Meanwhile, the depositors with money above $250,000 will be recovered via sale of the loans and investments and dissolution of all ownership of the bank via stock and bonds.
The same will be true of Signature Bank.
This will seemingly stop any further runs on banks and save the FDIC the hassle of closing the previously expected next three to seven banks.
In my humble informed opinion, that is.
Somehow the statement “backed by the full faith and credit of the U.S. Treasury” rings hollow with this flock of jaybirds running things.
I said it on another thread today...GET READY! Be prepared for an economic collapse that is about to happen and happen very fast. Instead of running to the bank I will be running to the local food source.
So are they going to protect their banks at our, the depositors expense?
Lookner live covering
https://rumble.com/v2ctw5w-silicon-valley-bank-collapse-government-action-today-live-breaking-news-cov.html
So the FDIC’s purpose is to protect VC’s and Crypto’s.
Or simply, donors.
Riiiiight....
US stock index futures are up between 1 and 2 pct right now ...
“No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
Explain that to me. You already have folks being paid by the taxpayer working overtime on a Sunday on this. Are they working for free?
FDIC Law, Regulations, and Related Acts
Restrictions on Sale of Assets of a Failed Institution by the Federal Deposit Insurance Corporation
“ Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors…”
Let’s see if they can pull this off.
L
It must have been looking REAL bad...
They’re trying to hold back a collapse of the MBS market.
In other news the plan to stop the tide looks optimistic.
The magic FED printer fixes all by debasing its dollar.
This better sets the stage for the proximate rise of the BRICS currency to reserve status.
The dollar won’t simply linger about until it finally collapses of its own inflated excess.
It will be trampled.
Typical liberal lying headfakes. She said yesterday she wouldn’t do this.
not clear to me what happens to deposits above 250k
haircut or full money back?
there is more than enough assets to pay 250k per account plus FDIC fees
BlackRock Inc. has filed a 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 5,147,972 shares of SVB Financial Group (SIVB). This represents 8.8 percent ownership of the company. In their previous filing dated February 1, 2021, the investor reported owning 4,252,565 shares and 8.20 percent of the company, indicating an increase in shares of 21.06 percent and an increase in total ownership of 7.32 percent. The investor has filed 13 13D or G filings since February 10, 2012.
Top holders of SVB Financial Group sourced from 13F and NPORT filings include:
Vanguard Group Inc with 6,078,924 shares (10.35% ownership)
BlackRock Inc. with 5,059,688 shares (8.61% ownership)
State Street Corp with 2,835,786 shares (4.83% ownership)
Jpmorgan Chase & Co with 2,198,909 shares (3.74% ownership)
Capital International Investors with 2,055,844 shares (3.50% ownership)
Royal Bank Of Canada with 1,715,975 shares (2.92% ownership)
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares with 1,604,790 shares (2.73% ownership)
Alecta Pensionsforsakring, Omsesidigt with 1,296,500 shares (2.21% ownership)
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares with 1,280,976 shares (2.18% ownership)
Invesco Ltd. with 1,238,752 shares (2.11% ownership)
“they will just have to charge all the rest of the banks, meaning us, to claw back the lost dollars.”
That’s it. We taxpayers will pay. We will again become poorer.
Those reimbursed, the rich and influential, will be made whole.
Of course their deposits will be covered, most are democRAT voters and boot lickers. Pathetic.