Posted on 03/10/2023 3:41:04 PM PST by dynachrome
“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.
“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.
Get woke, go broke.
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.
“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.
“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.
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.
“ Wells Fargo employees didn’t receive their checks today”
Source?
I know a ton of them I will see what I can find out.
I see this story, who knows the truth:
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.