How does a bank collapse in 48 hours?
A timeline of the SVB fall
Posted By: earlybird, 3/12/2023 3:12:18 PM
This week, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo. Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. It was the largest failure of a US bank since Washington Mutual in 2008. (Snip) Founded in 1983, SVB specialized in banking for tech startups. It provided financing for almost half of US venture-backed technology and health care companies. While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with $209 billion in total assets at the end of last year, according to the FDIC.
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So Obvious? 9 replies
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In its dash in the fast lane to embrace diversity, the city of Newark, New Jersey, drove into a pothole.
On Jan. 12, Newark officials signed a “sister city” agreement with the United States of Kailasa that was going to support trade and other activities that would allow Newark to cite a connection with a Hindu nation.
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A key COVID-19 vaccine case is moving to the discovery phase after a U.S. judge rejected a bid by Moderna to dismiss some of the patent infringement claims against it.
Moderna and the U.S. government, which backed the company, failed to prove that claims involving the company’s COVID-19 vaccine contract with the government should be dismissed, U.S. District Judge Mitchell Goldberg ruled on March 10.
Goldberg in late 2022 rejected a similar effort but Moderna revived its bid after the government filed a statement asserting it, not the company, should face the claims relating to the contract.
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Biden killed SVB. We're next.
9 replies
The blame game over SVB’s collapse is a diversion. The media have rounded up the usual suspects: Trump, greed, bad law, blah, blah, blah. When Captain Renault did that in Casablanca, he knew who the real culprits were. The media is not that bright.
James Hickman is. He is the founder of Sovereign Research. He looked at the numbers and he found the culprit.
Biden. He made government bonds worth less which has banks dropping like cockroaches in a Raid commercial.
(snip)Hickman wrote, “Silicon Valley Bank was no Lehman Brothers. Whereas Lehman bet almost all of its balance sheet on risky mortgage bonds, SVB actually had a surprisingly conservative balance sheet.
Investigators score big win as Treasury
turns over secret bank records flagging
Hunter Biden deals 6 replies
turns over secret bank records flagging
Hunter Biden deals 6 replies
The Biden Treasury Department ended weeks of foot dragging Tuesday by agreeing to provide congressional investigators with access to secret bank records that flagged suspicious overseas financial transactions involving Hunter Biden and the first family.
House Oversight and Accountability Committee Chairman James Comer announced the deal to let his investigators access the so-called Suspicious Activity Reports in a secure reading room.(snip)The deal comes just a few short weeks after Comer secured the cooperation of longtime Hunter Biden business partner Eric Schwerin, a development described as a major breakthrough in the probe to determine if Hunter Biden's overseas business dealings with controversial figures in China, Russia, Ukraine and other countries
It Had to Be Su
5 replies
Joe Biden’s pick to head the Department of Labor is current Deputy Secretary Julie Su, who is, according to a White House statement, “a tested and experienced leader.” As confirmation hearings await, senators might test her experience during an unemployment scandal in California.
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Several billionaires issued warnings over the weekend after the Silicon Valley Bank suddenly collapsed late last week and forced the federal government to step in.
Billionaire investor Bill Ackman wrote Saturday that the federal government had about two days to fix the problem—by Monday morning. He noted that a number of depositors may not see their money because it wasn’t insured; the Federal Deposit Insurance Corporation (FDIC) notes it insures $250,000 per depositor, per insured bank for each account.
EXCLUSIVE: Dramatic New Video Shows Efforts
to Revive Lifeless Rosanne Boyland on
Jan. 6, 2021 12 replies
to Revive Lifeless Rosanne Boyland on
Jan. 6, 2021 12 replies
A dramatic new Metropolitan Police Department bodycam video shows how officers and medics from three police agencies worked for 15 minutes to try to revive a lifeless Rosanne Boyland after she was dragged feet-first through the Lower West Terrace tunnel on Jan. 6, 2021.
The urgent efforts to restart Boyland’s heart were a stark contrast to the previous 10 minutes outside the tunnel, where protesters begged police for medical help, but their pleas were ignored. Boyland, 34, of Kennesaw, Georgia, was the last of four people who died at the U.S. Capitol that day.
Treasury Secretary Janet Yellen appeared to hint on Sunday that the government might step in to fund uninsured deposits at Silicon Valley Bank, the tech-sector-focused bank that collapsed last week when panicked customers suddenly withdrew tens of billions of dollars.
The Federal Deposit Insurance Corporation, which took the bank into receivership on Friday, insures deposits up to $250,000. On Friday, the FDIC said all insured deposits would be available on Monday morning.
