And just like that….SVB is bailed out

[pknopp]

Biden needed Manchin and Sinema to vote in favor of re-instating those regulations.....which of course, they weren't going to do

Odd, Manchin clearly said he would institute new regulations on the railroads. How was Trump able to overturn them?

 

[Biff_Poindexter]

Odd, Manchin clearly said he would institute new regulations on the railroads. How was Trump able to overturn them?

You do understand this response does not refute a single thing I said right?

 

[pknopp]

You do understand this response does not refute a single thing I said right?

Of course it does. Manchin has never shown any indication of being against bank regulations. The D's wouldn't need both.

How did Trump end them?

 

[Biff_Poindexter]

Of course it does. Manchin has never shown any indication of being against bank regulations. The D's wouldn't need both.

How did Trump end them?

Well seeing as tho he was one of the 17 who voted for repealing the regulation in the first place...

It is likely the reason he would be the one voting against reinstating that piece of regulation....

 

[The Duke]

I guess it depends on your definition of "bailout"
Management is gone
Investors lose it all
Unsecured creditors may lose all

But the depositors money is safe and it won't cost $1 to the US taxpayer.

That's what should have been done in 2008. But no, execs got "golden parachutes" and big banks that should have failed

got 200% (at least) more real estate.

 

[dudmuck]

Of course it does. Manchin has never shown any indication of being against bank regulations. The D's wouldn't need both.

How did Trump end them?

Trump signs the biggest rollback of bank rules since the financial crisis

The measure designed to ease rules on all but the largest U.S. banks passed both chambers of Congress with bipartisan support.

www.cnbc.com

 

[Biff_Poindexter]

Hey. how did that "Anti-Woke" bank turn out??

'Anti-woke' bank founded by Kelly Loeffler and GOP strategist goes bust: report

On Wednesday, the Atlanta Journal-Constitution reported that an "anti-woke" bank founded by a longtime Republican campaign strategist and a former Republican senator from Georgia had gone bust.Nick Ayers, who previously served as chief of staff to former Vice President Mike Pence and helped...

www.rawstory.com

"Earlier this week, the Wall Street Journal reported that GloriFi, the 'anti-woke' bank that Ayers co-founded, has laid off most of its employees and is set to shut down," said the report. GloriFi, which was based in Texas, reportedly ran out of money, as a funding deal they were hoping would keep them solvent through the first quarter failed."



How come you right-wing anti-woke morons failed to keep this bank afloat??



I mean, it was "anti-woke" , probably didn't have any of those pesky blacks and gays working there....how could it not be successful and popular?

 

[hadit]

So the rules of FDIC insurance mean absolutely nothing? The Fed can just make it up as they go?

That's right. That's the world we live in, and fiscal conservatives don't win any more because you can't beat Santa Claus.

 

[hadit]

It’s magic. They can just print it and it doesn’t cost anything. Actually they don’t even print it, it is just digitally created.

Bump up some numbers in a database.

 

[hadit]

Hey. how did that "Anti-Woke" bank turn out??

'Anti-woke' bank founded by Kelly Loeffler and GOP strategist goes bust: report

On Wednesday, the Atlanta Journal-Constitution reported that an "anti-woke" bank founded by a longtime Republican campaign strategist and a former Republican senator from Georgia had gone bust.Nick Ayers, who previously served as chief of staff to former Vice President Mike Pence and helped...

www.rawstory.com

"Earlier this week, the Wall Street Journal reported that GloriFi, the 'anti-woke' bank that Ayers co-founded, has laid off most of its employees and is set to shut down," said the report. GloriFi, which was based in Texas, reportedly ran out of money, as a funding deal they were hoping would keep them solvent through the first quarter failed."



How come you right-wing anti-woke morons failed to keep this bank afloat??



I mean, it was "anti-woke" , probably didn't have any of those pesky blacks and gays working there....how could it not be successful and popular?

Ever try to start a bank on the precipice of economic failure?

 

[Biff_Poindexter]

Ever try to start a bank on the precipice of economic failure?

