π© Oh joy, another stroll down Financial Disaster Lane! π° Let's reminisce about the riveting 1924 New Mexico banking panic, because clearly, nothing screams Labor Day fun like century-old banking crises! π¦π Also, remember SVB's epic tumble? Yeah, we read about it a thousand times already. πͺοΈπ
https://nodumbideas.com/p/labor-day-special-the-1924-new-mexico #FinancialDisaster #NewMexicoBankingPanic #SVBCollapse #LaborDayHistory #BankingCrisis #HackerNews #ngated
#SVBCollapse
U.S. stocks closed lower as renewed concerns over regional bank loan defaults triggered a sell-off, with major indices posting sharp declines reminiscent of the 2023 SVB collapse.
#YonhapInfomax #RegionalBanks #USStocks #LoanDefaults #SVBCollapse #MarketDecline #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=85953
First responders in the financial system π¨ @WSJ describes what happened when Tim Mayopoulos and Greg Carmichael were called in to run Silicon Valley Bank and Signature Bank while the FDIC tried to stabilize a banking crisis
#SVBCollapse #SVBBank
https://www.wsj.com/podcasts/the-journal/two-executives-on-what-it-like-to-stop-a-bank-run/4698969F-2803-4752-ADD2-E4DF726024FE
1/2 Last night, I watched this talk: Understanding Recent Bank Failures with Dr. Bill Black
IMO, it was very good, but very technical. I thought he made a lot of good points. Do either of you know of an article for non-academics that covers the points he makes, @DeanBaker13 @ryanlcooper ?
I think he does a good job of describing how and why our bank regulatory regime leads to failures. A key point to me is that the system...
First Citizens Bank, the buyer of Silicon Valley Bank's assets, is run by a billionaire North Carolina family that's bought over 20 failed banks since 2008, per BI.
Using your family's slave labor tobacco fortune to purchase failed banks across the nation is how stolen labor from hundreds of years ago affects wealth and the economy today.
It's redlining as monetary policy.
Build Public Banks as Response to SVB & Signature Bank Failures, by @nathansnewman
#PublicBank #PublicBanking #SVB #SVBcrash #SVBcollapse #SVBBank #SVBfail
https://open.substack.com/pub/nathannewman/p/build-public-banks-as-response-to?utm_campaign=post&utm_medium=web
Ooph.
"It turns out the bank that failed this month had quietly operated without a chief risk officer for much of the past year... SVBβs alarming exposure to rising interest rates wasnβt hard to see coming and should have been easy to hedge against... risk doesnβt have to be excessive or exotic to be existential."
"Techβs favorite bank failed because its risk management did first."
https://www.wsj.com/articles/svb-silicon-valley-bank-collapse-chief-risk-officer-f6e1fcfd
My latest cartoon for Counterpoint #SVB #SVBBank #SVBCollapse #TechBros #bailout
https://www.gocomics.com/pedroxmolina/2023/03/21
My latest cartoon for Counterpoint #SVB #SVBBank #SVBCollapse #TechBros #bailout
https://www.gocomics.com/pedroxmolina/2023/03/21
NEW: The crisis that claimed #CreditSuisseBankruptcy and #SVBCollapse heralds a new chapter for financial capitalism β and governments are picking winners and trying to back the industries of the future. π¦ @opinion @federalreserve
$17 billion of Credit Suisse bonds worthless following UBS takeover
#svbcollapse #banks #banking #money #bonds #UBS #creditsuisse
#CreditSuisse #Bank Downfall Set to #Damage #Switzerland's Long-Standing #Financial Safe Haven Reputation as Rival #UBS to Take Over as #Swiss #Tax Payers Left with $6 Billion Bill: #Europe #BankCrisis #SVBCollapse https://bbc.com/news/business-65009996
So after reading how #svbcollapse occured, it's plain to see: a failure to account for interest rates (common sense) and a poor investment into long term bonds over short and mid term shows the bank was a disaster. Last, "A lot of those billions had come from all of the risks the bank took, lending money to start-ups and companies that couldn't get loans at other banks." Poor choice of investment caused the bank to fail.
SVB had to sell US government bonds at a loss. https://www.npr.org/2023/03/19/1164531413/bank-fail-how-government-bonds-turned-toxic-for-silicon-valley-bank
1999: Corporate Lobbyists successfully push for the Repeal of Glass Steagal.
*2008 Recession*
*2023 SVB Collapse*
Corporations:
#CreditSuisse #Bank #Stocks Slide Down Again Following Brief #Recovery after #Swiss National Bank Offers #Liquidity #Lifeline: #Europe #SVBCollapse https://www.france24.com/en/live-news/20230317-credit-suisse-at-a-crossroads-as-stocks-slide-again
Monitoring @Circle #USDC #Stablecoin new suspected fraud domain registrations from #SVBcollapse: circle-svb/.com,claims-circle/.app,circle-cashback/.com,circle-usdc/.net,circlefund/.us,circle/.claims,claimcircle-usdc/.com,circle-refund/.com,circleswap/.finance,reserve-circle/.com
They do not know what they have to apologize for. The culture they built told us they were here to "move fast and break things" #SVBCollapse
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