Federal Reserve announces that ALL depositors
at Silicon Valley Bank will be protected
as another bank - Signature Bank - closes,
and an auction is held for SVB's assets
Daily Mail (UK),
by
Harriet Alexander
Original Article
Posted By: Harlowe,
3/12/2023 9:07:34 PM
The Federal Reserve on Sunday night announced that all those with money in collapsed Silicon Valley Bank will get their money back, as a second bank was revealed to have closed.(Snip)The Federal Deposit Insurance Cooperation (FDIC) on Sunday held an auction of Silicon Valley Bank's assets, hoping to secure the bank before the market opened on Monday. CNN reported that no buyer was found, and so it was unclear where the money would come from.(Snip)Sunday's sale, which concluded at 5pm ET, was intended to protect all those whose deposits exceed the $250,000 insured by the government, and prevent panic.
Reply 1 - Posted by:
DVC 3/12/2023 9:15:58 PM (No. 1423603)
Badly run banks, it would appear.
21 people like this.
Reply 2 - Posted by:
EJKrausJr 3/12/2023 9:17:50 PM (No. 1423604)
So because SVB didn't invest correctly, SVB depositors get a federal bail out. Could it be the depositors were all Joey Baby supporters? Coincidence? Gibbs Rule 39 applies here. Joey Baby Hoover strikes again.
26 people like this.
Reply 3 - Posted by:
paral04 3/12/2023 9:36:01 PM (No. 1423624)
How much is this one going to cost us mere taxpayers?
41 people like this.
Reply 4 - Posted by:
Strike3 3/12/2023 9:42:16 PM (No. 1423629)
Bailing this bank out will not prevent panic when others begin to fail. Once Americans lose everything there will be nothing to hold us back and Washington will burn as Rome did. The "leaders" in those underground bunkers would be wise to commit suicide before we dig them out.
24 people like this.
Reply 5 - Posted by:
Son of Grady 3/12/2023 10:08:27 PM (No. 1423645)
The damage is done. Just because depositors will get their money back
does not fix anything. The DOW will probably open 1200 points down
and the Fed will send some cryptic message that increased interest rates will be halted to
stave off an inevitable collapse. and at the end of the day the LIE that everything is
under control will continue.
continue,
21 people like this.
Reply 6 - Posted by:
Heraclitus 3/12/2023 10:09:37 PM (No. 1423646)
A "woke" run bank, it is said.
No more bailouts.
22 people like this.
Reply 7 - Posted by:
itsonlyme 3/12/2023 10:16:35 PM (No. 1423652)
The Knotseez have demanded full federal US taxpayer bailout.
14 people like this.
Reply 8 - Posted by:
wildcat1 3/12/2023 10:17:27 PM (No. 1423654)
Barney Frank is on the Signature Bank board of directors. Hmmmmmmm........
23 people like this.
Reply 9 - Posted by:
mc squared 3/12/2023 10:18:04 PM (No. 1423655)
Zalinski must be wondering where his next pile of cash is coming from? The residents of E Palestine have given up.
16 people like this.
Reply 10 - Posted by:
Venturer 3/12/2023 10:45:54 PM (No. 1423680)
An auction. That means someone will buy this banks assets on the cheap.
12 people like this.
Reply 11 - Posted by:
planetgeo 3/12/2023 10:46:52 PM (No. 1423681)
I called it in this morning's Must Reads. Just too many Democrat contributors getting wiped out. Gotta protect those financial whales in the Silicon Valley.
But this is going to get very frantic very fast. Their capacity to print and sprinkle funny money all over the place has just about maxed out. Fasten seat belts.
19 people like this.
Reply 12 - Posted by:
LadyHen 3/12/2023 10:56:06 PM (No. 1423690)
DOW futures very much up right now. Everyone needs to stop and breath.
Most banks are not badly run. Most have a good percentage deposit to loan ratios.
Badly run banks collapse all the time. This was just a very big badly run bank.
97% of SVB accounts were over the FDIC limits.. yes 97%. That is insane!!
17 people like this.
Reply 13 - Posted by:
stablemoney 3/12/2023 11:18:20 PM (No. 1423700)
The Federal Reserve is bailing out Joe Biden, and the collapse of the economy.
18 people like this.
Reply 14 - Posted by:
Island Life 3/12/2023 11:19:11 PM (No. 1423702)
Elon and I may be at opposite ends of the spectrum financially, but neither of us should bail out this bank to make the depositors right. And that includes all the people in between. We all did nothing wrong.
19 people like this.
