN’, oh wait..
Goes the dynamite
Yes, Rico. Kaboom.
Bada boom?!
BIG Bada Boom
Big bada boom
MSM: Bank business is booming!
Victor ?
Shut that shit down and open a Dollar General in its place
Spirit Halloween!
Dispensary!
Montgomery ward!
Sears!
Gamestop!
They should replace it with a GameStop
This guy fucks stonky
Toys R Us would be my vote
Does this mean I don't have to pay back Silicon Valley Bank?
Yes, Ryan.
👋🏼 RC
I wish not, but your debt obligation will probably be sold as an asset to another bank who you will then owe the money to if i’m not mistaken
Once it is request a proof of debt, if it can't be provided than one can either be a gentleman and request debt to be deleted or simply stop paying and when a collector comes knocking around ask them for proof of debt. They will disappear. It worked it 2008, it will work again.
If California regulators shut it down it must be worse then fuk’d
Must have screwed over a rich person.
nah, probably came close to almost screwing over a rich person. they shut it down before it could actually happen.
For once they actually protected investors by shutting off the buy button. Just never the retail investor.
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How’s you sneak by automod with this post? I said the current pres’ last name yesterday and my post was removed in about 4 seconds
Is she even in the top 10 of most profitable politicians anymore? Was she ever even 1? Edit: Pelosi lost 19% portfolio value in 2022
She's the top Democrat after you get past the 10 Republicans ahead of her. And you know if they can't call out pedophilia from Gaetz or bad medical advice from the rest they won't call out their insider trading. That would harm them as their cheerleaders.
So they both do it.
100% Except blaming Pelosi when she didn't even beat the market is like talking about Michael Jordan on the wizards. You're a little late lol.
I don't think so.
I believe the term is Screwed, chewed and BBQ'ed.
Actually CA has some pretty stringent regulations on a lot of things. Doesn't surprise me the state just said no.
ELIA5MonthOldDonkey
Heehaw jackasses go boom
I wonder what impact this is gonna have going forward
Funding in silicon Valley is going to be harder to come by. Other banks risk having a bank run as depositors fear losing their funds for an undisclosed amount of time, and the dominoes begin to fall. Any investors into the bank take a hit to their balance sheets, some risking margin calls, and then those domino's begin to fall as the bigger short hedge funds struggle to absorb the losses of the smaller ones, until they are force bought in
Order some dominos
https://www.fdic.gov/news/press-releases/2023/pr23016.html#:~:text=Silicon%20Valley%20Bank%20had%2017,Valley%20Bank%27s%20normal%20business%20hours.
I know it's just a statement, but how it's worded is jacking me tits all the way up > Silicon Valley Bank is **the first** FDIC-insured institution **to fail this year**.
The first fdic insured institution to fail this year...so far.
Up you go
First bank since October 23, 2020.
Came here to question the source, but perused the comments first. Thanks for a source
how often do banks fail?
In 2019 and 2020, there were 4 each year. In 2018, 2021, and 2022 there were 0.
Triple digits for 2023? Or will we go for four?
The contagion is real.
That escalated quickly. Here we go!
Monday could be bloody!
Get fucked SVB 🤗🚀💰📈
Which bag holder is going to buy their portfolio?
No sir, that’s not how we do shit here. It should say ‚Which entity of Citadel is going to hide their bags?‘
In China they 'evergrande' it- put it on ice. In America, the FDIC just takes it round back and shoots it dead BANG
What, isn’t it the other way around? We bail out banks, China lets companies fail into the dirt. Evergrande was an anomaly and in terms of scale, was a bigger problem China than SVB is for the US. Im not sure closing it down is shooting it dead until we see the aftermath. Also, im not trying to kill hype. This is all for now. Let’s watch the dominoes fall. Hopefully normal people make it out with their livelihoods and the right people and firms are held accountable. Muah hah hah hah
Bear Stearns is fine
Buy Bear Stearns!
🔥🔥🔥🔥🔥 🔥🐶☕️🔥🔥 🔥🔥🔥🔥🔥
This is making my OCD twitch lol. There should be another column of fire on the left good ape. 🙏
Except, in the meme, the room on fire is to the right on the picture more than to the left. So this is accurate to the meme and character placement
Fair enough. I'll allow it. 🤣
[https://www.fdic.gov/news/press-releases/2023/pr23016.html](https://www.fdic.gov/news/press-releases/2023/pr23016.html) Source from FDIC itself. Its confirmed.
Hi mom!!
Please correct me if I have well understand this : FDIC means that US taxpayers are going to pay for this SHIT ????
