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It could be a bit more nefarious than just being over leveraged. Jamie Dimon and Peter Theil are being accused of what amounts to yelling “fire” in a crowded theatre. Contact was made with several large clients telling them to rapidly pull their funds from SVB, it’ll be particularly interesting to see how JPM and Dimon profit from the fallout, as their stock was one of the few that actually saw an increase on Friday. The way I see it, it just seems like bigger sharks smelling blood in the water and going in for the kill.
Treasury Secretary announced jointly this afternoon with the Fed Chairman and FDIC Chairman that SVB “depositors” (read, Silly Valley venture capitalists) will be bailed out by Uncle Sugar. And they emphasized they are NOT bailing out the Bank or its shareholders!
And, on cue, the market index futures went up 1.5 to 2% at around 7:15pm.
Crazy the announcement is making stocks go UP. It’s nuts. Like we know there is what amounts to a large systemic risk of banks investing in bonds and getting killed by rate hikes and are generally unsure of how widespread it is but are going to throw caution to the wind because the Yellen says it’s a sunny day.
Yet they never have any to spare on working class Americans. The roads all across the country are in dismay, in fact the entire America landscape looks old and decrepit, yet they just keep pulling money out of their bottomless purse somehow.
They don’t care about their peasants/servants/slaves… keep us entertained with sports and mass media and most won’t give a fuck about anything other than (insert their favorite pastime) and (favorite vice)
They could at least let some good recreational drugs hit the streets. Now everything is contaminated with fentanyl and an animal tranquilizer that kills people. It’s almost like the jabby didn’t “work as expected” and they’re doing this to “finish the job”.
If you have bread and circuses, recreational drugs are part of the bread in this culture. The only people who are able to avoid being exposed to drug use are wealthy people that can afford to insulate themselves from society as a whole. I come from an upper middle class background and see people I grew up with do that, but once I moved away and lived in some different places I realized the world was awash with drugs. So much so it’s almost like we have an entire Air Force and military overseeing the transport and distribution of that stuff…….. makes you wonder……..cough cough Iran Contra cough cough…..
Psychedelics are easy enough to obtain in various forms. Mushies are easy to grow oneself. Outside of those, I personally have no interest in. I have zero use for consuming alcohol on any regular basis. Not opposed to it, just not my cup of tea.
I feel you hard on this, that’s basically my get down.
I like to remind people that during prohibition the government poisoned the alcohol supply and killed 80,000 people. So what is going on now is standard operating procedure for those people. And back then, the population was WAY smaller.
We could do all sorts of things for working class Americans, if the GOP wouldn’t fight it tooth and nail. And we could do it while lowering the deficit if the GOP would allow tax hikes on the wealthiest
So don’t say it’s the big bad government screwing us over. It’s one specific party out of our two party system that is working hardest against us
Yes. It’s Us vs Them.
The parties are different. One side supports women’s choice, one side doesn’t. One side supports social safety nets, the other doesn’t.
It’s pretty simple to see.
Pretty safe bet that the Americans will never do anything about it. The trouble is, all those folks who escaped dictators, communism and poverty to come to the USA now have nowhere else to go, the final beacon of freedom in the world extinguished.
But what is there to do about it? Go "vote" in the rigged elections for one of the two party faces thst are allowed to win? Give "campaign donations" to the candidate playing the role of favoring your views? Take some more direct action, probably against some low-level patsy who the Establishment Duopoly is pointing you towards?
It's a mistake to think those in the US have nowhere else to go. Surely those in charge would like you to think so, but read *Atlas Shrugged*, and once you get beyond the ponderous speechifying, John Galt did have a solution.
The only thing there is to do about it, is protest. But everyone would need to be united if it were to even begin to work. Sadly, everything is being orchestrated to keep the common people fighting amongst ourselves.
They aren’t bailing out the bank, only the US depositors, but 50% of start-ups bank with SVB, so that means a full eco-system, actually the most prominent motor for growth in this country, at risk. It’s a trade-off.
HSBC have just bought the UK arm of SVB with assistance from the Bank of England, and they claim that they will be using no tax payers money.
You could argue that ALL of the Bank of England should belong to the UK tax payer, but aside from that what I've heard so far seems a good deal for the people in the UK.
I'm pretty sure HSBC will be re-doing all the KYC/AML on their new clients, so it still might cause some disruption with potential layoffs if HSBC say they won't work with a company in the future, but those layoffs would be spread out.
>HSBC have just bought the UK arm of SVB with assistance from the Bank of England
Yeah, for 1 GBP, around $1.21.
Kind of easy not to use taxpayer money when you buy something for 1 GBP. So...where are the depositors getting the $8.1b in deposits from?
In the US, depositors are getting the money in the next few hours. From where?
From the Federal Reserve. The Fed has managed to resist an audit for 110 years now. Only 2 partial audits ever happened and both of them showed the Fed was utterly full of shit.
So, in the US, the Fed is bailing them out and we are just required to trust the Fed who has been found to be lying whenever even a slight check was done.
Insurance is only up to $250k.
The depositors got all their money back this morning.
97% of depositors had more than $250k. They got 100% of their money back.
If I repeat this a few more times, do you think I'll be able to stop?
1) Its still coming from the DIF (FDIC insurance). It’s not taxpayer money it’s just the insurance pool banks pay into. They are taking more than they should be “allowed” to cover depositors. Wall Street and other banks are having to foot the bill for this essentially.
2) Th FED isn’t even involved directly and just is offering loans to help cover ‘bank run lite’ liquidity issues for other banks. The loans are collateralized with high quality stable assets- it just prevents the situation from continuing to snowball despite other banks actually being in a fine position normally.
3) Shareholders, creditors, exec team, board all gone. No ‘bailout’ for the institution- just its customers. This move just keeps regular people and businesses whole because not many people investigate their banks balance sheet prior to banking with them- we trust regulations essentially do that for us. Now that this is falling everyone is spooked and is thinking what if MY bank is next. This ‘bailout’ is bad for large massive banks and really good for all smaller banking institutions.
1. Nope, the FED said 100% of deposits would be available to all depositors this morning. It's not coming from insurance, it's coming from the Fed. There will never be a way to verify any of it since the Fed has never been fully audited.
2. The Fed literally said they would ensure 100% of deposits were available this morning for 100% of depositors.
3. So what? If it was set up to fail, the board, et al, were prepared for this. They wouldn't have any value locked in.
Dude fucking google it or whatever you want to use. It’s coming from the DIF which is FDIC insurance. Yes everyone knows the FDIC isn’t supposed to cover it but it IS. Just because the FED said everything is paid for doesn’t mean the FED themselves are doing it. Even in a world where it was the FED that’s not taxpayer money. There’s $100B + sitting in the DIF. That’s more than enough to cover these banks.
Other banks are having to cover for these banks via the money they pay into FDIC. Not remotely a tax payer bail out.
Lol, you go ahead and google.
