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Started By
Message
re: No Liquidity - Silicon Valley Bank meltdown sparks contagion fears
Posted on 3/10/23 at 11:05 am to Tomatocantender
Posted on 3/10/23 at 11:05 am to Tomatocantender
Did they have some of their balance sheet invested in crypto?
1
Posted on 3/10/23 at 11:09 am to dewster
Is ESG any part of this collapse?
Posted on 3/10/23 at 11:10 am to member12
With California Regulators closing the bank, and now the FDIC getting involved, it doesn't look good for current depositors who were not fast enough to get ALL of their money out........
Depending on what the FDIC (and other Feds) decide, and also how depositors structured their accounts, they may only get $250,000 (standard FDIC payout) per account.
Stay tuned.......
Depending on what the FDIC (and other Feds) decide, and also how depositors structured their accounts, they may only get $250,000 (standard FDIC payout) per account.
Stay tuned.......
Posted on 3/10/23 at 11:23 am to jlc05
quote:
Is ESG any part of this collapse?
Posted on 3/10/23 at 11:25 am to Tomatocantender
quote:
bond yields rising to offset the decrease in bond prices.
But they would still have to write down those assets resulting in a shitty balance sheet. It all seems like a big overreaction to me but I agree that it feels a bit fishy
Posted on 3/10/23 at 11:27 am to member12
Call your local branch and say you want to pull out $25,000 in cash and see what happens
Posted on 3/10/23 at 11:27 am to member12
quote:
Bill Ackman, the billionaire hedge fund manager, called on the US government to step in and bail out Silicon Valley Bank.
Posted on 3/10/23 at 11:37 am to member12
SVB was a high risk bank that offered loans to mostly VCs doing stupid Web3 projects that are all now going down in flames.
Silvergate (SI) bank one of the two major banks that are the major on/off ramp for cryto assets into real money has already closed its doors last week. Signature bank (SBNY) is next on the docket.
Just look at the major "stablecoin" operator Circle. Their USDC coin is supposedly backed by real dollars that was mostly stored at SVB, SI, and SBNY. Their printing of internet funny money was supposedly backed by bank accounts at these institutions. Which I am sure were not insured.
Good luck cashing out.
Silvergate (SI) bank one of the two major banks that are the major on/off ramp for cryto assets into real money has already closed its doors last week. Signature bank (SBNY) is next on the docket.
Just look at the major "stablecoin" operator Circle. Their USDC coin is supposedly backed by real dollars that was mostly stored at SVB, SI, and SBNY. Their printing of internet funny money was supposedly backed by bank accounts at these institutions. Which I am sure were not insured.
Good luck cashing out.
This post was edited on 3/10/23 at 11:39 am
Posted on 3/10/23 at 11:38 am to GreatLakesTiger24
quote:
Call your local branch and say you want to pull out $25,000 in cash and see what happens
My wife cashed in a CD from a local bank recently for 100k and got cash no problem
Posted on 3/10/23 at 11:39 am to deltaland
SVB is the 2nd largest US bank collapse ever.
Posted on 3/10/23 at 11:42 am to 14&Counting
quote:
Did they have some of their balance sheet invested in crypto?
Look up the definition of a lot, indirectly banked all of these projects. The major crypto venture firms Sequoia and Andreessen Horowitz (a16z) were banked there
This post was edited on 3/10/23 at 11:49 am
Posted on 3/10/23 at 11:47 am to Sterling Archer
Well, they invested $11.2B in lower income neighborhoods
Posted on 3/10/23 at 11:49 am to member12
All those liberal tech millionaires should be happy about this. They’re about to lose their millions and be reimbursed 250k. Just think of the equity and wealth redistribution that creates
Posted on 3/10/23 at 11:50 am to member12
Money printing press is already on a fedex custom critical truck to the valley.
Posted on 3/10/23 at 11:54 am to member12
quote:
On Wednesday, Silicon Valley Bank said it would raise $2.25 billion following a $1.8 billion after-tax loss in various bets on securities.
I've never, ever been a fan of a bank making risky investment plays.
The general concept of lending money involves enough risk.
Like others have said, you have to wonder if this is crypto, and if it is... THAT might be the final straw where we start to see legit crypto regulation.
Side topic - how much does the FDIC keep in reserve for payouts? When would the FDIC itself need a bailout?
Posted on 3/10/23 at 11:56 am to Sterling Archer
quote:
But they would still have to write down those assets resulting in a shitty balance sheet. It all seems like a big overreaction to me but I agree that it feels a bit fishy
They owned a lot of MBSs at low interest rates. The Fed raising interest rates over the course of the past year made those MBSs less valuable. This would have been fine so long as their deposits remained stable. However, they recently sold a lot of those MBSs at substantial losses, which has spooked the market.
Posted on 3/10/23 at 12:00 pm to LSUFanHouston
quote:
Like others have said, you have to wonder if this is crypto
From their most recent 10K:
quote:
We currently have minimal exposure to cryptocurrency and digital assets through loans to, deposits from and investments in clients engaged in those industries.
Posted on 3/10/23 at 12:01 pm to deltaland
quote:
Call your local branch and say you want to pull out $25,000 in cash and see what happens
My wife cashed in a CD from a local bank recently for 100k and got cash no problem
Your wife walked out of the bank with 100k cash?
If she did... Good thing she didn't pulled over
This post was edited on 3/10/23 at 12:03 pm
Posted on 3/10/23 at 12:02 pm to dallastigers
Just need to find the right investor. I got just the guy...
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