Posted on 03/12/2023 3:21:17 PM PDT by janetjanet998
Bloomberg reports Signature Bank has been closed by state authority
Lookner Live (now on Rumble too)
Regulators deliver: Treasury announces SVB depositors will have access to all of their money starting Monday. Same for Signature Bank, which it closed today… “Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed”
Specializes in crypto. Similar to Silvergate Capital. It shut down last week.
Now that the safety net is there they can close as many banks as 2008-2011.
Three hundred banks to go....
Wait until Congress gets the bill.
Joint Statement by Treasury, Federal Reserve, and FDIC
Department of the Treasury
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
For release at 6:15 p.m. EDT
Share
Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, 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. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.
Where is Signature Bank?
While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs!
By Katherine Donlevy, March 11, 2023
In addition to instituting SVB’s first “safe space catch-up” — which encouraged employees to share their coming out stories — and serving on LGBTQ+ panels around the world, Ersapah also spent time over the last year serving as a director for Diversity Role Models and volunteering as a mentor for Migrant Leaders.
“I feel privileged to co-chair the LGBTQ+ ERG and help spread awareness of lived queer experiences, partner with charitable organizations, and above all, create a sense of community for our LGBTQ+ employees and allies.”
Ersapah couldn’t immediately be reached for comment.
SVB was abruptly shut down Friday by the California Department of Financial Protection and Innovation shortly after it disclosed it had taken a $1.8 billion hit from a $21 billion fire sale of its bond holdings.
It faced a cash crunch due to surging interest rates, and a recent meltdown in the tech sector led many customers to pare their deposits.
https://nypost.com/2023/03/11/silicon-valley-bank-pushed-woke-programs-ahead-of-collapse/
Futures Last Change Change %
Crude Oil 76.85 +0.17 +0.22%
Natural Gas 2.4180 -0.0120 -0.49%
Gold 1888.60 +21.40 +1.15%
Dow 32468.00 +550.00 +1.72%
S&P 500 3940.50 +77.75 +2.01%
Nasdaq 100 12108.25 +268.00 +2.26%
Chicago.
https://www.signaturebank.bank/
The stock price story is interesting—the high this year was $91 a share—eventually dropped to $70 on Friday.
It is now $0.
Correction—it looks like their corporate HQ is in NY.
Good news if this happens!:
Regulators deliver: Treasury announces SVB depositors will have access to all of their money starting Monday. Same for Signature Bank, which it closed today… “Shareholders and certain unsecured debt holders will not be protected.
Senior management has also been removed”
CNBC says it was out of New York and had a large exposure to Cryptocurrency.
Yes, it appears to be contagious.
All those MBS, Corporate Bonds and Treasuries they hold as “assets”, if purchased 1 year ago or more, are not worth nearly as much as the “valued” them on their assets sheets.
Crypto is up….
Weird.
They’re supposed to have forty branches in greater New York.
Apparently the dow is a fan when banks collapse
This will slow down depositor panic—but of course shareholders of banks are not protected and they still get to panic.
“Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.”
ARRRGH!!!!!! The banks will pass the cost on to consumers.
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