PING!
You the taxpayer will bail them all out, just like you did in 2008.
Yup. No FDIC for corporations.
Yeah now crybabies Harry and Meghan have something to cry about for real, waaaa their dinero is gone
I call her MeAgain... but MEEEE-ghan works too.
Eggs...
Basket...
Biden will be saying that the govt will cover the losses, but in it’s new digital dollar.
Is this to usher in the digital currency?
Next episode
Prince Harry on a streetcorner panhandling with sign :
Bankrupt Royalty Please Give
Respect our Privacy
I suspect that in the coming days, we are going to find the fall-out from SVB’s failure is going to cascade throughout almost every major business sector.
“On the PLUS side, I just HEARD that Prince Harry and MEEE-ghan deposited most of their money in SVB ...Annnnnnd it’s GONE! “
Of course they did , they are smarter than everyone else .
No plain old banks for them.
Ping
The bank was closed because it had insufficient reserves. It may even be bankrupt, hard to tell. But creditors will take a haircut. This isn’t FTX. There assets are not worthless, just worth less. I doubt that anyone will get less than 90-cents on the dollar.
They got into trouble when they invested heavily in very low yield treasury bonds. Investors were willing to accept low yields in return for guaranteed returns. The bank pays correspondingly low interest to depositors. The depositors’ accounts are demand accounts, they can take their money out. Treasury bills pay when due. There is no market for Treasury bills paying 1% when inflation is running at 8%, such bills sell at steep discount. They got caught holding Janet Yellen’s bag.
WOW - dream come true for these two - an honest to God Big Pity Party... (one that's real)
The chances of the McCarthy House printing a couple trillion nancybucks to bail out this bank are pretty slim.