Deposits Not Insured
Part of what made SVB unique is its client base—the vast majority of its customer’s accounts were too big for full FDIC insurance (though recent deposit flight probably reduced the share). Waiting on the FDIC to see how many uninsured deposits are left and if they can be made whole.
SVB Seeks Quick Savior After Regulators Shut Banking Operations
Bloomberg reports SVB Seeks Quick Savior After Regulators Shut Banking Operations
SVB Financial Group is seeking a buyer after regulators closed its Silicon Valley Bank unit, which buckled under the strain of declining deposits and losses on its securities portfolio.
A transaction might involve selling the company’s assets piecemeal or as a whole, according to a person familiar with the matter. The goal is to complete a deal by Monday, the person said, asking not to be identified discussing private matters.
The California Department of Financial Protection and Innovation said Friday said it has taken possession of Silicon Valley Bank and appointed the Federal Deposit Insurance Corp. as receiver, citing inadequate liquidity and insolvency. It was the biggest US bank failure since 2008.A transaction might involve selling the company’s assets piecemeal or as a whole, according to a person familiar with the matter. The goal is to complete a deal by Monday, the person said, asking not to be identified discussing private matters.
Asset Mix
A Look at Maturity
Not Contained
Not contained but not like 2008 either.
A Crypto Tie-In
From Coindesk
Circle’s USDC, the second largest stablecoin with $43 billion market capitalization, held an undisclosed part of its $9.8 billion cash reserves at failed Silicon Valley Bank.
Circle last week said that it had cut ties with Silvergate Bank, the crypto-friendly bank that halted operations and said it would “voluntarily liquidate” its assets earlier this week.
Circle did not return a request for comment about the firm’s exposure to SVB and Signature Bank at press time.
USDC Price
If you are not pulling money out of USDC, you are playing with fire. Then again, where do you put it that you can trust?
Next in Line?
https://twitter.com/popjump/status/1633687594746904576
Who Knew? Someone Always Does
Cries for a Bailout
How pathetic.
Government Bailout
No Bailout
Wild Success for Jim Cramer
Stepping back from today’s action, here’s an amazing success story.
Jim Cramer Comments
- Fears Not Justified
- Very Compelling Situation
- They’re Not Going Away
- Stock Still Cheap
Those comments may make this the biggest Inverse Cramer idea in history.
Bitcoin Hammered Back Below $20,000 on Liquidity and Tax Concerns
In case you missed it, Bitcoin was also impacted by liquidity concerns.
For discussion, please see Bitcoin Hammered Back Below $20,000 on Liquidity and Tax Concerns
This post originated at MishTalk.Com.
Thanks for Tuning In!
Please Subscribe to MishTalk Email Alerts.
Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.
If you have subscribed and do not get email alerts, please check your spam folder.
Mish
As I had stated once – “Watching Cramer’s show to get investment education is like watching an X-rated movie to get sex education”.