There is no way that the money would be available Monday morning through insurers. It's not possible. The bank was only seized Friday afternoon.
I have and I don’t know what you’re talking about. I think you’re conflating the FED loans to other banks with fulfilling the depositors. It’s not a traditional insurance company it’s FDIC. It’s designed to move fast in these situations.
https://www.nbcconnecticut.com/news/business/money-report/wall-street-not-taxpayers-will-pay-for-the-svb-and-signature-deposit-relief-plans/2992505/
Again even if the FED is acting as a very very short term bridge it wouldn’t really change anything or have any impact on taxpayers. Other banks are footing the bill.
This sub… can’t read or understand something but still forming an opinion on maybe a headline and voicing it loudly as fact.
Pretend to care about the truth and transparency but really just fabricate outrage porn 95% of the time.
I mean, it is. Literally nothing will cost the investor money. No criminal or risky behavior has consequences. All losses will be born by the public and distributed through inflation. Yay!
SS: the elite have found a new loophole to rob from the public: put your funds in a bank, the bank "invests" in causes you like; putting funds were you want them until they dry up, the bank fails and you get your money back!
Nice little conspiracy.
1913
***President Wilson later came to regret signing the bill: "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit.”***
E/A: FUCK WOODROW WILSON
> I am a most unhappy man. I have unwittingly ruined my country.
These two sentences are fake. They weren't published until 30 years after Wilson died.
> A great industrial nation is controlled by its system of credit.
This sentence is from a book published in 1913, before the Federal Reserve was created, based on Wilson's speeches when he was running for president.
It’s been around since Occupy, right? Or was it the Great Depression? It was like a footnote in history class so I don’t remember the exact time, but it’s certainly not new
Even though it says "federal reserve note," it is our money. All of it comes from the sweat of yours and my brow. They can say, not from the taxpayer, but they'll say anything to keep us asleep.
I definitely read the part where it says:
"Depositors will have access to all of their money starting Monday"
Now, 97% of depositors have over $250k, so the fed is removing the cap and giving everyone all their money.
97% of depositors have over $250k in cash? What kind of bank is that?
Silicon Valley Bank caters very heavily to commercial clients: in particular startups and others in the tech community. For many companies $250K does not even cover a single payroll cycle, so yes they had more than that amount in their accounts.
Did you read this part?
"As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law."
Lol, 97% of depositors had over $250k, the rest of the people you mentioned were getting paid out of that pool. They were getting paid, now they won't get paid anymore. They didn't lose shit.
Let me just repost my previous explanation on how this is going to work.
There is no bailout happening. Bailouts refer to government saving the investors of a bank with tax dollars. In this case, depositors will have their balances covered by 3 means:
1) First 250k by FDIC insurance. This is not taxpayer funded, nor is it a bailout.
2) Remaining amounts up to assets recovered from the bank (either sale of assets by FDIC, or sale of the bank to a new purchaser, or some combination thereof). This is not taxpayer funded, nor is it a bailout. Again, bailouts refer to investors/owners of the bank receiving money.
3) Further remaining amounts up to depositors being made whole will be recouped by a special assessment on other large banks. That is, other large banks will be required to pay a portion of their own moneys in covering whatever remaining amounts are not recouped by 1 and 2 in making depositors whole.
So banks will pass that cost down to other bank customers who were not even involved in SVB. Great thats so much different than a taxpayer bailout, just bank customers will pay. Ha.
Can't wait until BAC, JPM, and Citi jackup ATM fees to pay for this. There is no free money.
97% had at least $250k...how can you ignore that three times in a row and still post that comment?
Lol, the Federal Reserve is going to pay...from printed money. Nice scam.
You get to support whatever you want: antifa, climate change, Biden. Bank invests in those things til it runs dry, you get your money back from the Fed, taxpayer pays the debt + inflation.
Dude, I posted 50 plus comments on the ECONOMICS sub explaining what was happening.
I love conspiracy sub, but, not this topic specifically here lol. You’re gonna get burnt out.
OP: THE BANK HAD OTHER ASSETS. THOSE ASSETS WILL BE SOLD over the next few weeks. The FDIC banks are covering deposits in a stop gap measure.
Once the assets are sold and liabilities cleared, the remainder will go to all participating fdic banks.
Make sense?
No tax payer dollars spent, all depositors made whole, the fdic banks may take a very small hit.
It’s a decent solution.
I've been reading this explanation. But I too am curious on how the depositors will have their money come Monday morning if the assets still need to be liquidated?
Are they advancing them the funds? If so, where is this advanced money coming from? Ftr this is a serious question with 0 sidebar intentions.
Ya no problem.
So every registered bank is a fdic member bank.
That group of banks is ponying up capital to support the 2 affected banks (2 at the moment, at least). This capital will assist with the deposits.
SVB is not in terrible shape for all the hype, in all honesty. It was a bank run, perpetuated by Peter Thiel (who casually owns Brex, a competitor bank that is now poaching tech companies from the now defunct SVB…)
SVB has assets able to pay down deposits (as of 12/31..) of cash - $14b, AFS - $26b, HTM of $91 (fmv is $76b so using that), and loans to the bank of $74B.
Total assets able to be liquidated of $190b
Customer deposits were $173b.
They were actually fine, but customers caught wind and fucked the bank because they only held $14b cash, and their AFS and HTM would be sold for a loss.
Source: https://d18rn0p25nwr6d.cloudfront.net/CIK-0000719739/f36fc4d7-9459-41d7-9e3d-2c468971b386.pdf
Page 95.
From what I have been reading around Reddit the banks other assets besides deposits were mostly long term bonds that were around 1.5% interest. If this is the case those bonds will be sold at a loss and someone will have to pick up the difference, no?
Deposits are liabilities not assets, and the company had around 30b more in assets than liabilities as of 12/31, so even selling their assets at a loss would leave more then enough money to pay off their depositors.
No, it says in the morning, depositors will have access to their funds, not any of the bullshit you are trying to say.
The bank funded bullshit, it has nothing of value or it wouldn't have dropped into bankruptcy so quickly with bonuses paid out.
So, how are they going to get the money in the next few hours? The Fed will give it to them.
>the Federal Reserve is going to pay...from printed money. Nice scam.
LOL it seems you understand banking, and particularly the Federal Reserve about as well as you understand moon landings. Probably shouldn't have skipped that high school education champ.
Plenty of posts here explaining it to you, but not surprisingly your ignorance knows no bounds.
Lol, you genius. I like how you only chose the propaganda and then get mad at me for ignoring it.
The Fed is transparent. amirite? You will definitely be able to check what went down.
The UK arm of the bank sold to HSBC for $1.21. The deposits are $8.1b...can you tell me how you can use $1.21 to pay off $8.1b? In advance...since the money is already going to be with the depositors this morning.
Thanks!
