FDIC AND SVB question.

[flyingillini]

Rise up Illinois we are being had

While I watch all the chaos going on I am sitting in Vietnam collecting 9-11% from banks here. It is a dream here with banks. However, there is no FDIC here, they have something similar but it only covers a very small amount. Banks do go under here just not often and hopefully not any time soon.

 

[flyingillini]

Just because your broke, don't assume everyone you interact with on the forum is... I'm not sure what "we" you are referring to

There are some people here with some serious coin, most are probably broke but nobody really knows but I do know a few that are well off.

 

[flyingillini]

Anyone buying bank stocks while they are down so much?

You better pick the right ones because it sounds like the gov't is covering depositors while shareholders are getting nothing. And, I'm 100% OK with the shareholders getting nothing.

Yes, you can't go wrong, it will come back, will take time , years but it will.
I have had USB but added more today.
adding PNC
I have had USB for years, I will die with it.

 

[JDS]

Just because your broke, don't assume everyone you interact with on the forum is... I'm not sure what "we" you are referring to

Sammy definitely ain’t broke, but you might have a zero or two added to your net worth in comparison to him. If Sammy’s broke I’m a Goddamn sewer rat from a Financial standpoint.

 

[samsncharge99]

Sammy definitely ain’t broke, but you might have a zero or two added to your net worth in comparison to him. If Sammy’s broke I’m a Goddamn sewer rat from a Financial standpoint.

im broke compared to Silicon Valley customers that bank there hahaha, i guess that was my joke in this

understand also as you know JDS that a lot of times especially in serious threads I have sarcastic tones

but in the grand scheme of life i'm above average for sure

 

[JDS]

im broke compared to Silicon Valley customers that bank there hahaha, i guess that was my joke in this

understand also as you know JDS that a lot of times especially in serious threads I have sarcastic tones

but in the grand scheme of life i'm above average for sure

Yeah I know your vibe is often sarcastic because you’re a “pothead Focker“.

- Are you a pot head, Focker? - No! No. What?

Meet the Parents clip with quote - Are you a pot head, Focker? - No! No. What? Yarn is the best search for video clips by quote. Find the exact moment in a TV show, movie, or music video you want to share. Easily move forward or backward to get to the perfect clip.

memes.getyarn.io

 

[Wagerallsports]

I hope everyone realizes Silicon Valley Bank paid out bonuses to all employees the DAY BEFORE FDIC took over. The CEO got $2M on Thursday.

Seems like a planned event.

Someone should go to jail.

Wow that is shady

 

[samsncharge99]

Yeah I know your vibe is often sarcastic because you’re a “pothead Focker“.

- Are you a pot head, Focker? - No! No. What?

Meet the Parents clip with quote - Are you a pot head, Focker? - No! No. What? Yarn is the best search for video clips by quote. Find the exact moment in a TV show, movie, or music video you want to share. Easily move forward or backward to get to the perfect clip.

memes.getyarn.io

only at night, I know that sounds weird, but I don't smoke during the day. My eyes show it off immediately and i don't fukk with it while working, i wouldn't be able to focus and sell cars while high

but as soon as I walk in my front door, PUFF PUFF ....no passing hahaha

 

[Wagerallsports]

People wanting to open a bank on every street corner

Just like everything else only the best and strongest survive

 

[JDS]

only at night, I know that sounds weird, but I don't smoke during the day. My eyes show it off immediately and i don't fukk with it while working, i wouldn't be able to focus and sell cars while high

but as soon as I walk in my front door, PUFF PUFF ....no passing hahaha

Smart man & a good idea to separate business & casual vibe.

 

[samsncharge99]

Smart man & a good idea to separate business & casual vibe.

plus there's levels like there is to everything. If I'm smoking 24/7 then it's a problem and addiction and if it affects my job performance or ability to work and make money, then it's a problem

I love flirting with the line, but never cross it

 

[JDS]

plus there's levels like there is to everything. If I'm smoking 24/7 then it's a problem and addiction and if it affects my job performance or ability to work and make money, then it's a problem

I love flirting with the line, but never cross it

Moderation is the perfect balance to anything we do in life.

 

[renegade]

The Biden administration is dying to take over banks. More govt control is what they want. They have already talked about a centralized digital currency run by the govt.

Sillicon should have been sold not taken over by the govt. Its called capitalism. And Sillicon mgmt should be in jail for not hedging their interest rate risk. Every bank has risk managers that calculate their portfolio risk

 

[dianesmith]

Well, I'm not sure I agree with your assessment of the Biden administration's intentions or their approach to banking regulation. It's true that they've talked about a centralized digital currency, but that doesn't necessarily mean they're looking to take over banks. And while some people might argue that capitalism means letting companies like Silicon Valley firms do whatever they want, others might argue that it's important to have regulations in place to protect consumers and ensure a level playing field, and who is fair then?

 

[Tanko]

The one thing that does piss me off about the current administration is how they are playing this off as... the public won't pay for this "bail-out"... and lets face it, its another bail out.

They are saying, the FDIC will pay to cover these bank failures but all banks will be requried to put money back into the FDIC to rebuild its assets for the next event. Yeah, right. I'm sure banks are going to cut dividends and bonuses to get the money back in FDIC. No.... What they are actually going to do is charge more interest on loans and charge more fees.

 

[renegade]

Banking regulations is not the same as propping up failed companies

 

[Tanko]

One more point on SVB.
Venture capitalists caused this event and they are the ones who are getting their money back.


Details
On Wednesday, some venture capitalists told their the startup companies they were invested in to pull their money out of SVB immediately. $42B was pulled out on Thursday. This withdrawal rate was unsustainable and FDIC took over Friday.

Sunday morning, the FDIC (Treasure Secretary Janet Yellen) stated it was only covering up to $250k per account. The venture capitalists were going to lose BILLIONS that they had invested in the startups that had not pulled their money out of SVB yet. Many startups could not survive losing all that money. So the VC guys called their congressmen (the ones they paid campaign money to and lobby), the white house, treasury dept, etc... and portrayed a horrific story about how Silcon Valley would be set back 10 years by these companies going broke.

4 hours later, Biden tells everyone, all accounts are covered including those over $250k.
Net result, Ventrure Capitalists lost nothing. They are fully covered.

The venture capitalists caused the run on the bank and then reap the rewards.