President Joe Biden - Kamala Harris Administration

#42,578
#42,578
Orangeburst said:
How does the FDIC work? Is it just law that says the bank must keep minimal reserves of $250K per account, or is out something more nefarious where Gov guarantees the money?
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Federal Deposit Insurance Corporation. I believe it’s funded by the banks into the fed plan thus ultimately the consumer pays like everything else.

Remember then whole savings and loan debacle with the Butcher family? Juniors S&L business wasn’t FDIC backed.
 
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#42,580
#42,580
NorthDallas40 said:
Federal Deposit Insurance Corporation. I believe it’s funded by the banks into the fed plan thus ultimately the consumer pays like everything else.

Remember then whole savings and loan debacle with the Butcher family? Juniors S&L business wasn’t FDIC backed.
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So it is the FDIC withholding $250K per depositor in a gov depository, but actual customer bank deposits?

Yes I remember Butcher. He was about to build the tallest building on Nooga when that occurred.
 
#42,581
#42,581
Orangeburst said:
So it is the FDIC withholding $250K per depositor in a gov depository, but actual customer bank deposits?

Yes I remember Butcher. He was about to build the tallest building on Nooga when that occurred.
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No idea of the actual mechanics. The promise from government to individual depositors is they will be made 100% whole in deposits up to $250k in the event that the FDIC insured institution fails as SVB just did.
 
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#42,582
#42,582
NorthDallas40 said:
No idea of the actual mechanics. The promise from government to individual depositors is they will be made 100% whole in deposits up to $250k in the event that the FDIC insured institution fails as SVB just did.
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I know the acronym and the gist of it..Just wanted to know the mechanics. I will do some digging.
 
#42,583
#42,583
NorthDallas40 said:
No idea of the actual mechanics. The promise from government to individual depositors is they will be made 100% whole in deposits up to $250k in the event that the FDIC insured institution fails as SVB just did.
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Dude..it is fairly difficult to tell, went to the .gov, Forbes, etc,
One hit said it is insurance premiums paid by the bank to the Feds..which is scary AF. Like the gov is sitting on a bunch of cash
 
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#42,586
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#42,587
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#42,590
#42,590
jmacvols1 said:
unusual_whales
@unusual_whales
6h
BREAKING: Before the collapse of Silicon Valley Bank, executives sold a lot of their shares.

Gregory Becker, CEO, sold 11% on Feb 27, 2023.
Michael Zucker, General Counsel, 19% on Feb 5.
Daniel Beck, CFO, sold 32% on Feb 27.
Michelle Draper, CMO, sold 25% on Feb 1.

Unusual.
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The CFO sold 1/3 of his stake…

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#42,593
#42,593
Run on First Republic Bank in California....

Customers line up outside First Republic Bank to take their money out






‘Dominoes falling’ - Financial crisis warning as US bank crash spreads

"Markets in London, Shanghai, Frankfurt and Tokyo all fell, with European stocks Friday’s biggest losers, said Chris Beauchamp, chief market analyst at online trading platform IG.

UK banks were swept up in the turmoil, too, with HSBC, Barclays and Standard Chartered all falling around five percent on Friday and Lloyds down four percent.

Molten Ventures, a London-listed venture capital fund that invests in global banking app Revolut and has a £150million debt facility with SVB, fell 18.5 percent on Friday morning.

Beauchamp reckons Monday will be brutal. “It certainly isn’t wise to stand in the way of the avalanche of selling, which looks unlikely to end soon.

---------------------------







Chuck Callesto
@ChuckCallesto
3h

BREAKING STOCK ALERT: Roku falls in after-hours trading after revealing 26% OF TOTAL CASH is held at SVB... ARE WE LOOKING AT A 2008 CRASH ON MONDAY OR WORSE?
 
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#42,596
#42,596
85SugarVol said:
Why would FRB in California be exposed to fallout from SVB?

Were they playing the same reindeer games?
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One reason maybe the trading of First Republic's stocks were halted for violatility Friday and First Republic's stock had fallen by as much as 50%.

