“‘There are real questions about why the bank didn’t anticipate one of the most fundamental financial facts that everybody should know, which is interest rates go up and they go down. You can’t bet on them staying low forever.”’”
Porter recapped SVB’s rise and fall with host Capehart, noting the commercial bank, which had largely served the tech industry, grew rapidly in late 2020 by taking “lots and lots and lots of deposits — millions of dollars,” and then turning around and investing that money in federal treasury bonds. Read more: Silicon Valley Bank branches closed by regulator in biggest bank failure since Washington Mutual
Meanwhile, Treasury Secretary Janet Yellen said Sunday that she’s been working with banking regulators “all weekend” to stem the damage, as it’s believed more than 90% of the bank’s despite are uninsured.
It sounds like there was no one that knew what they were doing ran this bank. It amazes me how we reward for being dumb and lazy. Everyone gets a medal.
Yep more useless regulations. We have rules now. They should have let the bank go under. Over 4000 regional banks follow rules and they are fine. But this bank and a lot of depositors donated heavily to the DEMS, so lets pay them back, with our money.
ban short selling
Oh look, the king of bank regulations, the messiah himself, 'the Frank' is on the board of Signature Bank, closed by the regulators today. In his role providing oversight of actions by management the bank must have been the MOST compliant & sound bank EVER Bankcollapse bankrun
Katie is one of the best. She knows her shit, so you don't want to be on the wrong side of Katie's white board. No, you really don't.
They prioritized LGBTQ issues over their day to day operations. All over sexual orientation. Just stop with it. I’m bisexual and most of the people in the lgbtq community need their families and community support. The rest of the world doesn’t care.
Excellent point, same goes for those stock buybacks that drop in value and then they want a bailout
Marketwatch loves them some democrats...! People actually pay money for this cheerleading.
She is 100% true
It appears they were the only ones on Earth that didn’t see rates were going to rise.
Friends did you note that one day prior to their closure (SVB) announcement. ALL senior members were paid their bonuses while employees weren't even paid as of Friday. Now come to find out the online giant 'ETSY' used them not only as a bank but transaction processor.
Longer dated Treasuries held by banks and becoming devalued extends far beyond SVB.