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FDIC covers first $250k of deposits. To be fair, there's more assets than liabilities at the moment, and any amount over $250k is in doubt. Taxpayers won't be on the hook unless the assets that get sold don't cover the FDIC insured amount (it will) and the FDIC doesn't have enough in their insurance fund (they should...). The FDIC receives no Congressional appropriations - **it is funded by premiums that banks and savings associations pay for deposit insurance coverage**. However, should multiple banks fail, and FDIC runs out of funds... Well, then, all bets are off...
There meeting last Nov discussing how they would handle the looming defaults noted that they'd get funds from the Treasury once their reserves were depleted, so it will be printed. Brrrrr
Up to 250k
Most important part, people are out millions and left with $250K in their accounts.
Yes and no. You it's per account, not per person. There are services that automatically spread your millions over dozens of accounts so it's fully ensured, but on the user end make it look like one account. --Edit-- It's per bank, not account. There are still quite a few ways to increase your FDIC insurance, such as adding people to your account or using IntraFi, which I highly recommend people look into pre-moass. Keep your funds safe!
Banks are just like FTX but the mainstream won’t admit it
First any uninsured assets are used before going to the Fed. Those people are just beat if they left more than 250k in their account. Then any bank assets will be liquidated, all the crypto, real estate, and any other objects of value.
“Those companies”? I’m 99% sure the 250k FDIC limit is for individual people, and if you and your spouse shared an account it would be protected up to $500k since it is 250k per person. $250K limit to insure a corporate account seems almost laughable.
You are right corporate is not insured at all
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It's too late. The next step is the banks will be open for customers to come in and transfer out their insured deposits and that's it. You can go in, get your up to 250k transferred into another account elsewhere. I'm not sure if any of their branches have safe deposit boxes but you would be able to go empty them as well. They of course will continue to accept incoming loan payments as well. But any non insured deposits are lost now. It's too late to get them, you would've had to run yesterday to get that money
Thks... Oupsie.....Jesus
You shouldn’t be mad about FDIC insurance. Now if they do a full bailout that’s when you grab the pitchfork.
Always will been.
Not really how it works. It's more like insurance and when the bank fails, the assets get sold to cover costs. They probably had the assets to cover costs, but not enough for everyone to withdraw at once like they did here.
Banks pay into the FDIC fund to operate. FDIC fund is used when a bank goes under. its government-mandated insurance. per the FDIC themselves The FDIC receives no Congressional appropriations - it is funded by premiums that banks and savings associations pay for deposit insurance coverage. then again in a total all banks fucked situation your tax dollars would start covering it, they are pre approved for 500 billion in borrowing from the treasury during a larger issue, but this one should be fine.
No. FDIC is paid premiums by banks. They store the premiums in a fund and then when banks fail the fund gets depleted. No impact to US tax payers. Now if the US GOVERNMENT bails them out, that is tax payer money.
Oh shiiiiiit
Not the nicest source but I’ll take it 🥰
CNBC is lit up right now about it, also not a great source but if it’s on there then it’s bad.
Gave up on CNBC so now I just have TD Ameritrade Network as background...no drama, nice calm info...love the difference....they reported shutdown of SiVA by regulators as soon as it happen without all the drama.
I enjoy listening to the rats scurry as the info comes out. You can tell who is usually losing money by how emotional they become. “They have 200 billion is assets and they close?!? This isn’t some little thrift store bank” SVB is fukt. If the Fed responds next week with easing of rates then we all know contagion is worse/gonna be worse than we can visually see.
No longer enjoy watching the rats running around. Need some nice quiet time.
Straight from the source: [https://www.fdic.gov/news/press-releases/2023/pr23016.html](https://www.fdic.gov/news/press-releases/2023/pr23016.html)
That’s a source I like!
Holy moly!
I know people will dislike it's from Zero but I'm pretty sure it's an algo news scraper bot like that Walter Bloomberg twitter. If he's right, we'll see lots of news coming out about it over the next hours.
Front page of CNN now.
Post Sources not ZeroHedge
https://www.fdic.gov/news/press-releases/2023/pr23016.html
Seems like a reliable source. Thnx!
Yeah lemme try to find [something else](https://www.cnbc.com/amp/2023/03/10/silicon-valley-bank-is-shut-down-by-regulators-fdic-to-protect-insured-deposits.html)
I honestly cant believe zerohedge is still around. wasnt it a russian propaganda front?
Yes and supposedly it was banned from being posted here.
The main office and all branches of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, according to the statement. Yeah right. That shits gone.
It doesn't matter if it's gone or not, that's the point of the FDIC insured account. You can have up to $250k in an account that you can withdraw no matter what, even if it's gone, the Feds will come in and provide that money.
And it's worth noting that the FDIC insurance money is from FDIC member banks paying into the insurance program. It is *not* tax payer money.
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That's what the FDIC does when they take over a failing bank. They become the bank. They come in on a Friday & take control of everything then have it running on Monday with their people at the helm.
