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Bank shutdown

I haven't looked into the details yet, but I have to wonder if they were holding large assets of highly-overvalued Silicon Valley tech firms. We are seeing a big market correction underway in that sector, evidenced by widespread layoffs. For that sector specifically, I think it will actually be healthy in the long run.
 
Bet on its all due to volatile ”global“ green-deal type investments that went belly-up with small investor money again. The big guys all made their commissions and upfronts then absconded.
Expect FDIC only to cover a very small portion of those remaining assets on behalf of the mom & pop depositors. Everyone else gets a free pass on millions lost.

During another round of amendments to the Community Reinvestment Act that was pushed back in the late 90‘s, many small community banks were closed or forced to sell out by the Fed for not going along with the new risky mortgage lending programs, small banks just couldn’t compete will larger assets (i.e. losses/write-offs) of the large national banks. Regulation and laws by non elected bureaucracies going against common sense…
Tactic sound familiar ?
 
From AP:

"Silicon Valley, the nation’s 16th largest bank, failed after depositors — mostly technology workers and venture capital-backed companies — hurried to withdraw money this week as anxiety over the bank’s balance sheet spread. It is the second biggest bank failure in history, behind Washington Mutual.

Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector similar to the chaos in the months leading up to the Great Recession more than a decade ago...."
 
“hurried to withdraw money this week…”

Wonder which prominent Calif depositors were tipped off.
Keeping in mind the WDC Fed connections and how so many with the inside info often manage to even dump stocks well before the common peasantry public are told anything.
Mmmmm-mmmm-mmmmmmp.
 
Another one bites the dust!

PUBLISHED SUN, MAR 12 20236:24 PM EDT
U.S. regulators on Sunday shut down New York-based Signature Bank 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.

www.cnbc.com

Regulators close New York's Signature Bank, citing systemic risk

U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution they shuttered after Silicon Valley Bank's collapse.
www.cnbc.com www.cnbc.com
 
Biden strikes again

McDonald’s would never name Ingrid Newkirk, the head of PETA, as CEO because as a vegan nutjob, she’d destroy the company. Joe Biden however doesn’t have that same kind of business savvy because he just nominated an actual communist to be in charge of our banks and currency, AKA capitalism. At least all pretense of him not trying to annihilate this country are gone.
Biden has nominated Saule Omarova to be the Treasury Department’s comptroller of the currency. This wouldn’t mean anything if you had no idea who she is and what the position does.
According to the Treasury Department, this is what the Office of the Comptroller of Currency does:
The OCC, an independent branch of the U.S. Department of the Treasury, charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks.
Click to expand...
And this is who Saule Omarova is:
She was born in the Soviet Union and graduated from Moscow State University in 1989 on the Lenin Personal Academic Scholarship. After communism collapsed, she came to the United States in hopes of reviving it here by becoming a professor at Cornell School of Law.
As The NY Post reports, she’s still a commie through and through:
President Biden’s controversial pick to be the Treasury Department’s comptroller of the currency is a USSR-born and educated professor who has praised the former Soviet Union’s lack of a gender pay gap while recently advocating for ending banking “as we know it” by moving Americans’ finances from private banks to the Federal Reserve.

In an early 2021 paper titled “The People’s Ledger,” Omarova argued for making private banks “non-depository lenders,” changing banking “as we know it.”
“Banks, in other words, will not be ‘special’ any more,” she wrote, advocating for separating their lending function from their monetary function.
Click to expand...
That’s another way of saying she want to nationalize banks, which is as commie as it comes.
“Ms. Omarova has called for ‘radically reshaping the basic architecture and dynamics of modern finance’ including nationalizing retail banking and having the Federal Reserve allocate credit,” said Republican Senator Pat Toomey, who opposes her nomination.
And it would seem Omarova really misses the USSR:
In 2019, she posted to Twitter in support of the “old USSR” where there was “no gender pay gap.” She attempted to do damage control after being criticized for it, but failed to fully condemn the Soviet Union.
“I never claimed women and men were treated absolutely equally in every facet of Soviet life. But people’s salaries were set (by the state) in a gender-blind manner. And all women got very generous maternity benefits. Both things are still a pipe dream in our society!” she wrote.
Click to expand...
Currency and lending are the engines of capitalism. Why would any sane person try to put a communist in charge of these things? Oh wait, I just answered my own question: because Joe Biden is a lunatic.
The comptroller of the currency, like most presidential nominations, has to be approved by the Senate so Omarova is already dead in the water. Unlike judicial nominees who only need a simple majority, this appointment will require 60 votes she won’t get. Yet another reason Biden is a nut.
Biden nominated anti-gun activist David Chipman to head the ATF and then had to withdraw him. Why does he think he can put a communist in charge of capitalism? Oh wait, I already answered this question: because Joe Biden is a lunatic.
 
At this stage of the game, TheBigGuy’s customary 10% is peanuts.

Bigger players out there that are making the USD obsolete, including the hard currency.
The US-CAN-MX currency akin to the €uro is coming if they're allowed to continue with these global charlatans.

This has little to do with the DimWit’s finance savvy but more so from the global socialists (‘In 5 days we’re going to Fundamentally Change America’ authors). Investing in this Administrations economy vision and wisdom …e.g.. Build Back Better, couldn’t handle the spending scheme. It was designed to fail and designed to be bailed out in one form or another and whatever name they want to use to spin it. There’s no accounting for those losses or even the gains they already squirreled away before the failure. So all the loss write offs will also avoid….ummm…huge collected tax revenues. Such a deal.

The old crab always got his orders from the shadow puppet master. The Sleepy Dimwit‘s beneficiaries are lining up waiting to divide up his hidden riches, even the Treasury is holding out all those family bank transfers.
 
well this is just ducky...or lovely.....

on my local news just now, it seems that some of the state pension funds were invested in Silicon Valley Bank...

great, they had 2.6 million invested....

i think this means us tax payers will indeed need a huge jar of vaseline..

www.wpri.com

RI pension fund poised to lose $2.5 million after Silicon Valley Bank collapse

The state’s pension plan had invested about $2.6 million in four banks that are in peril.
www.wpri.com www.wpri.com
 
Old_Me said:
i think so as well..

everyone keeps hearing about the oncoming inflation, the spikes from the feds increasing interest rates, and this will create wide spread panic.
Click to expand...
This whole thing seems planned... Bank collapsed Friday, auction, HSBC (Chinese bank) buys by Monday morning.
Execs we're selling off days before... c'mon.
And I mean "planned" like the feds, execs and HSBC all involved.
 
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