Bank failures have started

[Oddball]

 

[Circe]

"Silicon Valley Bank employees received their annual bonuses shortly before the bank was seized Friday, NBC News reported late Saturday.

The bank traditionally hands out bonuses for the prior year’s work on the second Friday in March, and the payments had been in the works for days, sources familiar with the matter told CNBC.

It’s unclear how much cash was distributed, but NBC said the bonuses likely ranged from $14,000 each for associates to $140,000 apiece for managing directors, based on figures posted on the Glassdoor website."

Government won’t bail out Silicon Valley Bank, which paid workers bonuses hours before collapse

Yellen, appearing on CBS’ “Face the Nation,” said the government wouldn’t rescue the nation’s 16th-largest bank, as was done for hundreds of institutions during the fi…

nypost.com

Talk about unfortunate timing from a public relations perspective.

I have to doubt it was unfortunate timing. It was then or never.

 

[Missourian]

I'm sure ... Just like the "train brakes" that had nothing to do with the East Palestine derailment.

You have cried wolf one time too many.

No one believes you anymore.

 

[JWBooth]

Jim Cramer was touting Signature Bank as the place to make money. It was seized by regulators today and look at who was on the board. Dodd Frank anyone?

 

[Missourian]

Here comes the next bandaid...

"In a separate announcement, the Fed late Sunday announced an expansive emergency lending program that’s intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole. Fed officials characterized the program as akin to what central banks have done for decades: Lend freely to the banking system so that customers would be confident that they could access their accounts whenever needed."

US government moves to stop potential banking crisis

The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution tha…

www.mercurynews.com

 

[iamwhatiseem]

Charles Schwab down 12% in pre market.
So yeah... this is gong to be black Monday.
Thank God we will have Jeanne Pierre to toss some word salad about Biden taking it seriously.

 

[iamwhatiseem]

Bidens speech today will be all about making people pay! "We'll get 'em!!"
In reality... those people will be getting checks just like they did in 2008-14.
Guaranteed. They can say whatever they want... but the checks will be coming

 

[Harpy Eagle]

They all spend...but TRUMP was building an incredible economy.

Was he?

What do you base this on? GDP? Stock Market? Fairy dust?

We could have grown our way out of debt. Maybe if Trump gets back in, it can still happen.

We cannot grow our way out of debt, we have to cut spending our way out of debt. And that can never happen if Trump gets back in.

 

[Ringo]

 

[JWBooth]

Can’t go wrong following this guy and shorting his recommendations

 

[JohnDB]

Zerohedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[JWBooth]

The success of the Biden economic plan, proof is in the pudding.

 

[ozro]

The president just spoke, not reassuring at all.
One thing is certain, based on history, whatever the administration says publicly is a lie. The truth will be opposite of what the party line is.

 

[Ringo]

The U.S. has such short-term memory that our government will bail out another bank run by the same former CFO of Lehman Brothers prior to its collapse in 2008. Meanwhile the poorer get poorer in the “greatest country in the world.” Clearly the enemy isn’t Russia or China.

 

[JWBooth]

More Biden economic plan success stories

Western Alliance shares plummet 70% as bank stocks take a beating after SVB's failure

Charles Schwab stock selloff deepens; Morgan Stanley calls it overdone (NYSE:SCHW)

Charles Schwab (SCHW) stock tanked 8% in Friday morning trading, adding to the 13% drop in the prior session when an 8.5M share block sale spooked investors

seekingalpha.com

First Republic Bank shares fall more than 60% after collapse of SVB, Signature

 

[JWBooth]

Trading in many banks halted

 

[iamwhatiseem]

Charles Schwab (US) - down 14%
Charles Schwab (London) - down 18%

 

[Harpy Eagle]

Charles Schwab (US) - down 14%
Charles Schwab (London) - down 18%

 

[iamwhatiseem]

Not yet... but getting there. They wiped out all gains since 2017

 

[Harpy Eagle]

Not yet... but getting there. They wiped out all gains since 2017

hmm, might be a time for some bargain shopping