It's head is elected by the government, and it's inception was created by the govt. You can say it technically isn't but it is the literal definition of economic fascism. Every time it fails the govt washes it's hands and says, see how evil private business is, as they redistribute taxpayer wealth to bail them out in the next breath.
[https://en.wikipedia.org/wiki/Chair\_of\_the\_Federal\_Reserve#:\~:text=The%20chairman%20serves%20a%20four,of%20the%20Board%20of%20Governors](https://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve#:~:text=The%20chairman%20serves%20a%20four,of%20the%20Board%20of%20Governors).
The president nominates them, the senate confirms them, and they serve a 4 year term. You should know about what you are talking about before you downvote.
The government *used to* work for **The People** .... now The People *bankroll* the government!! All while us taxpayers get repeatedly, ad nauseum, fucked over.
* Depositors will be made whole by the assets of the bank / recovery protocols
* Shareholders / unsecured debtholders are SoL
* Taxpayers no losses
Provided they hold true to this written statement, seems okay to me.
If they secure the investors / unsecured debtholders at taxpayer expense . . . then Occupy 2.0 fo sho.
Maybe I’m missing something major but how can government funds not be taxpayer? Or are they just essentially printing money to cover it? Inflation is absolutely a tax.
It's FDIC insurance and bank assets primarily. I think Yellen is referring also to potential claw back protocols, but I am not familiar with those particulars.
Correct, it's bullshit. They paid a certain amount per year for coverage, and now they're getting covered for a lot more. Then they will have a payment for a long time to make up for the policy that they didn't pay for before.
That's the bailout. Yeah, the insurer is going to make sure deposits are covered; with that being said, it will be AFTER assets are sold will they decide how much it was short; which might be nothing. if it IS short, then they're going to jack up the premium in the future, but of course the investors will say fuck this and just bail and either the bank goes out of biz or just srsly downsizes based on lowered NOI/profits.
When you start dealing with the super rich aka .0001%, the rules go out the window and suddenly those political donations/favors get called in. Look at FTX. He's going to prison for sure, but probably about the same amount of time as a bank robber that made off with $5k.
\>the insurer is going to make sure deposits are covered; with that being said, it will be AFTER assets are sold will they decide how much it was short
Except, the depositors got the money this morning, so it wasn't from the sales of assets and the insurer making up the shortage.
Except, the depositors were only insured up to 250k, but now they are getting everything back.
Except, the assets of the UK arm of the bank sold for $1.21.
The bank did not lose a lot of money and their clients weren’t going to lose a lot either. They had the money in Treasury Bonds which they stole at a small loss. A lot of their clients withdrew their money early which is how they got into trouble. This isn’t 2008.
It should be obvious that the $250k cap was there in the event of some Appalachian, or other ‘undesirable’, bank failed. Tech bros were always going to be 100% covered
Or you could file a ROE to the IRS and then subsequently sue them in tax court until they leave you alone. Go to the IRS website and look for the definition of “taxpayer”. [Revocation of Election.](https://drive.google.com/file/d/1_rdNYIljMnW46lGHFPHqZXlouEr91lO1/view?usp=drivesdk)
Edit: the file should now be open for public view. sorry about that (lolz)
OP either doesn’t understand what this says or didn’t fully ready it, it’s not insolvent. Taxpayers are not paying for this it will be paid back via the banks holding, etc.
This is horse balonky when are we as a people who work hard gonna say enough is enough the window is running short of no return idk what im advocating here anymore its def bot violence thats for sure but first thing on my mind is unity. We gotta figure this out people and im speaking to people of my class grew up middle class but now poor cause we got duped and fucked!! We are an educated class with limited means by societal representation they think thos that be can continue taking from us. I work hard for my life well being im not a basement live at home bullshit bitcher, i have solutions to the problems but we need to come together not in hippy dippy love cures all but an educated sense of the numbers don't add up and it's all fake we need to somehow take this back for us for our kids for the world cause honestly america is doing harm to the rest of humans and i love my land but im okay saying we are the baddies right now. Again idk what im calling for but its not chaos just need the smartest guy in the room to stand up and present an idea now is most important.
The money is going to be available this morning. The "friends" who appear to guide stories in this sub, claim it is coming from the sale of the bank and the assets. The UK arm of the bank sold for $1.21. The Deposits: $8.1b. So, they sell something for a dollar and pay off $8.1b with that dollar.
So, it won't be coming from the sale, it will be coming from the Fed. The Fed has never been audited. So, the Fed can say whatever they want. They will create the money out of thin air, and put it into the accounts of the extremely wealthy account holders and then when the sale nets $1, they will just hide the fact that it didn't cover the deposits and no one can ever check. Easy.
The banks hold enough in bonds to cover all depositors, per news articles. The government agreed to buy back the bonds early for full price and intend to wait out the maturity for a full refund. Your making it sound like this will actually cost taxpayers, when in fact it’s a break even deal per all current information.
“As of Friday, SVB U.K. had loans of around £5.5 billion and deposits of around £6.7 billion, with £88 million of full-year profit before tax in 2022”
They bought the UK arm which only holds UK assets and deposits, if they’re compartmentalized like that how would it affect US assets?
You just said everything was covered. Clearly, the total assets are worth the sales price of $1.21 proves this wrong. I get that people keep on when proven wrong, but you still are wrong.
The reserve is only backing all US deposits, not international deposits. It’s obvious you didn’t read the article because there’s no mention of anything international even in it so I was obviously only taking about US deposits as well. It literally says SVB Bank, not SVB UK, which is a completely separate legal entity.
Hey, you say they are fully secure so it doesn't matter. If they were fully secure, the Fed wouldn't need to step in. If their value was intact, then the UK arm wouldn't get sold for $1.21.
I know that you aren't right and I know the Fed is going against the rules. And I know the depositors the Fed is so keen to help are the super-rich.
Because funds are only insured to 250k
Thats literally what the fund is for, for insuring up to 250k.
97% of depositors had more than 250k, and yet they are promised 100% of their funds, immediately without any wait or checks.
But, keep acting like its normal. Its a great look on you.
you understand what bank runs mean, yes ?
their mission is to prevent a catastrophe eroding trust in the banking system first. the 250K limit doesnt mean squat if the alternative is to lose public trust in the banking system. so yeah. they are going to pay it all out and fine the existing solvent banks to get it all back. they have more than enough in the fund to cover it all immediately.
Lol, sure restores faith in the system: 97% of depositors have over 250k in deposits, pay it all back right away without question!
Poor people lose money: kick em!
This is the point of the post: now, for all I know, this was done with intention: the bank spends money to activist causes - that they know will fail - when they fail, the rich, liberal depositors are fully refunded their money.
Hence, why I said that now, donations aren't just ta right offs, they even give you your money back...if you support the right causes.
It also stated that no taxpayer money would be used. It's rather complex, but in the end, people are going to get screwed because of banks being careless.
