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2023-03-13 Economy
The collapse of Silicon Valley Bank: how and why the main bank of Silicon Valley techno-startups burst
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Posted by badanov 2023-03-13 00:00|| || Front Page|| [11131 views ]  Top

#1 
Joint Statement by Treasury, Federal Reserve, and FDIC
Posted by 3dc 2023-03-13 00:59||   2023-03-13 00:59|| Front Page Top

#2 Nothing was learned in the first dotcom crash. Silly Con Valley still thinks a company can burn cash, never make a profit and still succeed.
Posted by M. Murcek 2023-03-13 06:18||   2023-03-13 06:18|| Front Page Top

#3 Savings and Loan Crisis (S&L):
What Happened and Aftermath
Posted by Skidmark 2023-03-13 06:25||   2023-03-13 06:25|| Front Page Top

#4 The beltway model: Privatize gains, socialize losses.
Posted by M. Murcek 2023-03-13 06:37||   2023-03-13 06:37|| Front Page Top

#5 a lot of the SVB webpages are still up

they make interesting reading for example, the one on SVB careers,

says,

Work Where Innovation Happens
Silicon Valley is where our story began, but it is not where our impact ends. Our reach expands around the globe to meet the needs of the evolving innovation economy. Learn more and explore our opportunities worldwide.

https://www.svb.com/careers/global-careers
Posted by lord garth 2023-03-13 07:31||   2023-03-13 07:31|| Front Page Top

#6 Looks like everybody who had deposits at SVB and Signature Bank will eventually get their money.

But everybody who, as of Friday close, owned stock in SVB Financial Group and Signature Bank of New York is losing everything. Likewise any holders of bonds issued by those companies.
Posted by lord garth 2023-03-13 07:49||   2023-03-13 07:49|| Front Page Top

#7 ^^^ Republic Bank shares are crashing hard at 74% loss so far. As said in the above comment, deposits are being guaranteed at a couple of banks but bank stock values are not being guaranteed by the Biden admin so hell may still break loose.
Posted by Mad Eye Omeretch7959 2023-03-13 08:34||   2023-03-13 08:34|| Front Page Top

#8 Joe Biden's speech he just gave may cause bank stocks to crash even more.
Posted by Mad Eye Omeretch7959 2023-03-13 09:14||   2023-03-13 09:14|| Front Page Top

#9 
Posted by badanov 2023-03-13 09:39||   2023-03-13 09:39|| Front Page Top

#10 Waiting for the "It's Trump's fault" hysteria.
Posted by M. Murcek  2023-03-13 09:47||   2023-03-13 09:47|| Front Page Top

#11 #10

Townhall.com

@townhallcom
ยท
Follow
BIDEN: "During the Obama/Biden administration, we put in place tough requirements on banks...to make sure that the crisis we saw in 2008 would not happen again. Unfortunately, the last administration rolled back some of these requirements."
Posted by Beavis 2023-03-13 10:52||   2023-03-13 10:52|| Front Page Top

#12 This current banking crisis is a result of the absurdly low interest rates foisted on us by the Federal Reserve for the last several years. When it allowed / forced interest rates to rise, banks like SVB found themselves with a lot of Treasury paper purchased months ago, which paid minimal interest rates, hence the papers' value had plunged. SVB was cashing in this paper last week to raise cash for withdrawals and sustaining impossibly heavy losses.
Posted by Gromble Dribble4342 2023-03-13 12:06||   2023-03-13 12:06|| Front Page Top

#13 The current banking situation can be compared to 1933. When FDR was inaugurated 4 Mar 1933, 37 US states had already closed all their banks due to bank runs. Within a few days all US banks were closed while the FDIC and other measures were taken and enough confidence in banks was generated to allow most banks to re-open over the next month. My parents heard stories their parents told them about the 1933 bank failures & passed the stories on to me. Later in 1933 various banks & cities printed and passed their own currencies aka "depression scrip" to make up for lack of ready cash and for massive shortfalls in their tax receipts.
Posted by Gromble Dribble4342 2023-03-13 12:14||   2023-03-13 12:14|| Front Page Top

#14 Three Banks closed so far: Silicon Valley, Silvergate and Signature.

Fun fact: Barney Frank on the board of directors of Signature -- they were a bank that closed a Trump account after J6
Posted by lord garth 2023-03-13 16:31||   2023-03-13 16:31|| Front Page Top

#15 Biden saying last week that he is "definitely going to raise taxes", especially on capital gains, also rocked startup investments.
Posted by Mad Eye Omeretch7959 2023-03-13 17:37||   2023-03-13 17:37|| Front Page Top

#16 #6 LG got it right. This was a bailout of those depositors who all happen to be bigtime Dem donors. This was a bailout of both bank and depositor, so we done up'd the shit from 2008. Whoop!
Posted by Rex Mundi 2023-03-13 19:46||   2023-03-13 19:46|| Front Page Top

23:58 trailing wife
23:52 Xyz
23:50 Albert Noodleman5879
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21:37 SteveS
20:47 Rex Mundi
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20:30 Beavis
20:23 Whiskey Mike
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19:49 European Conservative
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19:22 European Conservative
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