i can’t stand them - and can’t believe they -or their money managers - would be so stupid as to put all their eggs in one basket. with Treasuries paying so well many with gobs of money have been parking cash there. to have gobs in cash cash with these rates would be silly.
Probably not all of their money, but a major chunk of it? Wouldn't doubt it.
Never underestimate the stupidity of woke leftists.
The story is out that Oprah had $540 million on deposit at that bank so there were a lot of stupid people who had a lot of money on deposit there. Which brings up the question of the stupidity of the money, managers, and wealth managers for these people.
Supposedly they put "all their eggs" in the SVB basket on the advice of Oprah who also put a lot of her money there. They did it because among liberals SVB was a trendy woke bank and if you put a lot of your money there it was like a giant virtue signal.
-—w/treasuries paying so well: That is the exact problem. With the geniuses like Jim Kramer telling everyone far and wide, a year ago, to park their money in those long term treasuries paying a whopping one percent. With the somewhat sudden bump in interest rates those same treasuries are now paying about five percent. That makes those old ones worth about half of the purchase price. That’s SVB’s problem and will bite the Sussex’s right in their royal buttz if they, in fact, put all their eggs in the SVB basket.
And the fix will be long and hard because not one gummint a-hole Not Yellen, Not Powell, not anybody, will even suggest rolling back big spending.