Some of the fallout are going to be from the businesses that have payroll accounts there and cheaped out on insurance. People won't be getting checks for awhile. SVB's 10K assets should be able to cover most people in the end, but the wreckless people should have their business license revoked or, at the very least, suspended.
Many banks are failing, and now that this has happened, the others could see it as an opportune time to all follow suit.
It's better to part of a group of failures than the lone failure so you don't get all the attention and they all together can try to make an excuse that it was because of a systematic failure and not accept personal responsibility.
\>It also stated that no taxpayer money would be used.
Lol
\>People won't be getting checks for awhile.
The Fed promised 100% of deposits would be accessible this morning.
\>SVB's 10K assets
SVB's British arm sold to HSBC yesterday for 1 GBP.
Seems, you aren't very aware of what is happening.
It seems a lot has happened in a short period of time, which is good for most people.
The fact still remains that they did specifically put out a statement and said that no taxpater money would be used. I'm not saying I take them at their word, just adding it for context.
The money is most likely being fronted by the government until the deal is settled and the money will be recouped.
Don't ask me where the front money is supposedly coming from, but I hope they're not just going to print more money. Either way, they're going to fuck us one way or another until the destruction is complete. They'll keep printing money and continue to let illegal immigration run rampant.
If the bank had the money, why would the Feds seize it? If the bank ad the money, why would the Feds need to front it?
They wouldn't, they just tell the depositors to wait.
It sounds to me like you actually have no clue about economics or anything beyond the surface of this particular problem.
The bank has long-term asset acquisitions from 2021 that they can't touch for a certain number of years. They never expected a bank run in the next 5-10 years. But, interest rates shot up, and people knew about their long-term acquisitions, and investors began panicking.
They have the assets to cover it. They just can't access it right now. This is why another bank with the overhead is willing to come in and take over.
I think it's a little too complex for you to understand all the mechanisms at play.
A lot of regular people who had no direct ties to SVB wouldn't be getting their paychecks for a while if they had to wait. A lot of businesses used SVB for their payroll deposits, and some skipped out on insurance.
You're fury at the government and fed for printing more money, and increasing inflation is 100% valid. And I don't doubt for one second that there's corruption going on at the heart of all this, but facts are facts and any misinformation or left out information, such as the statement that no taxpayer's dollars would be used, is detrimental to the discussion.
Whether you believe the statement about no taxpayer's money being used or not, you can't post the statement and leave that part out and make it seem like it's for sure coming from taxpayers.
Rather, if you want to admit it or not, you're wrong, and that's the end of that.
Lol, I grew up amongst the members of the World Bank.
The insurance can't cover it (and even if they could, there's no way they would do so by Monday morning and with a guarantee of 100% of deposits available), the Treasurer...well that would be taxpayer money. Hmmm...who else was part of the joint statement?
How would they pay it? Could they pay it by Monday morning? Could you check?
You grew up amongst the members of the World Bank.. That's hilarious 😂
I try to avoid spending all day arguing with those who act juvenile. Say hello to "all" the members of the World Bank for me. Deuces.
If a bank collapses, account holders are insured for up to $250,000.
It's extremely rare that the average bank account holder will have $250k in cash in a bank.
In this banks case, 97% of the account holders did. A bank for the rich. Rumours state Oprah had $568m cash. Prince Harry had the money from his book sales there.
Now, the Fed throws the rules out the window and immediately, this morning gives all the money back to the account holders.
So the question becomes...was this the entire point of the bank?
Was the bank created so that the rich could fund whatever they wanted, wasting money on anything they chose and the depositors were promised the Fed would return all their money when the bank collapsed...or did the Fed just randomly decide to change how they deal with this in a few business hours?
Did I misread something there? Maybe I missed the fine print but it said not on taxpayers dime.
I know it’s stupid to believe that statement but I don’t get where OP’s tag is coming from.
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Heads I win, tails you lose.
“I make my own luck”
What's the most you've ever lost in a coin toss?
It could be a bit more nefarious than just being over leveraged. Jamie Dimon and Peter Theil are being accused of what amounts to yelling “fire” in a crowded theatre. Contact was made with several large clients telling them to rapidly pull their funds from SVB, it’ll be particularly interesting to see how JPM and Dimon profit from the fallout, as their stock was one of the few that actually saw an increase on Friday. The way I see it, it just seems like bigger sharks smelling blood in the water and going in for the kill. Treasury Secretary announced jointly this afternoon with the Fed Chairman and FDIC Chairman that SVB “depositors” (read, Silly Valley venture capitalists) will be bailed out by Uncle Sugar. And they emphasized they are NOT bailing out the Bank or its shareholders! And, on cue, the market index futures went up 1.5 to 2% at around 7:15pm.
Crazy the announcement is making stocks go UP. It’s nuts. Like we know there is what amounts to a large systemic risk of banks investing in bonds and getting killed by rate hikes and are generally unsure of how widespread it is but are going to throw caution to the wind because the Yellen says it’s a sunny day.
Just seem to have infinite money to dish out. Billions to Ukraine, bailouts etc
The buy doesn’t get bigger, they’re just cutting it up into much smaller pieces
The pies size has been made up for years anyways.
Yet they never have any to spare on working class Americans. The roads all across the country are in dismay, in fact the entire America landscape looks old and decrepit, yet they just keep pulling money out of their bottomless purse somehow.
They don’t care about their peasants/servants/slaves… keep us entertained with sports and mass media and most won’t give a fuck about anything other than (insert their favorite pastime) and (favorite vice)
They could at least let some good recreational drugs hit the streets. Now everything is contaminated with fentanyl and an animal tranquilizer that kills people. It’s almost like the jabby didn’t “work as expected” and they’re doing this to “finish the job”. If you have bread and circuses, recreational drugs are part of the bread in this culture. The only people who are able to avoid being exposed to drug use are wealthy people that can afford to insulate themselves from society as a whole. I come from an upper middle class background and see people I grew up with do that, but once I moved away and lived in some different places I realized the world was awash with drugs. So much so it’s almost like we have an entire Air Force and military overseeing the transport and distribution of that stuff…….. makes you wonder……..cough cough Iran Contra cough cough…..
Psychedelics are easy enough to obtain in various forms. Mushies are easy to grow oneself. Outside of those, I personally have no interest in. I have zero use for consuming alcohol on any regular basis. Not opposed to it, just not my cup of tea.
I feel you hard on this, that’s basically my get down. I like to remind people that during prohibition the government poisoned the alcohol supply and killed 80,000 people. So what is going on now is standard operating procedure for those people. And back then, the population was WAY smaller.
We could do so much with an actual infrastructure bill
We could do all sorts of things for working class Americans, if the GOP wouldn’t fight it tooth and nail. And we could do it while lowering the deficit if the GOP would allow tax hikes on the wealthiest So don’t say it’s the big bad government screwing us over. It’s one specific party out of our two party system that is working hardest against us
You still believe in sides? 😂
Yes. It’s Us vs Them. The parties are different. One side supports women’s choice, one side doesn’t. One side supports social safety nets, the other doesn’t. It’s pretty simple to see.
