Regulators close New York’s Signature Bank, citing systemic risk
https://www.cnbc.com/2023/03/12/regulators-close-new-yorks-signature-bank-citing-systemic-risk.html
Jim Cramer picked another failure.
Here is the list of four financial stocks that passed the test:
Signature Bank
State Street
Bank of New York Mellon
Charles Schwab
https://www.cnbc.com/2022/04/12/cnbcs-jim-cramer-says-these-four-financial-garp-stocks-are-investable.html
And we know Biden's gonna make things worse.
Hold up. The deadline for a buyer was around 1PM. (Notables)
Where's the new owner? Didn't they find a buyer?
Oh, wait. It's the Fed…nm
No shit, Sherlock. Tracking his failures to see who else is gonna fail the latest stress test.
Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors
For release at 6:15 p.m. EDT
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm
Update thread on USDC
We were heartened to see the US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system.
100% of deposits from SVB are secure and will be available at banking open tomorrow.
100% of USDC reserves are also safe and secure, and we will complete our transfer for remaining SVB cash to BNY Mellon.
As previously shared, liquidity operations for USDC will resume at banking open tomorrow morning.
With the closure of Signature bank announced tonight, we will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.
Additionally, we will be bringing on a new transaction banking partner with automated minting and redemption potentially as soon as tomorrow.
We are committed to building robust and automated USDC settlement and reserve operations with the highest quality and transparency.
A much longer thread will be coming with some reflections on all of the past weeks events. We've long advocated for full-reserve digital currency banking that insulates our base layer of internet money and payment systems from fractional reserve banking risk.
https://twitter.com/jerallaire/status/1635059024050937856
Funny how we keep buying bad assets at huge markups via forced buyouts.
Even Rasmussen is getting snarky.
Here Comes The Bride! And it’s - Uncle Sam - for now!
https://twitter.com/Rasmussen_Poll/status/1635065552275394562
We can not borrow our way out of banking problems and any of our other problems.
But go ahead. 🤦♀️
And key up the Ministry of Truth to make sure no one complains.
https://twitter.com/RepMTG/status/1635066013833379842
As of close of business Friday March 10 Coinbase had an approximately $240m balance in corporate cash at Signature
https://twitter.com/coinbase/status/1635066154937974785