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Started By
Message
re: Wapo reporting fed is strongly leaning towards covering all uninsured deposits at SVB
Posted on 3/12/23 at 6:15 pm to AggieHank86
Posted on 3/12/23 at 6:15 pm to AggieHank86
From FOX News
As i read it, FDIC will cover depositors full amount for both banks. So it is taxpayer money.... and consumers will the "special assessment" in some way or another...
So the $250k limit is not real... at least in this instance....
FOX
ETA - added link
quote:
he statement said Treasury Secretary Janet L. Yellen had approved actions enabling the FDIC to complete its resolution of SVB "in a manner that fully protects depositors."
Depositors will have access to all of their money starting Monday, March 13. The taxpayer will bear no losses associated with the resolution of SVB.
Notably, the regulators' statement also announced the shutdown of New York-based Signature Bank.
"We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority," the joint statement read.
Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
As i read it, FDIC will cover depositors full amount for both banks. So it is taxpayer money.... and consumers will the "special assessment" in some way or another...
So the $250k limit is not real... at least in this instance....
FOX
ETA - added link
This post was edited on 3/12/23 at 6:16 pm
0
Posted on 3/12/23 at 6:15 pm to AggieHank86
quote:I'd only think it was "sad" if I was an arrogant, pompous, self-righteous a-hole. I'm not. Most people put their money in a bank and think it's "safe". And given what the government constantly tells us... that's a reasonable assumption. When was the last time you performed a risk analysis on your bank's assets?
It is sad that you must explain such simple concepts to adult humans.
Almost NO ONE is aware they are taking on the bank's investment risk. They shouldn't be taking on tha risk. They don't get any of the profits, they shouldn't be bearing the risks. It's a long-running scam that is now being surfaced.
This post was edited on 3/12/23 at 6:51 pm
Posted on 3/12/23 at 7:37 pm to HailHailtoMichigan!
In other news bread to be $10 a loaf next month
Posted on 3/12/23 at 7:51 pm to HailHailtoMichigan!
quote:
You are relieving depositors of risks they knowingly took. I don't care if it costs 0 dollars.
Cool. Then your argument has nothing to do with student loan debt being forgiven, which is an issue due to its cost.
Posted on 3/12/23 at 7:53 pm to Indefatigable
quote:
Why can’t a bad business fail, and everyone who invested or deposited their funds with that bad business suffer the consequences?
From a purely theoretical perspective, sure.
I just don't know what that would ultimately cost and if it would be a net negative or positive.
What we clearly know now is that FDIC levels for business accounts are woefully too low.
Posted on 3/12/23 at 7:55 pm to Taxing Authority
quote:
Why do people think all SVB depositors are top 1%?
It's a meme that fits into their partisan hopes, dreams, and NPC memes.
Posted on 3/12/23 at 7:55 pm to HailHailtoMichigan!
Even as this a totally stupid move, we all expected it....
Inflation will continue to fly.
Inflation will continue to fly.
Posted on 3/12/23 at 7:56 pm to Taxing Authority
quote:
But if you want to make depositors liable for the banks investment choices—you *will* see a huge run on the banks. Why?
They have a catastrophe fetish.
It would be different if Trump was in office.
Posted on 3/12/23 at 8:56 pm to HailHailtoMichigan!
Gotta keep the 1% on top.
Posted on 3/13/23 at 2:13 am to HailHailtoMichigan!
HailHailtoMichigan! you are a coward.
Posted on 3/13/23 at 3:52 am to HailHailtoMichigan!
Time for war
Posted on 3/13/23 at 8:12 am to Indefatigable
quote:Thise aren’t the same thing. The bank investors are getting wiped out. There shares are worth $0. But do you really want depositors exposed to the bank’s investment risks? You sure about that? Have you ever had a look at your bank’s assets? Done a risk-analysis on your bank lately?
Why can’t a bad business fail, and everyone who invested or deposited their funds with that bad business suffer the consequences?
Posted on 3/13/23 at 8:30 am to Taxing Authority
Check this out:
Money market mutual funds and Treasuries are sucking up deposits.
Money market mutual funds and Treasuries are sucking up deposits.
This post was edited on 3/13/23 at 8:32 am
Posted on 3/13/23 at 8:33 am to wutangfinancial
quote:Good to see ya.
wutangfinancial
quote:Here. We. Go. Should have just screwed those depositors.
Money market mutual funds are sucking up deposits.
This post was edited on 3/13/23 at 8:34 am
Posted on 3/13/23 at 10:15 am to Timeoday
Biden just assured us that "no investor will be bailed out, and no losses will be borne by the taxpayers."
Must be a breakdown in communications by the Biden Junta up there.
More believable was the interview this morning on 990am with Dr. John Fleming, former Congressman now running for State Treasurer.
He went over much of what we already know about that nest of cyber leftists in Silicon Valley.
That over 97 percent of the losses aren't covered.
And that the bank was investing in venture capital start-ups involving woke programs, and became illiquid when they bought up low interest bonds and then sold them at a big loss because their bank clients needed cash.
He managed to drag up old bones by mentioning Barney Frank and Chris Dodd who continually assured Congress that the sub-prime mortgages were solvent.
And that nobody went to jail for that fiasco.
He ended with "we have the vast majority of banks out there that haven't ignored risk management, so we should weather this current failure."
Fleming sounded like someone who would make a good State Treasurer, after Schroder wins the governorship and moves on.
He might be the prohibitive favorite if the people actually vote qualifications for this position.
Must be a breakdown in communications by the Biden Junta up there.
More believable was the interview this morning on 990am with Dr. John Fleming, former Congressman now running for State Treasurer.
He went over much of what we already know about that nest of cyber leftists in Silicon Valley.
That over 97 percent of the losses aren't covered.
And that the bank was investing in venture capital start-ups involving woke programs, and became illiquid when they bought up low interest bonds and then sold them at a big loss because their bank clients needed cash.
He managed to drag up old bones by mentioning Barney Frank and Chris Dodd who continually assured Congress that the sub-prime mortgages were solvent.
And that nobody went to jail for that fiasco.
He ended with "we have the vast majority of banks out there that haven't ignored risk management, so we should weather this current failure."
Fleming sounded like someone who would make a good State Treasurer, after Schroder wins the governorship and moves on.
He might be the prohibitive favorite if the people actually vote qualifications for this position.
This post was edited on 3/13/23 at 10:38 am
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