Posted on 03/10/2023 6:04:27 AM PST by nuconvert
SVB Financial Group the parent of Silicon Valley Bank, saw its stock tumble more than 66% in premarket trade Friday, in a continued response to reports late Thursday that several funds were advising clients to pull their money, sparking fears of a run on the bank.
Bloomberg News late Thursday reported that Founders Fund, the San Francisco-based venture-capital fund co-founded by Peter Thiel, has advised companies to do just so. The report cited people familiar with the matter.
It came after SVB Financial ended down a record 60% in the regular trading day after disclosing large losses from securities sales and announcing a dilutive stock offering along with a profit warning. The bank was unprepared for rising interest rates which have hit its net interest income and net interest margin.
(Excerpt) Read more at msn.com ...
there’s already a bank run....
yup
VIDEO FEB 2023, Jim Cramer urges investors to buy Silicon Valley Bank stock $SIVB, saying it was “still cheap” and has “room to run.”
https://rumble.com/v2ci6mo-feb-2023-jim-cramer-urges-investors-to-buy-silicon-valley-bank-stock-sivb.html
No FDIC insurance?
Do people actually follow his advice?
1 month ago, SVB stock was at 324....it’s about $60 now, tho trading has been halted.
He also said to buy Ford. Watch what happens to Ford and bookmark my post.
Was 40 in premarket before halt
For a Silicon Valley bank like that, lots of folks would have had uninsured money over the limit. That’s gonna leave a mark.
In October 2021 some dudes paid $708 per share for this stock that is now selling for $39.
(FEB 2023, Jim Cramer)
Wow
Sinking fast....
“””VIDEO FEB 2023, Jim Cramer urges investors to buy Silicon Valley Bank stock $SIVB, saying it was “still cheap” and has “room to run.””””
A couple of weeks ago I read that someone had started an ETF where the ETF will sell short any stock that Jim Cramer recommends his listeners buy.
“The Bear ain’t going anywhere”
Not the last crypto invested bank to fail.
Yes, it’s FDIC insured up to $250,000. But you have to wait for your money until the gov’t steps in & all the banks finances are settled....6 moths?, a year? more?
Jim Cramer recommendations are toxic.
The only question is whether speculators have the guts to short any stocks he recommends.
And that is $250,000 per account. You can have an account, your wife can have an account, and you both can have a joint account for a total of $750,000 insured by the FDIC.
Only the principal is FDIC insured I believe.
“The truth is that federal law requires the FDIC to pay deposit insurance “as soon as possible.” For insured deposits — those within the deposit insurance limits — the FDIC almost always pays insured depositors within a few business days of a closing, usually the next business day. Payment is made either by providing each depositor a new account at another insured institution or by issuing a check to each depositor.”
https://www.fdic.gov/consumers/consumer/news/cnfall14/misconceptions.html
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