Also, "Tech and start-up focused banks, as well as regional banks, could face serious “contagion” risk following the collapse of SVB as well, Larry McDonald, founder of The Bear Traps Report, told CNBC late Thursday."

"Regional banks are facing pressure from SVB’s blow-up for two main reasons. First, venture capitalists and start-ups that rely on these banks are worried. CNBC reported Friday that one venture capitalist said it was like someone shouted “fire in a crowded theater where there is no fire,” leading many businesses and tech investors to ask for their money back from banks just to be safe.

There is already some evidence of contagion to regional banks as a result of this fear. Trading in multiple regional banks stocks including PacWest Bancorp, Western Alliance Bancorp, and First Republic Bank was halted Friday amid aggressive selling from investors."

"Aside from potential direct contagion from SBV’s collapse, some of the bigger market forces that hurt the bank are also affecting other lenders, sparking concerns over some regional banks’ ability to cover losses related to their bond holdings in a rising rate environment. Many U.S. banks invested in long-duration Treasuries during the pandemic when consumers pumped money into savings accounts like never before. The problem is that the value of these bonds has dropped dramatically with the Fed raising interest rates over the past year, leading U.S. lenders to hold $620 billion in unrealized losses in their portfolios."

SVB’s collapse could lead to ‘contagion’ among regional banks—but experts say it’s not a systemic risk to the entire financial system
 
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#42,598
#42,598
iSource News
@isource_news


SVB BANK FAILURE SPELLS DISASTER FOR HARRY AND MEGHAN Couple had major money on deposit at the seized institution. "Their accounts may only be insured up to a maximum of $250,000," said a source who asked not to be identified, "Harry's millions from Spare may be lost."

[DEVELOPING]

SOURCES CLAIM HARRY AND MEGHAN HAVE DECIDED TO KEEP THEIR LOSES IN SVB CONFIDENTIAL

"WORLD EXCLUSIVE: HARRY AND MEGHAN MAY NOT BE ABLE TO PAY THEIR EXPENSES FOLLOWING COLLAPSE OF SILICON VALLEY BANK iSN has learned the bulk of their funds are now locked up in the failed institution. "It's a complete disaster," said a person familiar with the situation."

SOURCES OUT OF ENGLAND SAY CHARLES IS CONCERNED FOR HARRY AND MEGHAN FOLLOWING THE COLLAPSE OF SVB "There's a great deal of worry if they will come out of this unscathed," said a person close to the monarch who asked their name not be used.
=========================

OPRAH STANDS TO LOSE $590 MILLION AFTER COLLAPSE OF SVB "All her biggest accounts were with the bank." said a source familiar with her finances, "Like other tech savvy investors she banked with SVB and now it's all gone."

OPRAH LOSES MILLIONS IN SVB COLLAPSE iSN has learned Oprah kept millions at the failed bank. "Like other celebs she went all in and now may have lost serious money," said a person familiar with the situation.

------------------

If many celebrities are involved, Biden will see to it they get all their money back using taxpayer's money.
 
#42,599
#42,599
NorthDallas40 said:
Yeah… of all the company officers running to the exit door with cash the CFO leading the charge is a bad look. I think the Feds have found their bitch to fry
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They’re not going after any of the officers of that bank. They played for the administrations team.
 
#42,600
#42,600
hog88 said:
They’re not going after any of the officers of that bank. They played for the administrations team.
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https://www.cnbc.com/2023/03/11/silicon-valley-bank-employees-received-bonuses-hours-before-takeover.html?__source=iosappshare|com.apple.UIKit.activity.PostToTwitter

Silicon Valley Bank employees received bonuses hours before government takeover

"The size of the payouts couldn’t be determined, but SVB bonuses range from about $12,000 for associates to $140,000 for managing directors, according to Glassdoor.com.

SVB was the highest-paying publicly traded bank in 2018, with employees getting an average of $250,683 for that year, according to Bloomberg."


Silicon Valley Bank Employees Made Large Donations to Biden and Other Democrats
 
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