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Western Alliance shares plummet 80% as bank stocks take a beating after SVB's failure
https://markets.businessinsider.com ^
| Mar 13, 2023, 8:24 AM
| Zahra Tayeb
Posted on 03/13/2023 7:51:03 AM PDT by Red Badger
Shares in Western Alliance Bancorp are getting hammered as smaller lenders come under pressure after the failure of Silicon Valley Bank.
The Arizona-based bank's stock plunged 83% to $7.84 on Monday, following a 21% slide on Friday.
US regional banks have fallen victim to SVB's sudden meltdown, with First Republic Bank shares tumbling 78% and PacWest Bancorp down 53% on Monday.
That poor showing comes despite efforts to ease investor concerns that other banks would be hit by the same problems suffered by SVB. On Sunday, Signature Bank became the third lender to shut its doors in the space of a week, after crypto-friendly bank Silvergate closed voluntarily.
On Friday, SVB was closed by regulators and put under the control of The Federal Deposit Insurance Corporation after That followed a tumultuous few days for SVB, which saw a call for capital fail and a rush of depositors withdrawing their funds.
(Excerpt) Read more at markets.businessinsider.com ...
TOPICS: Breaking News; Business/Economy; Crime/Corruption; Government; Politics/Elections; US: Arizona
KEYWORDS: arizona; svb
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To: Vermont Lt
The wheel is still turning but the hamster is dead.................
21
posted on
03/13/2023 8:20:34 AM PDT
by
Red Badger
(Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
To: dynachrome
The goal is ONE BANK TO RULE THEM ALL............................
22
posted on
03/13/2023 8:25:26 AM PDT
by
Red Badger
(Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
To: oldasrocks
Trust is the coin of the realm.
And Deep State is flat busted.
23
posted on
03/13/2023 8:26:39 AM PDT
by
mewzilla
(We will never restore the republic if we don't first secure the ballot box.)
To: Red Badger
Why do I believe all this talk of “Regional Banks” is intended to drive accounts to the large banks? I feel quite comfy with all my eggs in “regional banks” (especially since the region I live in is very fiscally conservative).
24
posted on
03/13/2023 8:26:45 AM PDT
by
The Duke
To: The Duke
“Never let a crisis go to waste.”
25
posted on
03/13/2023 8:27:08 AM PDT
by
dfwgator
(Endut! Hoch Hech!)
To: C210N
26
posted on
03/13/2023 8:27:15 AM PDT
by
C210N
(Everything will be okay in the end. If it’s not okay, it’s not the end.)
To: desertsolitaire
Look at the just posted link to a listing in realtime of the trading halts. It goes back in time, and you can see for yourself if this is normal or abby-normal. (hint: its abby normal).
27
posted on
03/13/2023 8:28:42 AM PDT
by
C210N
(Everything will be okay in the end. If it’s not okay, it’s not the end.)
To: Red Badger
I guess that’s one plus to having assets in a credit union. No stock.
28
posted on
03/13/2023 8:29:00 AM PDT
by
CatOwner
(Don't expect anyone, even conservatives, to have your back when the SHTF in 2021 and beyond.)
To: Red Badger
It’s called CBDC. That “One Bank” is connected to all.
29
posted on
03/13/2023 8:29:51 AM PDT
by
C210N
(Everything will be okay in the end. If it’s not okay, it’s not the end.)
To: The Duke
Regional Banks will be hit with new ‘fees’ by FedGov to support the bailouts..........................
30
posted on
03/13/2023 8:33:26 AM PDT
by
Red Badger
(Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
To: oldasrocks
But nothing is wrong, says Joe.
31
posted on
03/13/2023 8:41:12 AM PDT
by
unixfox
(Abolish Slavery, Repeal the 16th Amendment)
To: desertsolitaire
Do you reckon there is potential for much more volatility today and in coming days? I would not be buying any financial stocks right now that's for sure. Looks like the sh!t is about to hit the fan.
32
posted on
03/13/2023 8:43:47 AM PDT
by
unixfox
(Abolish Slavery, Repeal the 16th Amendment)
To: Red Badger
“Regional Banks will be hit with new ‘fees’ by FedGov to support the bailouts”
Yup—the banking equivalent to taxing (mostly low income) cigarette smokers to pay for benefits of illegal aliens.
33
posted on
03/13/2023 8:53:05 AM PDT
by
cgbg
(Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
To: cgbg
They never halt trading when stocks go up. I don't believe that is correct. Stocks are halted when good news comes out in relation to close, etc.
34
posted on
03/13/2023 9:06:10 AM PDT
by
Fury
To: C210N
35
posted on
03/13/2023 9:07:35 AM PDT
by
desertsolitaire
(Nothing Changes if Nothing Changes)
To: unixfox
36
posted on
03/13/2023 9:07:49 AM PDT
by
desertsolitaire
(Nothing Changes if Nothing Changes)
To: C210N
2023: Biden’s Banking Crisis
Bring on the Digital Currency.
All according to plan? /shiny side out
37
posted on
03/13/2023 9:08:44 AM PDT
by
SaveFerris
(Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
To: Fury
Fair enough for a specific stock—but I can’t recall any mass “stop trading” on industry good news.
38
posted on
03/13/2023 9:09:02 AM PDT
by
cgbg
(Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
To: cgbg
Fair point.
I’m sure shorts are making some of this action.
39
posted on
03/13/2023 9:10:43 AM PDT
by
Fury
To: Jet Jaguar
[Lotta banks.]
(cough)
Lotto banks....
(cough)
40
posted on
03/13/2023 9:11:03 AM PDT
by
SaveFerris
(Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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