Most Silicon Valley Bank deposits, however, are above the insured limit. The FDIC said on Friday that it had not determined the amount of uninsured deposits but said depositors with amounts in excess of $250,000 would get
This week, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo.
Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators.
It was the largest failure of a US bank since Washington Mutual in 2008.
(Snip)
Founded in 1983, SVB specialized in banking for tech startups. It provided financing for almost half of US venture-backed technology and health care companies.
While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with $209 billion in total assets at the end of last year, according to the FDIC.
SANTA CLARA, Calif.—Silicon Valley Bank collapsed Friday in the second-biggest bank failure in U.S. history after a run on deposits doomed the tech-focused lender’s plans to raise fresh capital.
The Federal Deposit Insurance Corp. said it has taken control of the bank via a new entity it created called the Deposit Insurance National Bank of Santa Clara. All of the bank’s deposits have been transferred to the new bank, (snip)
Insured depositors will have access to their funds by Monday morning,(snip)Depositors with funds exceeding insurance caps will get receivership certificates for their uninsured balances, meaning businesses with big deposits stuck at the bank are unlikely
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Former President Donald Trump is intensifying his attacks on Florida Gov. Ron DeSantis, calling him disloyal and saying that his political career would have been over had he not endorsed his ultimately successful 2018 campaign.
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“Everything Everywhere All at Once” was named best picture at the 95th Academy Awards on Sunday, capping off an improbable awards season run by winning the movie business’s highest honor.
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Even as Jan. 6 Narrative Implodes, Pence
Still Blames Bad Orange Man for Endangering
His Life 43 replies
Still Blames Bad Orange Man for Endangering
His Life 43 replies
Mike Pence is running hard to be the Mitt Romney of 2024, the controlled opposition establishment Republican nominee who will run for president and lose gracefully. Or if he somehow wins, he will do the Left’s bidding, but in a restrained, ostensibly conservative way. The formerly genuine conservative Pence showed that again Saturday at the Gridiron Club dinner in Washington, an annual event where speakers usually keep things light. The famously stone-faced former veep may have been incapable of cracking jokes, but he sure went all-in on making his remarks as heavy as possible and signaling that he would happily carry water for the Left,
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Girls Basketball Team That Refused to
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From Sporting Events 33 replies
Play Against a Transgender Athlete Banned
From Sporting Events 33 replies
A private Christian school in Vermont that forfeited a girls’ basketball game against a team with a biological male “transgender” player has been banned from participating in upcoming sporting events. The Vermont Principals’ Association, which oversees school sporting events, announced on Monday that Mid Vermont Christian School would be ineligible to participate in sporting events and other activities done through the organization.
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The Biden Economy — hailed Monday morning by Presidentish Joe Biden as “strong” — seems like it’s falling apart, everything, everywhere all at once. NYSE halted trading of Charles Schwab, whose shares fell by more than 20%, and even a few Etsy sellers have been impacted by the fallout of Silicon Valley Bank’s (SVB) collapse.
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The US State Department has summoned Moscow's ambassador after a Russian fighter jet collided with an American Reaper drone over the Black Sea, downing and destroying the unmanned aerial vehicle (UAV). (Snip) Pentagon officials said the Russian fighters harassed the drone by dumping fuel on it and flying in front of it, before one Su-27 clipped the propeller of the $32 million drone, forcing it down over the Black Sea in a total loss of the unmanned aircraft.
Until a few months ago, Rep. Maxine Waters, (D-CA) was the chair of the House Financial Services Committee, and currently is the ranking member (snip) One would think that any sentient consumer of information – both from media and from Congressional sources – would understand the difference between silicon and silicone. (snip) Silicone... is a manmade... polymer, useful in many applications, including caulk and boob-enhancement, but is useless for manufacturing semiconductors. (snip) But somehow, I don't see her recaulking the bathrooms in her multi-million dollar Hancock Park mansion that's not even in her congresional district.
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‘As bad as we thought’: James Comer
says docs show ‘Biden family was getting
money from CCP’ 25 replies
says docs show ‘Biden family was getting
money from CCP’ 25 replies
House Oversight Committee chair James Comer claimed Sunday on Fox News that he has evidence proving that President Joe Biden’s family has profited from the Chinese Communist Party.
Watch part one below:(Video) Appearing on Fox News’ “Sunday Morning Futures,” he was asked by host Maria Bartiromo what he’d learned in the last two weeks since he was on the show.
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“We’ve had a very good two weeks. We are finally having people cooperate with us. I think we all know the Biden administration is stone-walling. Janet Yellen is stonewalling, not turning over the bank violations,” he replied.
“But fortunately, since we’ve last spoken, we actually have bank records in hand.
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