But it was an Anti-woke bank....I am sure those who started it wouldn't be so unqualified that they wouldn't start one on the "precipice of economic failure"


I mean, I thought they wouldn't hire those damn blacks and gays....they would be the ones who would be too dumb to know any better, not anti-woke Christian conservatives

 

[hadit]

But it was an Anti-woke bank....I am sure those who started it wouldn't be so unqualified that they wouldn't start one on the "precipice of economic failure"


I mean, I thought they wouldn't hire those damn blacks and gays....they would be the ones who would be too dumb to know any better, not anti-woke Christian conservatives

Who knows? No one asked me. Now we just need to find out which legislators made big bucks on insider trading. Here's a touch of reality for you. Any bank that refused to hire people for reasons other than their competence deserves to fail.

 

[g5000]

It's been known for a very long time rates were going up. If the bank acted like they were not, I have to wonder about the wisdom of everything.

SVB ran up their interest rate risk in 2020 and 2021. Before inflation hit.

But anyone with a lick of sense would have known they were exposing themselves to a tremendous interest rate risk.

Hell, I wrote about it in a topic I called "The Fed's Bond Bubble Doomsday Machine" years ago on this forum.

In 2018, the CEO of SVB, along with a lot of other banks, lobbied Congress and President Trump to repeal parts of Dodd-Frank. Trump signed a law doing so, which lowered the capital requirements for banks and did away with the stress tests which would have revealed just how precarious SVB's positions were.

Karma is a BITCH!

 

[g5000]

SVB collapse is a blight on US regulators

Damn!

Donald Trump signed a law repealing the stress tests which would have shown how much risk SVB had.

This is not on the regulators. This is on the DE-regulators.

 

[g5000]

If depositors have 'access' to all their money, it's being guaranteed by the feds. Nothing is free, and all the money the government has access to is ours.

Nope. Every bank pays insurance premiums to the Federal Deposit INSURANCE Corporation (FDIC).

The money is not ours. SVB's depositors are paid by the insurance company.

 

[g5000]

The deposit insurance fund is only $128 billion. So how are they going to cover the $200+ billion for this one bank? That money is meant for the insurance of all American’s bank accounts under $250k.

If you read your own topic, you would have seen earlier in the topic the FDIC is going to charge banks an assessment for this bank failure.

 

[g5000]

maybe they can borrow money from Ukraine...I hear they are loaded now...thanks Joe you worthless old piece of shit

Why do you ignorant tards keep trying to make this about things which are completely unrelated?

You look like an idiot.

 

[g5000]

I'm not. I made my disclaimer clear.

I acknowledge there's a rational economic explanation for what happened, but this was also an event that was literally caused by ultra wealthy individuals who are blatantly political and who have an interest in shaping the economic/financial/labor/political regime to their liking. And with the kinds of money they possess, they have the power to do it. The plutocrats may not have the collective financial firepower of central banks, but they have the power to foil central bank, treasury, and labor policies they don't like.

So yeah, that's a conspiracy theory of mine -- that and nothing more. But you're naive if you think it's implausible that they would help tank the economy in the short term to get the long term results they want. They want the power to dominate labor and the lower classes, and they want a government that is sympathetic to that end.

SVB's collapse has nothing to do with wokism, Ukraine, Jewish conspiracies, UFOs, Mexicans, China, global warming, the fleas on a whore's back, or the alcohol content of rum.

SVB simply took on a tremendous amount of interest rate risk a couple years ago without any hedging.

This is plain simple stupidity on the part of management.

What I worry about now is the rest of the $16 trillion of underwater Treasury debt run up by Obama and Trump that is still out there.

 

[theHawk]

If you read your own topic, you would have seen earlier in the topic the FDIC is going to charge banks an assessment for this bank failure.

The FDIC already charged banks for the fund. If they are going to charge them more, then the customer is just going to pay more.

 

[multivita-man]

SVB's collapse has nothing to do with wokism, Ukraine, Jewish conspiracies, UFOs, Mexicans, China, global warming, the fleas on a whore's back, or the alcohol content of rum.

SVB simply took on a tremendous amount of interest rate risk a couple years ago without any hedging.

This is plain simple stupidity on the part of management.

What I worry about now is the rest of the $16 trillion of underwater Treasury debt run up by Obama and Trump that is still out there.

Yep, pretty much agree on all the above.