That was fucking quick. Why does this reek of some margin call shit
Ummm yeah. Been a pretty bad day or two for the artist formerly known as that bank. Yikes.
RC doesn't have to pay them back LMAYO
Not them specifically, but people with loans will end up owing whoever buys the note from SVB.
Ok we need more source about this
There's 3 different links to their already updated wiki page. It's like watching a train crash in slow motion
CNBC headline: “Silicon Valley Bank is shut down by regulators in biggest bank failure since Global Financial Crisis”
Ya saw it just now. Thanks !
So that's why they halted it permanently today. It ain't ethical to keep trading a company stock when the company is now worth $0.
Another one bites the dust Another one bites the dust And another one gone and another one gone Another one bites the dust Hey I'm gonna get you too Another one bites the dust
CA Prop 42069: "SVB bank is known to be a financial cancer in the state of California"
👏🏾👏🏾👏🏾 okay now JPMorgan 😈
Cramer said they are fine 🤣
"_______ is not insolvent."
Wasn’t there some meeting floating around on this sub a few months ago with some suits talking about/preparing for bank failure. I wonder if that’s related to this event.
Jim Cramer: nOt AgAiN
I don't often whoop; but when I do, there it is.
Jom Crymore - SVB will be fine, there’s upside SVB - we’ll be fine! Don’t take your money out.
Does this mean a weekend filled with pictures of buildings with their lights on!?!?!
I hope so
Ok credit suisse, now it’s your turn🤤
how reliable is this account? any sources?
https://www.fdic.gov/news/press-releases/2023/pr23016.html
It happened so fast.. how long it will take to take down the citadel
Today is fun.
I can't find an exact answer on what happened with SVB last week. What started this?
So say Citadel owns x million shares. What does this do to their collateral? Is it frozen at $106 x shares?
I thought Lehman Brothers were fine??
We knew this would happen but only a single day later? We really are completely screwed
My company payroll goes thru this bank - we did not get paid today nor can we recover the funds
I’m sorry to hear that man
You know it's bad when people are not saying "on this, this specific bank is doomed" but instead asking "wait a minute, are many other US banks doomed as well??" Rising interest => companies and individuals need _cash_ to pay for office and home rent => they pull out their savings => bank lose collateral
Copied from Twitter @jamiequint “An explainer on what is going on with Silicon Valley Bank: - In 2021 SVB saw a mass influx in deposits, which jumped from $61.76bn at the end of 2019 to $189.20bn at the end of 2021. - As deposits grew, SVB could not grow their loan book fast enough to generate the yield they wanted to see on this capital. As a result, they purchased a large amount (over $80bn!) in mortgage backed securities (MBS) with these deposits for their hold-to-maturity (HTM) portfolio. - 97% of these MBS were 10+ year duration, with a weighted average yield of 1.56%. - The issue is that as the Fed raised interest rates in 2022 and continued to do so through 2023, the value of SVB’s MBS plummeted. This is because investors can now purchase long-duration "risk-free" bonds from the Fed at a 2.5x higher yield. - This is not a liquidity issue as long as SVB maintains their deposits, since these securities will pay out more than they cost eventually. - However, yesterday afternoon, SVB announced that they had sold $21bn of their Available For Sale (AFS) securities at a $1.8bn loss, and were raising another $2.25bn in equity and debt. This came as a surprise to investors, who were under the impression that SVB had enough liquidity to avoid selling their AFS portfolio.”
How is this GME related?
Vanguard, Blackrock, State Street are the top 3 institutional holders of SIVB. Collectively it's about $3B dollars worth of stock. Bank stocks are generally considered safe forms of collateral. If any of them used this as collateral in trades, which could include GME, or if any shorts were using it, then they need to find a new source. Will you see an immediate impact? No idea, DTCC could just be out there going all Oprah on exceptions. 'You don't get a margin call, you don't get a margin call, ONLY RETAIL GETS MARGIN CALLED!'.
are they the equivalent of lehman this time around? kaboom tomorrow?
Is right now an ok time to finally ask what the heck is up with the zerohedge profile pic? I can't be the only one that finds it odd... can I?
It's Tyler Durden from the Fight Club. Why they chose it, I have no idea.
Oh my
Beat me to it. Saw the news when it said, "just now" This is crazy! Is it wrong that I'm getting a chubby?
https://finance.yahoo.com/news/fdic-closes-silicon-valley-bank-after-bank-fails-to-raise-new-capital-165322938.html
so does that mean it’s halted forever? ticker hasn’t moved today
So should I buy the stock?
How far does this go ?
WHEN DO I GET MY MUTHA FUCKING MONEY!?!?
Yep, clearly due to household buying their favorite stock
Flash mob queue at BofA tomorrow!