TYBaker
Loaves of Excellence
Reuters
March 13, 2023
Yellen: working to address SVB collapse, but not looking at bailout
https://www.reuters.com/markets/us/yellen-working-address-svb-collapse-not-looking-bailout-2023-03-12/
U.S. Treasury Secretary Janet Yellen on Sunday said she was working closely with banking regulators to respond to the collapse of Silicon Valley Bank (SIVB.O) and protect depositors, but a major bailout was not being considered. Yellen told the CBS News "Face the Nation" show that she had been working with regulators to "design appropriate policies to address the situation," the largest bank collapse since the 2008 financial crisis, but declined to give further details. "Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out…and the reforms that have been put in place means we are not going to do that again," Yellen told CBS. "But we are concerned about depositors and are focused on trying to meet their needs," Yellen said. California banking regulators on Friday closed SVB, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver to protect depositors at the startup-focused lender. The collapse of the startup-focused bank has raised concerns about runs on regional banks, and the ability of small businesses that banked with SVB to pay their employees. Yellen met on Friday with officials from the FDIC and the Office of the Comptroller of the Currency to address the bank's collapse, and she and White House officials expressed confidence in the ability of banking regulators to respond. On Sunday, she sought to reassure Americans that the U.S. banking system was safe, better capitalized and more resilient than during the 2008 global financial crisis, given new controls and capital requirements put in place after 2008 and tests during the early days of the COVID-19 pandemic.
"Americans can have confidence in the safety and soundness of our bank system," Yellen said, adding that regulators wanted to ensure that the crisis did not spread to other banks. "We want to make sure that the troubles that exist at one bank don't create contagion to others that are sound," she said. Asked if the U.S. government would consider the acquisition of SVB by a foreign bank, Yellen said: "So this is really a decision for the FDIC, as it decides on what the best course is to resolve this firm. And I'm sure they're considering a wide range of available options. That would include acquisitions. The FDIC stepped in Friday to protect the deposits of up to $250,000, but deposits over that amount - which accounted for 85% of SVB accounts - are at risk. Asked if depositors should be paid back in full, Yellen declined to comment on the details. "We're very aware of the problems that depositors will have. Many of them are small businesses, that employ people across the country. Of course this is a significant concern." More than 3,500 CEOs and founders representing some 220,000 workers have signed a petition appealing directly to Yellen and others to backstop depositors and warning that more than 100,000 jobs could be at risk. Venture investors have advised startups to seek alternatives to gain short-term liquidity.
Dreamers see the best that could happen.
Naysayers see the worst that can happen.
Anons see what is and help each other to turn it in to what can be.
Balance is more important than fear.
This tweet won't age well.
@jimcramer
JP Morgan is a fortress
https://twitter.com/jimcramer/status/1634222320398086145
How do you punish those that sank the Titanic?
You can't punish 9/11 till you punish the Titanic perpetrators.
C before D
Before the CCP they were the Soviets.
Before the Soviets they were stealing the Tsar's gold and sinking the titanic.
Know your enemy.
She needs the GOP to get her credit card balance increased. It's that simple. Yellen has absolutely zero maneuvering room and if she does something that is wildly unpopular to the base of the political leaders she is trying to get saved by that would be kind of dumb. Let's see what happens.
Joe Biden will go down as the Herbert Hoover of the Rothschild Age.
Anons did this. They knew whatever they did slow it would get ripped apart so [they] did something fast. Kek
>FDIC auctioning SVB as we speak
12pm EST
March 12, 2023
Bloomberg
FDIC Auction for SVB Said to Be Underway, Final Bids Due Sunday
https://www.bloomberg.com/news/articles/2023-03-12/fdic-auction-for-svb-said-to-be-underway-final-bids-due-sunday
The Federal Deposit Insurance Corp. kicked off an auction process late Saturday night for Silicon Valley Bank, with final bids due by Sunday afternoon, according to people familiar with the matter.
The FDIC is aiming for a swift deal but a winner may not be known until late Sunday, according to one person, who asked to not be identified because the matter isn’t public. No final decision has been made and it’s possible that no deal may be reached, said the people.
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California
https://www.fdic.gov/news/press-releases/2023/pr23016.html
Failed Bank Information for Silicon Valley Bank, Santa Clara, CA
On Friday, March 10, 2023, Silicon Valley Bank was closed by the California Department of Financial Protection & Innovation and the FDIC was named Receiver. No advance notice is given to the public when a financial institution is closed. The FDIC has created the Deposit Insurance National Bank of Santa Clara (DINB) to facilitate the resolution of Silicon Valley Bank.
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley.html
Silicon Valley Bank
FDIC Insured
Since 10/17/1983
FDIC Cert #
24735
Established
10/17/1983
Bank Charter Class
State Chartered Banks, member of the Federal Reserve System (FRS)
Primary Federal Regulator
Federal Reserve Board
Secondary Federal Regulator
CFPB
Main Office Address
3003 Tasman Dr
Santa Clara, CA 95054
Primary Website
www.svb.com
Locations
18 domestic locations: 2 states and 0 territories.
0 in foreign locations.
https://banks.data.fdic.gov/bankfind-suite/bankfind/details/24735
There's nothing at all on the FDIC website about the auction. This anon's opinion is that private parties are 'bailing out' SBV. It'll be interesting to see who is bailing SBV out.
Still no bailout or even working normal hours to save East Palestine, Ohio. Wokeness before Americans vomiting up blood and buying cases of water to drink and bathe in.
Headline you'll never see:
'JP Morgan saves wokeness by absorbing the country's 16th largest bank's $150 Billion debt in FDIC auction of bank that failed 48 hours ago'
You can't make this shit up
U.S. Federal Reserve governors to hold closed-door Monday
https://www.reuters.com/markets/rates-bonds/us-federal-reserve-governors-hold-closed-door-monday-2023-03-12/
The U.S. Federal Reserve said it will hold a closed-door meeting of its board of governors under expedited procedures on Monday. The meeting from 11:30 a.m. (0330 GMT) will primarily review and determine the advance and discount rates to be charged by the Federal Reserve banks, the Fed said in a statement. The central bank offered no further details, but the move follows Friday's collapse of Silicon Valley Bank (SIVB.O), was the biggest failure since the 2008 financial crisis. It roiled global markets, walloped banking stocks and left California tech entrepreneurs worrying about how to make payroll.
Cramer calls it. JP Morgan takes on $150 Billion in debt. That tells me Trump's EO's are crushing them.