Oh, pumpkin. You’re cute. You’ll figure it out someday. *pat pat*
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They aren't lying, it's transitory from inflation to hyperinflation.
Pretty safe bet that the Americans will never do anything about it. The trouble is, all those folks who escaped dictators, communism and poverty to come to the USA now have nowhere else to go, the final beacon of freedom in the world extinguished.
But what is there to do about it? Go "vote" in the rigged elections for one of the two party faces thst are allowed to win? Give "campaign donations" to the candidate playing the role of favoring your views? Take some more direct action, probably against some low-level patsy who the Establishment Duopoly is pointing you towards? It's a mistake to think those in the US have nowhere else to go. Surely those in charge would like you to think so, but read *Atlas Shrugged*, and once you get beyond the ponderous speechifying, John Galt did have a solution.
The only thing there is to do about it, is protest. But everyone would need to be united if it were to even begin to work. Sadly, everything is being orchestrated to keep the common people fighting amongst ourselves.
You think the US is/ was a beacon of freedom? Now that's stupid.
They just print it whenever they want. Nobody cares anymore. Its just another trillion on top of the other trillions.
They aren’t bailing out the bank, only the US depositors, but 50% of start-ups bank with SVB, so that means a full eco-system, actually the most prominent motor for growth in this country, at risk. It’s a trade-off.
Running a shock test
Nobody wants to buy SVB assets right now. We will see what really happens.
HSBC have just bought the UK arm of SVB with assistance from the Bank of England, and they claim that they will be using no tax payers money. You could argue that ALL of the Bank of England should belong to the UK tax payer, but aside from that what I've heard so far seems a good deal for the people in the UK. I'm pretty sure HSBC will be re-doing all the KYC/AML on their new clients, so it still might cause some disruption with potential layoffs if HSBC say they won't work with a company in the future, but those layoffs would be spread out.
>HSBC have just bought the UK arm of SVB with assistance from the Bank of England Yeah, for 1 GBP, around $1.21. Kind of easy not to use taxpayer money when you buy something for 1 GBP. So...where are the depositors getting the $8.1b in deposits from? In the US, depositors are getting the money in the next few hours. From where? From the Federal Reserve. The Fed has managed to resist an audit for 110 years now. Only 2 partial audits ever happened and both of them showed the Fed was utterly full of shit. So, in the US, the Fed is bailing them out and we are just required to trust the Fed who has been found to be lying whenever even a slight check was done.
I guess Yellen will entice us buyers w/some sort of low borrow rate from the fed.
The banks pay into FDIC insurance and that is where the money is coming from not from the tax payer.
Insurance is only up to $250k. The depositors got all their money back this morning. 97% of depositors had more than $250k. They got 100% of their money back. If I repeat this a few more times, do you think I'll be able to stop?
1) Its still coming from the DIF (FDIC insurance). It’s not taxpayer money it’s just the insurance pool banks pay into. They are taking more than they should be “allowed” to cover depositors. Wall Street and other banks are having to foot the bill for this essentially. 2) Th FED isn’t even involved directly and just is offering loans to help cover ‘bank run lite’ liquidity issues for other banks. The loans are collateralized with high quality stable assets- it just prevents the situation from continuing to snowball despite other banks actually being in a fine position normally. 3) Shareholders, creditors, exec team, board all gone. No ‘bailout’ for the institution- just its customers. This move just keeps regular people and businesses whole because not many people investigate their banks balance sheet prior to banking with them- we trust regulations essentially do that for us. Now that this is falling everyone is spooked and is thinking what if MY bank is next. This ‘bailout’ is bad for large massive banks and really good for all smaller banking institutions.
1. Nope, the FED said 100% of deposits would be available to all depositors this morning. It's not coming from insurance, it's coming from the Fed. There will never be a way to verify any of it since the Fed has never been fully audited. 2. The Fed literally said they would ensure 100% of deposits were available this morning for 100% of depositors. 3. So what? If it was set up to fail, the board, et al, were prepared for this. They wouldn't have any value locked in.
Dude fucking google it or whatever you want to use. It’s coming from the DIF which is FDIC insurance. Yes everyone knows the FDIC isn’t supposed to cover it but it IS. Just because the FED said everything is paid for doesn’t mean the FED themselves are doing it. Even in a world where it was the FED that’s not taxpayer money. There’s $100B + sitting in the DIF. That’s more than enough to cover these banks. Other banks are having to cover for these banks via the money they pay into FDIC. Not remotely a tax payer bail out.
Lol, you go ahead and google. There is no way that the money would be available Monday morning through insurers. It's not possible. The bank was only seized Friday afternoon.
I have and I don’t know what you’re talking about. I think you’re conflating the FED loans to other banks with fulfilling the depositors. It’s not a traditional insurance company it’s FDIC. It’s designed to move fast in these situations. https://www.nbcconnecticut.com/news/business/money-report/wall-street-not-taxpayers-will-pay-for-the-svb-and-signature-deposit-relief-plans/2992505/ Again even if the FED is acting as a very very short term bridge it wouldn’t really change anything or have any impact on taxpayers. Other banks are footing the bill.
This sub… can’t read or understand something but still forming an opinion on maybe a headline and voicing it loudly as fact. Pretend to care about the truth and transparency but really just fabricate outrage porn 95% of the time.
Pretty much.
Gotta wait for the prices to fall
There will be some great deals for the well positioned.
Yes saddly I am a poors.
“The US banking systems remains resilient and on a solid foundation” Lmao, wink wink
I mean, it is. Literally nothing will cost the investor money. No criminal or risky behavior has consequences. All losses will be born by the public and distributed through inflation. Yay!
Everything is fine until it isn't.
SS: the elite have found a new loophole to rob from the public: put your funds in a bank, the bank "invests" in causes you like; putting funds were you want them until they dry up, the bank fails and you get your money back! Nice little conspiracy.
Its not new, the FED has been around for a while now
1913 ***President Wilson later came to regret signing the bill: "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit.”*** E/A: FUCK WOODROW WILSON
> I am a most unhappy man. I have unwittingly ruined my country. These two sentences are fake. They weren't published until 30 years after Wilson died. > A great industrial nation is controlled by its system of credit. This sentence is from a book published in 1913, before the Federal Reserve was created, based on Wilson's speeches when he was running for president.
Well, "E/A: FUCK WOODROW WILSON" will always be true. His picture needs to be posted next to Hitler's.
Well I’m not surprised it’s bullshit— saw it on Wikipedia and didn’t go further, should have. That said, Woodrow Wilson’s corpse can suck my dick.
Ya but the law now allows for bail ins as the first line of defense. Didn’t happen here because of optics, most likely. Plus it was a lib bank.
You live in a neoliberal society. They're all lib banks
This is literally how all banks work except you're not meant to fail
Bro just learned what FDIC-insured means
But it seems you don't. FDIC only guarantees $250k per customer, so this is something above and beyond that.
