Posted on 03/12/2023 11:51:28 AM PDT by marcusmaximus
Yup. And the CFO of Lehman Brothers responsible for that collapse, became a CEO or such at SVB. Now responsible for two big collapses.
Backstop ..is that what they are calling financial rape of taxpayers now ?
The 2008 champion grifters back , taking their bonus and dumping their stock
Just
In
Time
How coincidental .
“ The 2008 champion grifters back , taking their bonus and dumping their stock”
***********************************************************
Aren’t all bank annual bonuses paid in March? /SARC
Just rename it BoU, Bank of Ukraine. That will quickly solve their liquidity crisis!
I chuckled but this bank also had close ties with crypto so it could already be the bank of Ukraine.
Why should a bank that was ‘TOO BIG TO ACT RESPONSIBLY’ be bailed out for their actions?
Why should DEPOSITORS at that bank who failed to act responsibly be bailed out for their actions?
I do not believe for a second that a collapse of SVB and its MEGA-depositors would have that much of an impact on the multi-trillion dollar banking industry.
Don’t think that’s true.
My guess is the former risk officer knew something was up and pulled the rip-cord a year ago..
Can Meghan and Harry be excluded from any bailout?
Yep. As an aside, I had to laugh at your screen name in light of post# 12.
I got an idea.
Print more money.
The Republic is doomed.
5.56mm
I double checked. State Charter, but FDIC member, so deposits up to $250 K insured. Above that,, no.
I think you misread my comment . They aren’t going to save SVB. But they will make sure the depositors will be able to make their payroll in the near term.
SVB is dead and gone. No one is trying to “save” them.
Haven’t found a buyer yet.
3:00pm ET Update: In a reversal of what Janet Yellen said just hours ago, WaPo reports that federal authorities are “seriously considering safeguarding all uninsured deposits at Silicon Valley Bank” - and by extension any other bank on the verge of failure - and are weighing an extraordinary intervention to prevent what they fear would be a panic in the U.S. financial system. Translation: bailout of all depositors, not just those guaranteed by the the FDIC (<$250K).
Officials at the Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation discussed the idea this weekend, the people said, with only hours to go before financial markets opened in Asia. White House officials have also studied the idea, per two separate people familiar with those discussions. The plan would be among the potential policy responses if the government is unable to find a buyer for the failed bank.
This is moral hazard writ large. There is no reason to backstop the firms that failed to diversify or insure their banking relationships. George warned us that “The last official act of any government is to loot the treasury.” We have arrived!
Update: Fed now discussing buying banks’ distressed debt and eating the losses to save other banks.
Update: Bailout would be FED loans to all banks at below market interest rates so banks can retire their distressed debt. Taxpayers eat the loss, of course.
And term limits for Representatives and Senators!
I can think of more but these three should suffice
for a start.
I identify as a SVB depositor.
Time to cancel my auto and homeowners insurance as the feds will surely backstop my uninsured property.
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