Yellen rules out bailout for Silicon Valley Bank: "not going to do that again"/Greg Becker, SVB CEO, sold $3.5 million in stock 2weeks before collapse

[basquebromance]

they're not gonna bail out the UK arm of SVB either. you're on your own. NO MORE BAILOUTS!

SVB CEO Sold $3.6 Million in Stock Days Before Bank’s Failure

Silicon Valley Bank Chief Executive Officer Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure.

www.bloomberg.com

 

[pknopp]

I saw that and I hope she sticks with that BUT the problem is, she is responsible for many of our problems. It's really sad how many times government will recycle those who previously failed at their jobs.

 

[Radicalredneckk]

WILMINGTON, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won't receive their paychecks.

Yellen, in an interview with CBS' “Face the Nation,” provided few details on the government's next steps. But she emphasized that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry.

“We’re not going to do that again," she said. "But we are concerned about depositors, and we’re focused on trying to meet their needs.”

 

[Circe]

they're not gonna bail out the UK arm of SVB either. you're on your own. NO MORE BAILOUTS!

SVB CEO Sold $3.6 Million in Stock Days Before Bank’s Failure

Silicon Valley Bank Chief Executive Officer Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure.

www.bloomberg.com

I can't agree --- I don't know where you are getting your info, but the Wall Street Journal says the UK IS looking into taking over the British bank of SVB to avoid contagion, to which their financial system is particularly prone lately (that was why they lost a prime minister after only a month in office last year).

AND there is as of 10 AM in the WSJ report, talk of making all SVB depositor whole no matter how much was in their accounts. 90% of the money in that bank was uninsured because the amounts were so large. Companies cannot plausibly go to dozens of banks if they have millions to store, after all! They have to trust the banking system, or else the system goes down. They did just this in 1991 when New England bank failed, made everyone whole never mind that quarter-million FDIC limit.

I'd be okay with that. . . anyone else?

 

[Doc7505]

I wonder how many Democrat Congresspersons sold their stock in SVB before the bank crash?

 

[basquebromance]

 

[pknopp]

WILMINGTON, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won't receive their paychecks.

Yellen, in an interview with CBS' “Face the Nation,” provided few details on the government's next steps. But she emphasized that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry.

“We’re not going to do that again," she said. "But we are concerned about depositors, and we’re focused on trying to meet their needs.”

Restated......."Janet Yellen doesn't say much".

 

[Circe]

WILMINGTON, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won't receive their paychecks.

Yellen, in an interview with CBS' “Face the Nation,” provided few details on the government's next steps. But she emphasized that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry.

“We’re not going to do that again," she said. "But we are concerned about depositors, and we’re focused on trying to meet their needs.”

Well, replacing monies over the quarter-million FDIC limit WOULD, obviously, be a bail-out!

And so Yellen would have egg on her face. My guess is they won't do it unless they have good reason to fear contagion, meaning quickly spreading bank runs. I am going to enjoy Monday, I think. Lots of excitement.

 

[pknopp]

I wonder ow many Democrat Congresspersons sold their stock in SVB before the bank crash?

We know many did. Think anything will happen to any of them?

 

[leftwinger]

Not only sold stock but paid annual bonus to all the employees, during the last two days?

 

[theHawk]

they're not gonna bail out the UK arm of SVB either. you're on your own. NO MORE BAILOUTS!

SVB CEO Sold $3.6 Million in Stock Days Before Bank’s Failure

Silicon Valley Bank Chief Executive Officer Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure.

www.bloomberg.com

“The UK arm”, meaning we will bail out the rest.

 

[basquebromance]

“The UK arm”, meaning we will bail out the rest.

no it doesn't mean that

 

[Doc7505]

We know many did. Think anything will happen to any of them?

~~~~~~
Bu, bu, bu, but insider trading for all but Congress is against the law.

 

[multivita-man]

I saw that and I hope she sticks with that BUT the problem is, she is responsible for many of our problems. It's really sad how many times government will recycle those who previously failed at their jobs.

How is she responsible for this?

 

[DudleySmith]

they're not gonna bail out the UK arm of SVB either. you're on your own. NO MORE BAILOUTS!

SVB CEO Sold $3.6 Million in Stock Days Before Bank’s Failure

Silicon Valley Bank Chief Executive Officer Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure.

www.bloomberg.com

They probably didn't make any 'donations' to the Democratic Party, either locally or nationally.

 

[DudleySmith]

Not only sold stock but paid annual bonus to all the employees, during the last two days?

That's the usual pattern.

 

[pknopp]

~~~~~~
Bu, bu, bu, but insider trading for all but Congress is against the law.

Congress and anyone who funds Congress.

 

[theHawk]

no it doesn't mean that

Yea sure. Because when this regime says something, it always turn out that way right?

When more banks start failing, they will bail them out. So we end up paying for all of this.

 

[pknopp]

How is she responsible for this?

She continued the pumping for years when it was her that should have started raising rates.

She knew she should have. She said a few times she was going to but just didn't have it in her to do it.

 

[Circe]

How is she responsible for this?

Agreed, it was Powell's strong push of higher interest rates did it, is the WSJ consensus. On the other hand, you canNOT break inflation without breaking other things about the financial system. And so, here we are. Where exactly that is, we should find out starting Monday.