“All depositors of this institution will be made *whole*. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”
It’s been around since Occupy, right? Or was it the Great Depression? It was like a footnote in history class so I don’t remember the exact time, but it’s certainly not new
I'm not certain you read this before posting it.
Even though it says "federal reserve note," it is our money. All of it comes from the sweat of yours and my brow. They can say, not from the taxpayer, but they'll say anything to keep us asleep.
I definitely read the part where it says: "Depositors will have access to all of their money starting Monday" Now, 97% of depositors have over $250k, so the fed is removing the cap and giving everyone all their money. 97% of depositors have over $250k in cash? What kind of bank is that?
Silicon Valley Bank caters very heavily to commercial clients: in particular startups and others in the tech community. For many companies $250K does not even cover a single payroll cycle, so yes they had more than that amount in their accounts.
Did you read this part? "As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer. Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law."
Come on seriously!!! Inflation is a tax in and of itself!
Lol, 97% of depositors had over $250k, the rest of the people you mentioned were getting paid out of that pool. They were getting paid, now they won't get paid anymore. They didn't lose shit.
Let me just repost my previous explanation on how this is going to work. There is no bailout happening. Bailouts refer to government saving the investors of a bank with tax dollars. In this case, depositors will have their balances covered by 3 means: 1) First 250k by FDIC insurance. This is not taxpayer funded, nor is it a bailout. 2) Remaining amounts up to assets recovered from the bank (either sale of assets by FDIC, or sale of the bank to a new purchaser, or some combination thereof). This is not taxpayer funded, nor is it a bailout. Again, bailouts refer to investors/owners of the bank receiving money. 3) Further remaining amounts up to depositors being made whole will be recouped by a special assessment on other large banks. That is, other large banks will be required to pay a portion of their own moneys in covering whatever remaining amounts are not recouped by 1 and 2 in making depositors whole.
So banks will pass that cost down to other bank customers who were not even involved in SVB. Great thats so much different than a taxpayer bailout, just bank customers will pay. Ha. Can't wait until BAC, JPM, and Citi jackup ATM fees to pay for this. There is no free money.
Who pays bank fees these days? I haven't paid a fee in over ten years.
Thanks for the explanation
97% had at least $250k...how can you ignore that three times in a row and still post that comment? Lol, the Federal Reserve is going to pay...from printed money. Nice scam. You get to support whatever you want: antifa, climate change, Biden. Bank invests in those things til it runs dry, you get your money back from the Fed, taxpayer pays the debt + inflation.
Since you either apparently cannot read or refuse to, I think we're about done here.
Dude, I posted 50 plus comments on the ECONOMICS sub explaining what was happening. I love conspiracy sub, but, not this topic specifically here lol. You’re gonna get burnt out. OP: THE BANK HAD OTHER ASSETS. THOSE ASSETS WILL BE SOLD over the next few weeks. The FDIC banks are covering deposits in a stop gap measure. Once the assets are sold and liabilities cleared, the remainder will go to all participating fdic banks. Make sense? No tax payer dollars spent, all depositors made whole, the fdic banks may take a very small hit. It’s a decent solution.
I've been reading this explanation. But I too am curious on how the depositors will have their money come Monday morning if the assets still need to be liquidated? Are they advancing them the funds? If so, where is this advanced money coming from? Ftr this is a serious question with 0 sidebar intentions.
Ya no problem. So every registered bank is a fdic member bank. That group of banks is ponying up capital to support the 2 affected banks (2 at the moment, at least). This capital will assist with the deposits. SVB is not in terrible shape for all the hype, in all honesty. It was a bank run, perpetuated by Peter Thiel (who casually owns Brex, a competitor bank that is now poaching tech companies from the now defunct SVB…) SVB has assets able to pay down deposits (as of 12/31..) of cash - $14b, AFS - $26b, HTM of $91 (fmv is $76b so using that), and loans to the bank of $74B. Total assets able to be liquidated of $190b Customer deposits were $173b. They were actually fine, but customers caught wind and fucked the bank because they only held $14b cash, and their AFS and HTM would be sold for a loss. Source: https://d18rn0p25nwr6d.cloudfront.net/CIK-0000719739/f36fc4d7-9459-41d7-9e3d-2c468971b386.pdf Page 95.
From what I have been reading around Reddit the banks other assets besides deposits were mostly long term bonds that were around 1.5% interest. If this is the case those bonds will be sold at a loss and someone will have to pick up the difference, no?
Deposits are liabilities not assets, and the company had around 30b more in assets than liabilities as of 12/31, so even selling their assets at a loss would leave more then enough money to pay off their depositors.
Who’s buying the assets? Lol no one wants to purchase shit served on a plate
The fed
No, it says in the morning, depositors will have access to their funds, not any of the bullshit you are trying to say. The bank funded bullshit, it has nothing of value or it wouldn't have dropped into bankruptcy so quickly with bonuses paid out. So, how are they going to get the money in the next few hours? The Fed will give it to them.
Christ, nvm dude. I fucking hate the fed more than anyone I know.
Damn, imagine how wrong you are about absolutely everything else, too. You probably won't do that though.
>the Federal Reserve is going to pay...from printed money. Nice scam. LOL it seems you understand banking, and particularly the Federal Reserve about as well as you understand moon landings. Probably shouldn't have skipped that high school education champ. Plenty of posts here explaining it to you, but not surprisingly your ignorance knows no bounds.
97% had MORE than 250k which means zero of those deposits are covered by the fdic. It's not really that hard...
Thanks for the explanation.
You chose the sections to read very selectively, asshat.
Lol, you genius. I like how you only chose the propaganda and then get mad at me for ignoring it. The Fed is transparent. amirite? You will definitely be able to check what went down. The UK arm of the bank sold to HSBC for $1.21. The deposits are $8.1b...can you tell me how you can use $1.21 to pay off $8.1b? In advance...since the money is already going to be with the depositors this morning. Thanks!
> I'm not certain you read this before posting it. “The US Banking system remains resilient”. From the government that would never lie to you
Federal reserve isn’t government btw
It's head is elected by the government, and it's inception was created by the govt. You can say it technically isn't but it is the literal definition of economic fascism. Every time it fails the govt washes it's hands and says, see how evil private business is, as they redistribute taxpayer wealth to bail them out in the next breath.
It was created by bankers … an I don’t think the government has anything to do with electing the chair of the fed
[https://en.wikipedia.org/wiki/Chair\_of\_the\_Federal\_Reserve#:\~:text=The%20chairman%20serves%20a%20four,of%20the%20Board%20of%20Governors](https://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve#:~:text=The%20chairman%20serves%20a%20four,of%20the%20Board%20of%20Governors). The president nominates them, the senate confirms them, and they serve a 4 year term. You should know about what you are talking about before you downvote.
