SVB board obsessed with diversity, $5BN for healthier planet, month-long Pride celebration

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Get bailed out by American taxpayers

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Literally, the equity and debt of the bank are going to zero. Any shares that the board has will be worth zero.

Please, some of you at least try to figure out WHAT THE frick YOU ARE TALKING ABOUT BEFORE YOU OPEN YOUR MOUTHS.

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Literally, the equity and debt of the bank are going to zero. Any shares that the board has will be worth zero.

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It's a huge bailout dumb frick

Gawd there's nothing worse than cyclist on the road in their ghey-arse spandex.

We really need to learn how these people are getting penalized, especially after they cashed out prior.

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Literally, the equity and debt of the bank are going to zero. Any shares that the board has will be worth zero.

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You think that’s the end of the story?

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Please, some of you at least try to figure out WHAT THE frick YOU ARE TALKING ABOUT BEFORE YOU OPEN YOUR MOUTHS.

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I’m basing my speculation off of past similar circumstances where banks were bailed out by the American taxpayer. What are you bitching about?

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That left the bank with a deposit base heavily skewed toward technology firms with huge accounts, over the $250,000 insured by the Federal Deposit Insurance Corporation.

By the end of 2022, a vast majority of the bank's deposits, $157billion, were held in just over 37,000 accounts that were over the FDIC's deposit-insurance gap.

It then continued business as usual, borrowing short-term from depositors and lending long-term without any interest-rates — even as Federal Reserve Chairman Jerome Powell warned that higher interest rates were coming.

As customers started to ask for their money back as the economy revamped, SVB had to sell $21million worth of its underwater long0term assets with an average interest rate around 1.8percent.

That meant that the bank lost $1.8billion on sales, leaving executives frantically trying to raise more than $2billion to fill the hole.

'Management screwed up interest rates, underestimated customer withdrawals, hired the wrong people and failed to sell equity,' Andy Kessler writes for the Journal.

Many are now attacking the financial institution for paying too much attention to woke politics and not enough attention to the safety of its investments.

In a statement to DailyMail.com, Will Hild, the executive director for Consumers' Research, said: 'The bank suffered from a combination of senior officers more focused on identity politics than risk management and investments in unprofitable virtue signaling boondoggles, like reportedly financing 62 percent of all US solar projects.

'It's also poetic that SVB would be the first bank to fail from "going woke," as the general business culture in Silicon Valley itself is notoriously far left and similarly out-of-step with the rest of the country,' he said. 'Let this be a warning, not just to other banks, but all of corporate America: Focus on serving your customers, not woke politicians.'

Meanwhile, Republican presidential candidate Vivek Ramaswamy wrote in an op-ed that 'SVB intentionally decided not to hedge its interest-rate risk.'

'Either SVB was incompetent or this is a case of moral hazard, taking excessive risk and expecting political favors and bailouts,' he wrote as he railed against the idea of a bailout for the bank — something Treasury Secretary Janet Yellen said on Sunday is not on the table.

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They are so plainly ignorant. How plainly ignorant are they? So plainly ignorant, that they probably went on LinkedIn and bragged for their next positions.

Thanks Cajun, I think this is where most people get confused, they think a bond is worth what you paid for it. The govt will give you the agreed upon price, but if you want to sell it before maturity, and shorter term bonds are at a higher interest rate.....you have to sell it below value to get someone to buy it, and they needed the money now, not 10 years from now when the note matured.

So yes, taxpayers will pay in one way or another. Either the govt bails out the depositors, or the govt charges some fee to banks and you pay for it next time you use your bank.

Anyway you shake it, others are paying for these liberal pukes to walk away with hard cash bonuses, which literally should be criminal, lets see if they get the madoff treatment or the hunter treatment, wishful thinking would be the Esstein treatment eh.

Why? It's easier for them to understand than what really happened. Bad bets on Treasuries and how that factored into all of this.

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like reportedly financing 62 percent of all US solar projects.

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:face-palm:

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Close your eyes and imagine a rural bank that serviced a large rural area. The board served their churches, civic clubs and local communities.

Their public relation work included March of Dimes, Cancer Awareness, faith based after school programs, DWI awareness, scout troop donations and school book fundraisers.

Di you think the Fed would save a penny over $250k if the board and management messed up and there was a run on the bank?

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I think the only reason this move was made on SVB was to prevent a legitimate panic. If you can't see that's worth it, I don't know what to tell you.

But even in you example, I can tell you that the uninsured deposits WOULD eventually be covered, just not as quickly. That's all the gov has done here - pull that date forward.