2nd US Bank failure!

Discussion in 'Markets & Economies' started by bretto, Mar 13, 2023.

  1. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Behind the scenes at the US Fed.........

    [​IMG]
     
    jultorsk, Michael Kay, leo25 and 3 others like this.
  2. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

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    They are shoveling as fast as they can haha.

    At this point they may as well give up on the inflation fight and do what they can to save the banks and the markets. Its the only choice to keep the fakery going and they have a foot on each pedal now anyway.

    They can continue endless bailouts and rob the treasury of any possible future or chance of recovery before Brics makes an announcement. Might be the best play.

    Gains are privatized while losses are socialized.
     
  3. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

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    30+ U.S banks hit with NYSE trading halts thus far, including Charles Schwab.
    First Republic, Western Bancorp and PacWest are getting blown the f##k out.
     
    Last edited: Mar 13, 2023
    jultorsk and 66rounds like this.
  4. sammysilver

    sammysilver Well-Known Member Silver Stacker

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  5. 66rounds

    66rounds Well-Known Member Silver Stacker

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  6. leo25

    leo25 Well-Known Member Silver Stacker

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    Be nice if all jobs paid their employees large bonuses just for doing their job. The perks of having access to funny money. Wonder how all these snowflakes in tech are going to handle the real world.
     
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  7. bretto

    bretto Active Member

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    First Republic Bank shares plunge days after three other US banks collapse
    Customers and investors appear to have lost faith in another US bank, just days after three banks sensationally collapsed in a move that sent shockwaves around the world.

    Overnight, fears mounted for a regional bank based in San Francisco, First Republic Bank, with its shares tanking drastically.

    SVB, Silvergate, Signature banks all have been taken over by US govt and now today First Republic bank 70% market cap was wiped off and there are 10 other regional banks hemorrhaging. US govt has frozen the trading on these 10 regional banks which includes First Republic bank.
     
  8. Michael Kay

    Michael Kay Active Member

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    What's with the massive bold font? Are you blind like Mr Magoo or something?
     
  9. bretto

    bretto Active Member

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    Michael Kay.
    Sorry if it stressed you out, mate.
    It was copied n pasted!
    Was in a hurry but wanted to share the info! lol
     
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  10. leo25

    leo25 Well-Known Member Silver Stacker

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    Joseph did a good talk about this topic. In short these banks didn't do their job and manage risk.

    He thinks they might change the $250K deposit insurance across all the bank to unlimited, but said it would be a bad idea as it will just increase bad behavior.

     
    Last edited: Mar 14, 2023
    mmm....shiney! likes this.
  11. leo25

    leo25 Well-Known Member Silver Stacker

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    There are about 21 million people above the age of 14 (one would assume anything over 15 you would have a bank account) So 1 in 260,000 means there are about 80 banks in Australia. I didn't realise we have that many banks in OZ?
     
    mmm....shiney! likes this.
  12. Darwin

    Darwin Well-Known Member Silver Stacker

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    If it includes online only and it's not indicating physical branches, that may be possible...
     
  13. hardyakkagold

    hardyakkagold Well-Known Member Silver Stacker

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    It seems that General Yellen is not feeling too well these days, isn't she/he the one who said there would be no financial crisis in her/his lifetime?

    BREAKING: JANET YELLEN COMPLAINS ABOUT NON-STOP MIGRAINE

    Treasury Secretary examined by doctors following massive headache attack lasting days. "It pretty much incapacitated her," said an unnamed source at Treasury, "Others had to step up and fill the void."

    Treasury Secretary wracked by migraines since financial crisis hit the headlines. "She's been in a really dire state," said a source close to the situation, "We hope it's just headaches at this point."


    [​IMG]




    [​IMG]

     
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  14. dozerz

    dozerz Well-Known Member Silver Stacker

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  15. florincollector54

    florincollector54 Well-Known Member

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  16. Oddjob

    Oddjob Well-Known Member Silver Stacker

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  17. hardyakkagold

    hardyakkagold Well-Known Member Silver Stacker

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  18. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    Large US banks are being inundated with requests from customers trying to transfer funds from smaller lenders, as the failure of Silicon Valley Bank results in what executives say is the biggest movement of deposits in more than a decade. JPMorgan Chase, Citigroup and other large financial institutions are trying to accommodate customers wanting to move deposits quickly, taking extra steps to speed up the normal sign-up or “onboarding” process, according to several people familiar with the matter.

    A package of emergency measures unveiled by the US government on Sunday, including a new Federal Reserve lending facility for banks, appears to have passed its first major test for now by staving off the failure of a third bank following the implosion of SVB and Signature Bank.

    However depositors are still attempting to move balances into larger banks such as JPMorgan, Citi and Bank of America, as well as money market funds, the people said. That is especially the case when balances exceed the $250,000 threshold that is guaranteed by federal insurance. Deposit transfers from SVB and other regional lenders to large banks picked up steam last week and continued on Monday, the people said. “The calls have been coming in today like airplanes stacked on a snowy day at O’Hare airport,” said one senior banker, referring to Chicago’s busy aviation hub. JPMorgan has shortened the waiting time for opening an account and is expediting the speed at which new corporate customers can access funds to ensure they can pay staff at the end of this week, according to one person briefed on the matter.

    Several banks have reassigned employees to jobs connected to account openings, the people said. Citi’s private bank, which caters to wealthy individuals, is trying to open accounts within a day of application compared with the typical timeline of one to two weeks, some of the people said. The lender has also started to open accounts and initiate money transfer procedures while the new client is still undergoing compliance checks.

    https://www.ft.com/content/2b580939-a4b6-48d2-8eb6-629b4cb1e06c
     
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  19. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    https://www.cnbc.com/2023/03/14/cre...reporting-says-outflows-not-yet-reversed.html

    Shares of Credit Suisse fell by 5% in early Tuesday trade to hit a new all-time low, after the bank announced it had found “material weaknesses” in its financial reporting processes for 2022 and 2021.

    In the Tuesday annual report, Credit Suisse revealed that it had identified “certain material weaknesses in our internal control over financial reporting” for the years 2021 and 2022.

    These issues related to a “failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements” and various flaws in internal control and communication.

    Despite this, the bank said that it was able to confirm that its financial statements over the years in question “fairly present, in all material respects, [its] consolidated financial condition.”

    Credit Suisse further said its net asset outflows had declined but “not yet reversed.” The bank confirmed its 2022 results announced Feb. 9, which showed a full-year net loss of 7.3 billion Swiss francs ($8 billion).
    --
    Credit Suisse acknowledged that these circumstances have “exacerbated and may continue to exacerbate” liquidity risks. The reduction in assets under management is expected to result in reduced net interest income and recurring commissions and fees, in turn affecting the bank’s capital position objectives.

    “A failure to reverse these outflows and to restore our assets under management and deposits could have a material adverse effect on our results of operations and financial condition,” the report said.
     
  20. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

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    Hopefully its the clots setting in deep.
     
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