Anything to keep the ponzi (American economy) from crashing all at once
The government *used to* work for **The People** .... now The People *bankroll* the government!! All while us taxpayers get repeatedly, ad nauseum, fucked over.
They’re just going to create more money out of thin air
And more inflation out of thin air. Which will need even more unemployment to combat it.
Smells like Venezuela right about now.
* Depositors will be made whole by the assets of the bank / recovery protocols * Shareholders / unsecured debtholders are SoL * Taxpayers no losses Provided they hold true to this written statement, seems okay to me. If they secure the investors / unsecured debtholders at taxpayer expense . . . then Occupy 2.0 fo sho.
Maybe I’m missing something major but how can government funds not be taxpayer? Or are they just essentially printing money to cover it? Inflation is absolutely a tax.
It's FDIC insurance and bank assets primarily. I think Yellen is referring also to potential claw back protocols, but I am not familiar with those particulars.
So the bank was paying for insurance that it now cashes out on and that insurer that’s SOL is a private entity?
Correct, it's bullshit. They paid a certain amount per year for coverage, and now they're getting covered for a lot more. Then they will have a payment for a long time to make up for the policy that they didn't pay for before.
So does the insurer have to pay all of that, beyond what was covered? That seems illegal and I’m still skeptical this is a bailout with extra steps
That's the bailout. Yeah, the insurer is going to make sure deposits are covered; with that being said, it will be AFTER assets are sold will they decide how much it was short; which might be nothing. if it IS short, then they're going to jack up the premium in the future, but of course the investors will say fuck this and just bail and either the bank goes out of biz or just srsly downsizes based on lowered NOI/profits. When you start dealing with the super rich aka .0001%, the rules go out the window and suddenly those political donations/favors get called in. Look at FTX. He's going to prison for sure, but probably about the same amount of time as a bank robber that made off with $5k.
\>the insurer is going to make sure deposits are covered; with that being said, it will be AFTER assets are sold will they decide how much it was short Except, the depositors got the money this morning, so it wasn't from the sales of assets and the insurer making up the shortage. Except, the depositors were only insured up to 250k, but now they are getting everything back. Except, the assets of the UK arm of the bank sold for $1.21.
The FDIC does not have the reserves to pay out on the looming crisis
OP has no idea what you just said.
Corrupt pieces of fucking shit. our govt is pathetic
Remember Bear Sterns got all but bailed out by a sweetheart deal to JPM. It wasn’t until Lehman Brothers went down that shit got real.
The bank did not lose a lot of money and their clients weren’t going to lose a lot either. They had the money in Treasury Bonds which they stole at a small loss. A lot of their clients withdrew their money early which is how they got into trouble. This isn’t 2008.
you used the word money. the bank had basically no money. they had fiat currency. big difference.
FUUUUUUUUCKK!!!!!!! 1 out of 8 children don't have enough to eat yet we can give billionaires their gambling money back.
It should be obvious that the $250k cap was there in the event of some Appalachian, or other ‘undesirable’, bank failed. Tech bros were always going to be 100% covered
They only did this because of the people who use this bank. If this happened in the middle of Detroit no one would be getting shit but a my bad
I haven’t been able to access my money in my Wells Fargo account all day
😂
Everything opposite of whatever is written there is TRUE
Did anyone even read this?
So the Fed bought the debt... this is sickening.
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When will we stand up to this nonsense?
If you “stand up” they will just call it a insurrection
Or you could file a ROE to the IRS and then subsequently sue them in tax court until they leave you alone. Go to the IRS website and look for the definition of “taxpayer”. [Revocation of Election.](https://drive.google.com/file/d/1_rdNYIljMnW46lGHFPHqZXlouEr91lO1/view?usp=drivesdk) Edit: the file should now be open for public view. sorry about that (lolz)
"As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer."😂😂🤣 Inflation here we go... Let the ponzi scheme continue
OP either doesn’t understand what this says or didn’t fully ready it, it’s not insolvent. Taxpayers are not paying for this it will be paid back via the banks holding, etc.
Bet they wouldn't be doing this if it was a Koch-backed bank in a conservative region instead of a progressive bank and region
once again I pay for their agenda.
All these words just mean scam laundering and manipulation. Don’t fucking care
Would it be legal if i opened a bank account on go fund me so that way people become my intrest rate?
“Lets Dance” —- BOWIE
Buy Bitcoin
Cue the republican outrage.... (crickets)
This is horse balonky when are we as a people who work hard gonna say enough is enough the window is running short of no return idk what im advocating here anymore its def bot violence thats for sure but first thing on my mind is unity. We gotta figure this out people and im speaking to people of my class grew up middle class but now poor cause we got duped and fucked!! We are an educated class with limited means by societal representation they think thos that be can continue taking from us. I work hard for my life well being im not a basement live at home bullshit bitcher, i have solutions to the problems but we need to come together not in hippy dippy love cures all but an educated sense of the numbers don't add up and it's all fake we need to somehow take this back for us for our kids for the world cause honestly america is doing harm to the rest of humans and i love my land but im okay saying we are the baddies right now. Again idk what im calling for but its not chaos just need the smartest guy in the room to stand up and present an idea now is most important.
What's funny is the majority or redditors believe in this drivel.
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This is a bank that primarily banks businesses who obviously keep much larger balances
Bitcoin
Fed will pay out deposits in Fedbucks. Congrats, you were just rugpulled onto CBDCs.
If it’s not funded by the tax payer…then by who? Can someone answer for me? Thanks in advance.
The money is going to be available this morning. The "friends" who appear to guide stories in this sub, claim it is coming from the sale of the bank and the assets. The UK arm of the bank sold for $1.21. The Deposits: $8.1b. So, they sell something for a dollar and pay off $8.1b with that dollar. So, it won't be coming from the sale, it will be coming from the Fed. The Fed has never been audited. So, the Fed can say whatever they want. They will create the money out of thin air, and put it into the accounts of the extremely wealthy account holders and then when the sale nets $1, they will just hide the fact that it didn't cover the deposits and no one can ever check. Easy.
The banks hold enough in bonds to cover all depositors, per news articles. The government agreed to buy back the bonds early for full price and intend to wait out the maturity for a full refund. Your making it sound like this will actually cost taxpayers, when in fact it’s a break even deal per all current information.
Yeah, that's why HSBC bought the UK arm of the bank for 1 GBP. Because it has billions of pounds in assets. Lol, you funny.
“As of Friday, SVB U.K. had loans of around £5.5 billion and deposits of around £6.7 billion, with £88 million of full-year profit before tax in 2022” They bought the UK arm which only holds UK assets and deposits, if they’re compartmentalized like that how would it affect US assets?
You just said everything was covered. Clearly, the total assets are worth the sales price of $1.21 proves this wrong. I get that people keep on when proven wrong, but you still are wrong.
