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re: Any of you angry that you are bailing out SVB?
Posted on 3/13/23 at 6:31 am to member12
Posted on 3/13/23 at 6:31 am to member12
HSBC pays £1 to rescue UK arm of Silicon Valley Bank after all-night talks
HSBC UK acquired SVB U.K. for £1 ($1.21), in a deal that excludes the assets and liabilities of SVB U.K.’s parent company.
https://www.cnbc.com/2023/03/13/hsbc-buys-silicon-valley-bank-uk-protecting-deposits-.html
HSBC UK acquired SVB U.K. for £1 ($1.21), in a deal that excludes the assets and liabilities of SVB U.K.’s parent company.
https://www.cnbc.com/2023/03/13/hsbc-buys-silicon-valley-bank-uk-protecting-deposits-.html
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Posted on 3/13/23 at 6:55 am to TrueTiger
quote:
Why didn't the people at Enron get this special treatment?
The employees/stock holders of SVB are being treated the same as Enron. Both are wiped out.
Posted on 3/13/23 at 7:03 am to NC_Tigah
quote:
bankrupt those startups and increase the cost of the collapse ~ 10-fold.
That's what they want b/c they have been told those startups are "the other"
Posted on 3/13/23 at 7:03 am to SlowFlowPro
quote:
The employees/stock holders of SVB are being treated the same as Enron. Both are wiped out.
I read that employees are getting 45 days pay at 1.5 salary. Basically 3 months pay. That's extremely generous imo.
Posted on 3/13/23 at 7:05 am to BobBoucher
quote:
What are the chances this perpetuates more failures?
...and the word of the week is "contagion."
Posted on 3/13/23 at 7:09 am to Animal
quote:
..and the word of the week is "contagion."
When there is threat of systemic bank failure, that word is always used.
It's like discussing football and using the term "touchdown". Is that a conspiracy too?
Posted on 3/13/23 at 7:19 am to NC_Tigah
I see that they kind of split the baby here. and they had a good reason.
But I will never believe that being in the Silicon Valley donor class to blue causes didn't hurt.
This exposed the bastion of white privilege.
Posted on 3/13/23 at 7:23 am to member12
I am pissed but mostly incredulous that there is a plurality among us who believe that MAGA is literally the 9th circle of Hell and their solution is to install, as saviors, a crowd of pusillanimous, perfidious, and puerile pinheads 'led' by a figureless figurehead who can't figure.
I, for one, would not mourn if they all died in a fire...
I, for one, would not mourn if they all died in a fire...
Posted on 3/13/23 at 7:26 am to SoggyBottomBaw
There is nothing quite like rewarding piss poor decisions and mismanagement.....
Posted on 3/13/23 at 7:28 am to TrueTiger
quote:What "didn't hurt" is that assets exist to pay out all of the deposits. It just couldn't be sold fast enough to cover the run.
But I will never believe that being in the Silicon Valley donor class to blue causes didn't hurt.
Posted on 3/13/23 at 7:30 am to member12
The costs of this bailout is more than an outright monetary loss to taxpayers. It is an additional proverbial straw on the camel’s back in terms that we’ll never pay these 31 trillion dollars obviously but the coming collapse is more likely hastened with the Biden’s regime policies.
Posted on 3/13/23 at 7:30 am to dakarx
quote:Bank owners aren't getting bailed out. Depositors are. Was depositing money in a federally chartered bank a "piss poor decision and management"? If so... are you a proponent of TBTF banks? Because that's (by your logic) the only place anyone should deposit money.
There is nothing quite like rewarding piss poor decisions and mismanagement.....
Posted on 3/13/23 at 7:32 am to Taxing Authority
quote:
It just couldn't be sold fast enough to cover the run.
And that is exactly where the big favor came in.
I'm not saying it was illegal. But I don't think a fossil fuel company would have gotten such a favor.
Posted on 3/13/23 at 7:33 am to Taxing Authority
LINK / like paul craig roberts says, the FED must back the depositors. they didn't do that before the depression and look what happened.
Posted on 3/13/23 at 7:38 am to Buryl
quote:
I read that employees are getting 45 days pay at 1.5 salary. Basically 3 months pay. That's extremely generous imo.
To work, it’s not a severance. Sure some groups, like a lot of sales functions won’t have much to do, but other areas will be exceptionally busy. Lots to do here
Posted on 3/13/23 at 7:40 am to member12
I wouldn't mind nearly as much if the investors in SVB were conservative Christians from the South.
Posted on 3/13/23 at 7:51 am to dakarx
quote:
There is nothing quite like rewarding piss poor decisions and mismanagement.....
Those who made mistakes are not being made whole. Their stock equity is worthless and they'll have to change careers and zip codes.
Posted on 3/13/23 at 7:55 am to LRB1967
quote:
I wouldn't mind nearly as much if the investors in SVB were conservative Christians from the South.
Their investors are being wiped out
Posted on 3/13/23 at 7:58 am to Bruco
MAGA being called on to bail out Potato’s donors
Posted on 3/13/23 at 7:58 am to member12
Not sure why this would surprise or anger anyone. We nationalized our financial system in '08.
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