Reply 15 - Posted by:
DVC 3/12/2023 11:41:03 PM (No. 1423710)
Too many politically connected rich folks would get their brainless oxen gored....so they just reach into the bottomless wallet of the taxpayers to repay themselves for their stupidity in trusting a woke, badly run bank.
Even though it isn't legal....they will do it anyway. Laws are now irrelevant. Everything is done illegally, and the law enforcement folks, like FBI and Garland....are totally corrupt, leading the charge on breaking the laws.
26 people like this.
Reply 16 - Posted by:
Krause 3/13/2023 6:37:49 AM (No. 1423799)
It must be a democrat bank to get bailed out.
14 people like this.
Reply 17 - Posted by:
Yuban 3/13/2023 7:36:39 AM (No. 1423819)
So I guess greed does pay. In America, if you are a Leftist, the Government will pay all your loses. It doesn't matter if it is education or personal finances, the Government has you covered.
9 people like this.
Reply 18 - Posted by:
mobyclik 3/13/2023 8:23:43 AM (No. 1423838)
Saw on FoxNews this morning a British bank bought SVB for ONE POUND. That's a bit over a buck.
6 people like this.
Reply 19 - Posted by:
Dodge Boy 3/13/2023 8:26:36 AM (No. 1423840)
FTA - "Joe Biden on Sunday evening reassured those who bank with SVB, but saying those 'responsible for this mess' must be brought to justice."
Biden you cheater, get it through your demented head. We have a woke bank here that mismanaged its bond/treasuries portfolio while its cash deposits consist of worthless dollars.
14 people like this.
Reply 20 - Posted by:
NamVet70 3/13/2023 8:44:26 AM (No. 1423848)
Must have just been a coincidence that the economic situation brought down that bank. They must have had really good management because many of the employees got bonuses just before the bank was seized. It must have also just have been a coincidence that the senior management began selling their stock before the bank collapsed. What a mystery. And those people had so much virtue from woke policies.
14 people like this.
Reply 21 - Posted by:
felixcat 3/13/2023 9:12:53 AM (No. 1423875)
Vivek Ramaswamy (vivek2024.com) was interviewed this morning on the Larry O'Connor show - see www.wmal.com/LarryO'connor podcast - to discuss the SVB mess. He had some interesting comments. The podcast of the interview will post either later today or tomorrow. Vivek does not support bailing out the investors - crony capitalism.
8 people like this.
Reply 22 - Posted by:
learner 3/13/2023 9:22:28 AM (No. 1423892)
Does everyone who lost money in their retirement accounts due to the economic incompetence of the woke left and this pResident get a bailout? Didn't think so!
9 people like this.
Reply 23 - Posted by:
MissMann 3/13/2023 10:19:35 AM (No. 1423946)
Really, my tax dollars are going to bailout all the foreign investors? What's the point of FDIC rules?
5 people like this.
Reply 24 - Posted by:
Trapper 3/13/2023 10:21:41 AM (No. 1423948)
WAIT a minute. Are regular banks whose deposit accounts are insured by the FDIC permitted to operate as investment banks and take equity stakes in their borrowers’ businesses? I thought they could only make straight-up secured and unsecured commercial and personal loans, not play VC with depositors’ money. And if they CAN play VC, can they also take depositors’ money to Vegas and gamble it away?
5 people like this.
Reply 25 - Posted by:
Luandir 3/13/2023 10:28:45 AM (No. 1423954)
#19, Joe's just doing what he does best: blaming everyone but himself.
6 people like this.
Reply 26 - Posted by:
PageTurner 3/13/2023 10:31:27 AM (No. 1423959)
Badly run indeed but they donated to Democrats.
5 people like this.
Reply 27 - Posted by:
Zigrid 3/13/2023 11:52:36 AM (No. 1424039)
Here WE go folks...ole joe's mess .....he's safe and WE the people are screwed...again...this is what happens when you put people in charge who haven't a clue how to run things....political patronage people at the top of important positions...I'm sure the executives of the banks got their money out....
3 people like this.
Reply 28 - Posted by:
paral04 3/13/2023 12:53:53 PM (No. 1424073)
I hope they are only giving them the amount covered by the FDIC and nothing more. I don't want to pick up the tab for some millionaires.
2 people like this.
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Comments:
Former FDIC chair Sheila Bair stated the effort was “trying to get things shored up before markets open.” That in almost all bank failures during the great financial crisis, they “did purchase an assumption...sold a failed bank to a healthy bank.” With Silicon Valley Bank, it was a rush, a liquidity failure, a bank run “so they didn’t have time to prepare to market.” Banks have to do that and are playing catch up. Sunday the FDIC announced additional funding will be made available “to eligible deposit institutions to help assure banks have the ability to meet the needs of all their depositors.”