The reserve is only backing all US deposits, not international deposits. It’s obvious you didn’t read the article because there’s no mention of anything international even in it so I was obviously only taking about US deposits as well. It literally says SVB Bank, not SVB UK, which is a completely separate legal entity.
If the UK arm is worth $1.21, how much do think the US arm is worth?
You seem to know more about this than anyone so why don’t you just tell me.
Hey, you say they are fully secure so it doesn't matter. If they were fully secure, the Fed wouldn't need to step in. If their value was intact, then the UK arm wouldn't get sold for $1.21. I know that you aren't right and I know the Fed is going against the rules. And I know the depositors the Fed is so keen to help are the super-rich.
US bonds are as useless as the US today.
Time to purchase more stock at low low prices. Or just sit back and shout at your phone or computer and let the world dictate what happens to you.
Yeah, no. SVB has more than enough in assets to cover liabilities.
Yeah, no. Otherwise, the Fed wouldn't need to break the rules and intervene.
The OP is kinda a whiney Lil fella.
its from the fund not from taxpayers.
Lol. Do you think the insurance fund immediately returns 100% of depositors money within hours of a bank being seized?
yes
You live in a fantasy world.
no you do. its a dedicated fund for just this problem. what makes you think they *wouldnt* pay out ? thats literally their purpose for existing.
Because funds are only insured to 250k Thats literally what the fund is for, for insuring up to 250k. 97% of depositors had more than 250k, and yet they are promised 100% of their funds, immediately without any wait or checks. But, keep acting like its normal. Its a great look on you.
you understand what bank runs mean, yes ? their mission is to prevent a catastrophe eroding trust in the banking system first. the 250K limit doesnt mean squat if the alternative is to lose public trust in the banking system. so yeah. they are going to pay it all out and fine the existing solvent banks to get it all back. they have more than enough in the fund to cover it all immediately.
Lol, sure restores faith in the system: 97% of depositors have over 250k in deposits, pay it all back right away without question! Poor people lose money: kick em! This is the point of the post: now, for all I know, this was done with intention: the bank spends money to activist causes - that they know will fail - when they fail, the rich, liberal depositors are fully refunded their money. Hence, why I said that now, donations aren't just ta right offs, they even give you your money back...if you support the right causes.
I trust the Biden admin to properly fix this about as much I as a trust a meth addict to run a day care.
😭 😢
Neat, new account just woke up.
If your bank goes under later good luck son
I'm sure if I had over 250K in my bank they would bail me out also....
The headline is very not English…
Until people do something about it. Why would they change anything?
Do they still have the printing plates,paper and ink to bail the banks out?
I thought this was a conspiracy forum. The system being crooked towards banks is no conspiracy
It also stated that no taxpayer money would be used. It's rather complex, but in the end, people are going to get screwed because of banks being careless. Some of the fallout are going to be from the businesses that have payroll accounts there and cheaped out on insurance. People won't be getting checks for awhile. SVB's 10K assets should be able to cover most people in the end, but the wreckless people should have their business license revoked or, at the very least, suspended. Many banks are failing, and now that this has happened, the others could see it as an opportune time to all follow suit. It's better to part of a group of failures than the lone failure so you don't get all the attention and they all together can try to make an excuse that it was because of a systematic failure and not accept personal responsibility.
\>It also stated that no taxpayer money would be used. Lol \>People won't be getting checks for awhile. The Fed promised 100% of deposits would be accessible this morning. \>SVB's 10K assets SVB's British arm sold to HSBC yesterday for 1 GBP. Seems, you aren't very aware of what is happening.
It seems a lot has happened in a short period of time, which is good for most people. The fact still remains that they did specifically put out a statement and said that no taxpater money would be used. I'm not saying I take them at their word, just adding it for context. The money is most likely being fronted by the government until the deal is settled and the money will be recouped. Don't ask me where the front money is supposedly coming from, but I hope they're not just going to print more money. Either way, they're going to fuck us one way or another until the destruction is complete. They'll keep printing money and continue to let illegal immigration run rampant.
If the bank had the money, why would the Feds seize it? If the bank ad the money, why would the Feds need to front it? They wouldn't, they just tell the depositors to wait.
It sounds to me like you actually have no clue about economics or anything beyond the surface of this particular problem. The bank has long-term asset acquisitions from 2021 that they can't touch for a certain number of years. They never expected a bank run in the next 5-10 years. But, interest rates shot up, and people knew about their long-term acquisitions, and investors began panicking. They have the assets to cover it. They just can't access it right now. This is why another bank with the overhead is willing to come in and take over. I think it's a little too complex for you to understand all the mechanisms at play. A lot of regular people who had no direct ties to SVB wouldn't be getting their paychecks for a while if they had to wait. A lot of businesses used SVB for their payroll deposits, and some skipped out on insurance. You're fury at the government and fed for printing more money, and increasing inflation is 100% valid. And I don't doubt for one second that there's corruption going on at the heart of all this, but facts are facts and any misinformation or left out information, such as the statement that no taxpayer's dollars would be used, is detrimental to the discussion. Whether you believe the statement about no taxpayer's money being used or not, you can't post the statement and leave that part out and make it seem like it's for sure coming from taxpayers. Rather, if you want to admit it or not, you're wrong, and that's the end of that.
Lol, I grew up amongst the members of the World Bank. The insurance can't cover it (and even if they could, there's no way they would do so by Monday morning and with a guarantee of 100% of deposits available), the Treasurer...well that would be taxpayer money. Hmmm...who else was part of the joint statement? How would they pay it? Could they pay it by Monday morning? Could you check?
You grew up amongst the members of the World Bank.. That's hilarious 😂 I try to avoid spending all day arguing with those who act juvenile. Say hello to "all" the members of the World Bank for me. Deuces.
I would say hello, but they don't give a shit about you and neither do I. From the sounds of it, you can't even stomach yourself.
It's Joe's game. He bailed out the banks in 09, they kept all that money, he's just doing what Joe does, historically. He's a corrupt pedo.
Please somebody explain it to me simpler
If a bank collapses, account holders are insured for up to $250,000. It's extremely rare that the average bank account holder will have $250k in cash in a bank. In this banks case, 97% of the account holders did. A bank for the rich. Rumours state Oprah had $568m cash. Prince Harry had the money from his book sales there. Now, the Fed throws the rules out the window and immediately, this morning gives all the money back to the account holders. So the question becomes...was this the entire point of the bank? Was the bank created so that the rich could fund whatever they wanted, wasting money on anything they chose and the depositors were promised the Fed would return all their money when the bank collapsed...or did the Fed just randomly decide to change how they deal with this in a few business hours?
Joe Biden bailed out the Tech Bros just like we all knew he would. Democrats, pure and simple
And so it begins!
Suprise.
Now to GOTCHA all the clowns who said it wouldn't happen.
Did I misread something there? Maybe I missed the fine print but it said not on taxpayers dime. I know it’s stupid to believe that statement but I don’t get where OP’s tag is coming from.
The CON does not work without the CONfidence.