Silicon Valley Bank

G8R92 · Mar 12, 2023

The "SVB Failure for Dummies" has been released...

“So, I don’t have any specific information about any Florida Bank similar to Silicon Valley Bank, and hopefully, that remains the case,” DeSantis said, before offering some speculation about philosophical reasons the bank is in turmoil.

“I mean, this bank, they’re so concerned with DEI and politics and all kinds of stuff. I think that really diverted from them focusing on their core mission,” DeSantis contended.
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Ron DeSantis blames Silicon Valley Bank’s collapse on DEI

G8tas · Mar 12, 2023

That's why it's best to keep your money under the mattress

oragator1 · Mar 12, 2023

G8R92 said: ↑

The "SVB Failure for Dummies" has been released...

Ron DeSantis blames Silicon Valley Bank’s collapse on DEI
Click to expand...

He’s an idiot.

ncargat1 · Mar 12, 2023

New York State Regulators just seized Signature Bank according to Twitter.

gatorchamps960608 · Mar 12, 2023

The SVB situation had nothing to do with wokeness. That's just stupid.

Banks and other institutions are going to have to start figuring in, "social media panic" to their disaster scenarios where viral predictions of doom become self fulfilling.

oragator1 · Mar 12, 2023

Signature was a bank that catered to crypto companies
. I get that you can’t pick winners and losers at this point, but the fact that we have to bail out the idiocy that has been crypto investing over the past 7 or 8 years is infuriating.

oragator1 · Mar 12, 2023

gatorchamps960608 said: ↑

The SVB situation had nothing to do with wokeness. That's just stupid.

Banks and other institutions are going to have to start figuring in, "social media panic" to their disaster scenarios where viral predictions of doom become self fulfilling.
Click to expand...

I don’t think you can model for that, because once it starts it’s total. The one suggestion I heard that makes sense today was forcing banks to mark their securities to market. Essentially you can account for a security as one held for investment, which means you can count all of the expected returns as an asset. But holding it for sale (m2m) means you have to price it to today’s market conditions. Bond values went down 20 percent or more and SVB had everything for priced investment…people started to see the delta if there were a run, and it became a self fulfilling prophecy.

okeechobee · Mar 12, 2023

Signature Bank was pretty big. What’s next?

oragator1 · Mar 12, 2023

okeechobee said: ↑

Signature Bank was pretty big. What’s next?[/QUOTEi think the government announcing depositors will be made whole will slow down the panic.
But First Republic was the other bank that has been mentioned.
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okeechobee · Mar 12, 2023

How long is that feasible? Hope it works.

ncargat1 · Mar 12, 2023

G8R92 said: ↑

The "SVB Failure for Dummies" has been released...

Ron DeSantis blames Silicon Valley Bank’s collapse on DEI
Click to expand...

If DeSantis' horrific lack of understanding the banking system and finance is not exposed, and he is not destroyed for his stupidity, nothing is going to slow this idiot down (in before the DeSantis Goon Squads are sent to hunt people posting mean things about him!!).

ncargat1 · Mar 12, 2023

Signature is one of the main banks to the cryptocurrency industry, the biggest one next to Silvergate, which announced its impending liquidation last week. It had a market value of $4.4 billion as of Friday after a 40% sell-off this year, according to FactSet.

As of Dec. 31, Signature had $110.4 billion in total assets and $88.6 billion in total deposits, according to a securities filing.

To stem the damage and stave off a bigger crisis, the Fed and Treasury created an emergency program to backstop deposits at both Signature Bank and Silicon Valley Bank using the Fed’s emergency lending authority.
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https://www.cnbc.com/2023/03/12/regulators-close-new-yorks-signature-bank-citing-systemic-risk.html

ncargat1 · Mar 12, 2023

RealGatorFan said: ↑

Yep, each on the account are insured separately. So my wife and I would be able to insure $500K jointly. Same with IRA accounts - I have mine and she has hers. But I agree you can do this and protect most of your cash, but it's a full-time job depending on how much you have. If I won a $1B lottery, I'm handing it over to my Ameriprise advisor. Too many things to deal with and I don't want to have to manage my money 24/7.

Here's a good watch on why SVB collapsed and it's not exactly what the media has been covering. There actually was one other bank that collapsed earlier in the week, but they were far, far smaller in scope. But both share similarities.

Click to expand...

Thanks for your posts and replies @RealGatorFan. I am the furthest thing from an expert here, but I do a LOT of research on things and work with both a financial advisor and tax accountants (father-in-law and wife) to try to understand the nuances of trying to protect our money.

okeechobee · Mar 12, 2023

ncargat1 said: ↑

Thanks for your posts and replies @RealGatorFan. I am the furthest thing from an expert here, but I do a LOT of research on things and work with both a financial advisor and tax accountants (father-in-law and wife) to try to understand the nuances of trying to protect our money.
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Well, it appears it no longer matters. As long as the regulator steps in swiftly, the federal deposit insurance is now uncapped for all.

G8trGr8t · Mar 12, 2023

Currently $650B in unrealized losses in the major banks due to banks holding bonds.

G8tas · Mar 12, 2023

I haven't really followed this story. I just want to know what the count is on right wingers blaming this on "woke" banks

ncargat1 · Mar 12, 2023

G8tas said: ↑

I haven't really followed this story. I just want to know what the count is on right wingers blaming this on "woke" banks
Click to expand...

DeSantis is #1, and he apparently understands less about banking than I do.

oragator1 · Mar 12, 2023

First republic got money from JPMC and the fed.
That might move the next domino far enough away that that the next one won’t fall.
We will see tomorrow.

okeechobee · Mar 12, 2023

G8trGr8t said: ↑

Currently $650B in unrealized losses in the major banks due to banks holding bonds.
Click to expand...

Yikes. What a shit show.

gtr2x · Mar 12, 2023

Mismanaging interest rate risk is now "woke:"

Seems like either management was clueless or simply lied about their interest rate risk exposure . I thought this kind of mismanagement went out with the S&L collapses, guess not.

I'd say the CEO needs a good lawyer also given his stock transactions.

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