Posted on 03/19/2023 9:14:41 AM PDT by Rummyfan
ITEM 1: SVB invested most of its depositors’ money in government bonds. Bad idea. A reader wrote, “Just a take from a retired bank examiner.
“SVB’s balance sheet as published in its 10-K is the worst I have seen in 40 years.
“Just because you have no credit risk does not mean you are safe. There is also LIQUIDITY risk (excuse me for shouting). SVB had three quarters of its liabilities coming redeemable on any given day.
“Bad enough for a bank with insured deposits. For a bank with almost all its deposits uninsured it was a bank run waiting to happen.”
But fear not. Governor Brylcreem Newsom’s ill-gotten and uninsured gains will be fully protected by the Biden administration.
ITEM 2: KOMO reported, “Crews removed contaminated soil from the Swinomish Reservation in Skagit County where two locomotives derailed and spilled an estimated 3,100 gallons of diesel fuel on a berm near a bay just after midnight Thursday.”
Yes, get rid of it before the EPA arrives and sets it on fire.
...
ITEM 4: Fox reported, “Kamala Harris won't speak to Elizabeth Warren after ‘pretty insulting’ 2024 snub: report.”
Two perfect Democrats. One screwed Willie Brown to get into politics. The other lied about her race to get hired by Harvard.
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