Is the end nigh?
- Thread starter Gomez Adams
- Start date
And the shit show now hits the major banks:
And just that fast, one has already collapsed. The government has taken it over.
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www.cnn.com
Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.
Only the Lehman Brothers collapse was bigger.
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You certainly did.
It would be interesting to look up that property in say, a year or two from now, and see what it's market value is. I'll bet it's far below what you got for it. I'm guessing at least 20%.
It would be interesting to look up that property in say, a year or two from now, and see what it's market value is. I'll bet it's far below what you got for it. I'm guessing at least 20%.
And because that bank collapsed, we have this:
Peter Thiel's Founders Fund got its cash out of Silicon Valley Bank before it was shut down, report says
Bloomberg reported that Thiel's VC fund took all its cash out of SVB after encountering problems with transfers during a "capital call."
www.businessinsider.com
And I'm sure his buddies at the bank made sure he got his funds out in total before anybody else did.
They should all go to jail.
They should all go to jail.
Signature Bank is the next to fail.
www.reuters.com
Not surprisingly, both banks were tied to tech, more specifically Crypto.
Signature Bank becomes next casualty of banking turmoil after SVB
State regulators closed New York-based Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits.
www.reuters.com
Not surprisingly, both banks were tied to tech, more specifically Crypto.
Here you go:
www.google.com
We're effectively bailing out the crypto industry, which anybody with a brain knew was all smoke and mirrors from the beginning.
Two of the banks that were friendliest to the crypto sector and the biggest bank for tech startups all failed in less than a week. While cryptocurrency prices rallied Sunday night after the federal government stepped in to provide a backstop for depositors in two of the banks, the events sparked instability in the stablecoin market.
What the failures of Signature, SVB and Silvergate mean for the crypto sector
The failure of crypto-focused banks once again showed the vulnerability of stablecoins, which can lose their peg in unusual financial situations.
We're effectively bailing out the crypto industry, which anybody with a brain knew was all smoke and mirrors from the beginning.
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