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Silicon Valley Bank is a particularly scary failure. Here's why.
yahoo ^ | 3-10-23 | Alistair Barr

Posted on 03/10/2023 3:41:04 PM PST by dynachrome

At the end of 2022, SVB had uninsured deposits in its US offices of $151.5 billion, versus total deposits of $173 billion. That's 88% of all SVB deposits that didn't have FDIC insurance.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Crime/Corruption; News/Current Events
KEYWORDS: barnesisrael; california; charlesschumer; chuckschumer; coraneumann; dncservicescorp; failure; fdic; georgia; gregorymeeks; harder; inc; indiana; joshharder; markwarner; meeks; montana; neumann; newyork; raphaelwarnock; schumer; siliconvalley; stubarnesisrael; svb; virginia; warner; warnock
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To: Pelham

“And if SBV had kept to short term Treasuries they would have been less exposed.”

The problem is that the Fed moved relatively fast, so some of the decisions being second-guessed were made five or even ten years ago....

Many more banks are going to go down—for similar reasons.


61 posted on 03/11/2023 7:24:50 AM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: semimojo

“Wealthy folks usually don’t keep that much cash.”

While I enjoy beating up on .gov the FDIC policy is the exception.

The $250,000 limit primarily protects the middle class and small business.

The rich and big business are on their own—as it should be.


62 posted on 03/11/2023 7:28:41 AM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: dynachrome

Get woke, go broke.


63 posted on 03/11/2023 8:39:12 AM PST by Gritty (The issue is never the issue. The issue is always the Revolution. - Saul Alinsky)
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To: chuck allen

I’m in CRE and the sustainability garbage swirled a few years back as some important part of development or buildout. I’m sure it’s probably alive in some circles but I think the bulk of people realize what an utter joke it is.


64 posted on 03/11/2023 11:43:35 AM PST by spacejunkie2001
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To: cgbg

“The problem is that the Fed moved relatively fast, so some of the decisions being second-guessed were made five or even ten years ago....”

They must have had some economists on their staff who were aware of how the Fed responded to inflation under Volcker. They shouldn’t have been caught by surprise.

But then knowing the culture of Silicon Valley they could well have swallowed the Modern Monetary Theory being peddled by the likes of AOC. I suspect that SBV was paying too much attention to ESG, DEI and other woke junk and not to risk management.


65 posted on 03/11/2023 2:32:44 PM PST by Pelham
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To: cgbg; semimojo

“While I enjoy beating up on .gov the FDIC policy is the exception.”

Milton Friedman called FDIC the most important policy to have come out of the Great Depression.


66 posted on 03/11/2023 2:35:29 PM PST by Pelham
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To: spacejunkie2001

What gets me is that many of the “sustainability” advocates like on earthquake fault lines!

San Francisco is a city that will probably get demolished by Mother Nature every hundred years or so....they are overdue.


67 posted on 03/11/2023 2:44:02 PM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: Nifster

“ Wells Fargo employees didn’t receive their checks today”

Source?
I know a ton of them I will see what I can find out.


68 posted on 03/11/2023 2:57:05 PM PST by HereInTheHeartland (Have you seen Joe Biden's picture on a milk carton?)
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To: Nifster

I see this story, who knows the truth:

https://www.forbes.com/sites/nicholasreimann/2023/03/10/wells-fargo-customers-report-missed-paychecks-due-to-apparent-glitch/amp/


69 posted on 03/11/2023 3:03:44 PM PST by HereInTheHeartland (Have you seen Joe Biden's picture on a milk carton?)
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