A man entering Signature Bank in New York City on March 12, 2023. Reuters
CNBC: Regulators close crypto-focused Signature Bank, citing systemic risk
U.S. regulators on Sunday shut down New York-based Signature Bank, a big lender in the crypto industry, in a bid to prevent the spreading banking crisis. “We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” Treasury, Federal Reserve, and FDIC said in a joint statement Sunday evening. The banking regulators said depositors at Signature Bank will have full access to their deposits, a similar move to ensure depositors at the failed Silicon Valley Bank will get their money back. “All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” the regulators said.
Read more ....
WNU Editor: I sense panic. I also see a number of US banks being ordered to close this week.
This is not the start of the collapse. The collapse started a long time ago.
The debt defaults are on their way. It is going to be major and painful. And we are going to see the US Fed and Treasury doing stuff that we have never seen before.
Banks are going to be rescued and bailed-out to prevent contagion. And all that I can say is that this better work.
Update: You got to check this out. The Signature Bank website is closed "due to maintenance" (link here). It is closed all-right. But not due to maintenance.
Update #2: Crypto is going to be impacted by this crisis .... Coinbase had $240B cash balance at Signature Bank, expects full recovery (Alpha).
Another Major US Bank Has Just Been Ordered Closed
Regulators Race to Contain Silicon Valley Bank Fallout and Close Signature Bank -- New York Times
Regulators close New York's Signature bank, say depositors will be made whole -- Reuters
Signature Bank shut down by regulators -- Business Insider
Signature Bank shut down in connection with Silicon Valley Bank collapse -- FOX News
Feds to Pay All Depositors as Signature Bank Closes Following SVB Collapse -- Newsweek
Signature Bank shut down by regulators -- Busines Insider
Fed Panics: Signature Bank Closed By Regulators; Fed, TSY, FDIC Announce Another Banking System Bailout -- Zero Hedge
13 comments:
Got gold? This is a joke. This is what we tried to evoke on Russian banks but is instead happening to ours. Evil doesn’t win in the end. The wrongs we imposed on Russia will be felt ten fold here. Way to go you woke liberal pieces of shit. This is your undoing of western civilization, shame on you
Democrat's revenge.
1) First the Democrats spend 6 trillion instead of the normal 3 or 4 trillion dollars.
2) Second, inflation rears its head
3) Third, the fed tries to wring the excess liquidity out f the market by hiking interest rates.
4) Fourth, money gets tight and start ups fail
5) Fifth, the robot voters come out sputtering that you badmouthed their leaders.
The banks weren’t bailed out. Equity is now worthless and the management is gone. So will most, if not all, of loan providers to the banks.
The deposits of over 50k startups (who need their money to for basics like payroll) were guaranteed. Very big difference. About 50% of US startups kept their money at SVB.
^^^ Dear Rusky cyber warrior. You should consider changing your profession to teletubby. It is more your speed.
The 2 banks are being bailed out. All Us banks will have a special assessment that they will pay. So All Hell unfortunately will not break out tomorrow. Of course the special assessment is the cost of doing business so depositor will pay in increased fees or charges somehow, they are on the hook but they are once removed form the action.
The DemoFuck party will escape blame. They will blame Trump. They will not blame the profligate spending due to COVID and the subsequent tightening of the markets caused by the Fed trying to take back the extra cash.
Now a bank called First Republic.
/The old saw about how you go bankrupt: "First Slowly, Then all of a Sudden"
https://www.msn.com/en-us/money/markets/first-republic-bank-employees-fear-job-losses-as-bank-nears-collapse/ar-AA18wRnX
RussInSoCal is right
There used to be a web site called 1913intel. The writer was an Actuary, so his job was risk assessment. The site did intel and news assessments. Sadly, he decided to shut it down about five years ago.
But, he once said:
Black Swans and risk disaster events are, at times, like snow avalanches.
The mountain of snow sits there for weeks, months and sometimes years and nothing happens, all is normal. But the weight is constantly increasing, and with it, the internal structual stress.
Then, all it takes is just one more snowflake to fall, upon the mountain of snow, and it all comes crashing down.
We shall see what happens in this case. It will be an interesting week and rest of the quarter.
Just FYI, after 2008, the Fed got ‘most’ if not all the money back with interest. It was a boon for the tax payers. This will be a much smaller bank issue than that was.
this is what caused the failure. Plus Trump got rid of the guardrail regulations Obama had in place (google if you do not believe)
Silicon Valley Bank biggest US lender to fail since 2008 financial crisis – a finance expert explains the impact
Well uncle Joe says every will be ok. Now I will start to worry.
https://www.zerohedge.com/markets/watch-live-president-biden-explains-resilience-us
Fred Lapides 9:45 is still blaming the lack of stress test.
He completely ignores why startups were withdrawing deposits to meet increased expenses due to the Fed raising interest rates.
Fred does not know what a stress test is. I am sure there is a stress test shaman or witch doctor out there for him to believe in.
Breathless: "Silicon Valley Bank biggest US lender to fail since 2008 financial crisis "
I wonder if the failures can be modeled using a (discrete) Poisson distribution.
Do more banks fail as Feds tighten money than, when there is no tightening or there is a lowering of basis points?
11:16
Skods
No. READ that 9:45 again. That's not your buddy Fred. That guy is criticizing Joe with sarcasm. Fred supports Joe.
Are you doing ok today?
Correction 9:09 not 9:45
Fred or Fred persona would never quote or link Zerohedge. If he did , he would be excommunicated.
Post a Comment