SVB Failed! Silicon Valley Bank.

[MountainGoat]

Heck even the money market fund I use at Fidelity is paying 4.46% right now (and rising) and I have access to my money right away if needed.

I should probably look into that. I have a decent bit in Ally bank savings, they are paying 3.60% but they are listed as one of the banks that is on the watchlist now!

Sponsored

 

[AzScorpion]

I should probably look into that. I have a decent bit in Ally bank savings, they are paying 3.60% but they are listed as one of the banks that is on the watchlist now!

Fidelity is great to deal with and they have awesome customer service which is open 24/7. Once you set up your core account (usually SPAXX) have them transfer it into FZDXX which is their high interest money market account.

One thing I forgot to add (which was important ) is you need $100K to open the FZDXX. Once open you don't have to maintain any minimum balance, you could leave $10 in there just to keep it active. They also have a few other MM accounts which are paying well right now which require lower opening amounts too. Their website is super easy to use and they'll help you walk through opening everything up too.

 

[Fordup]

Fidelity is great to deal with and they have awesome customer service which is open 24/7. Once you set up your core account (usually SPAXX) have them transfer it into FZDXX which is their high interest money market account.

One thing I forgot to add (which was important ) is you need $100K to open the FZDXX. Once open you don't have to maintain any minimum balance, you could leave $10 in there just to keep it active. They also have a few other MM accounts which are paying well right now which require lower opening amounts too. Their website is super easy to use and they'll help you walk through opening everything up too.

I have a jumbo money market account at our local credit union. They don't pay the top rates but but have a membership premium they pay you at the end of the year based on the ballance that actually keeps returns above most banks. Don't overlook local credit unions. We also use a second credit union that has other perks. Even with FDIC insurance I feel we are better using a couple institutions because you may face less delay for at least partial fund withdrawal in a panic. Plus now there is 10k cash withdrawal per day at most banks and credit unions. I hope I am wrong but feel the next couple months will shape the future of the US dollar and digital currency that basically has nothing backing it that government is starting to push towards.

 

[AzScorpion]

I have a jumbo money market account at our local credit union. They don't pay the top rates but but have a membership premium they pay you at the end of the year based on the ballance that actually keeps returns above most banks. Don't overlook local credit unions. We also use a second credit union that has other perks. Even with FDIC insurance I feel we are better using a couple institutions because you may face less delay for at least partial fund withdrawal in a panic. Plus now there is 10k cash withdrawal per day at most banks and credit unions. I hope I am wrong but feel the next couple months will shape the future of the US dollar and digital currency that basically has nothing backing it that government is starting to push towards.

I always use a credit union when possible. NFCU has a jumbo MM that the interest is tiered to the amount you have in there. It still wasn't paying squat for interest compared to the Fidelity account. I called them first to see if they could match or get close to the Fidelity rate and they said no. So I pulled 90% out and will ride the wave of these higher rates with Fidelity. Plus with the Fidelity account you can write (free) checks and pay bills just like a regular online banking account. After all these years of NOT getting good rtes for savers I'm taking advantage of every % I can get right now. Just like the car companies that are greedy I'm loyal to no one now.

I think this is why they were trying to keep the fact the SVB was invested in crypto along with start ups. There's nothing backing it and they don't want it to crash IF there end game really is pushing everyone into a digital currency. Everyone would realize how unsafe (no backing) it really is.

 

[Fordup]

ETSY has now frozen all transactions to all sellers today. The trickle down has started. Mom and pop businesses need that money to pay bills.

 

[AzScorpion]

ETSY has now frozen all transactions to all sellers today. The trickle down has started. Mom and pop businesses need that money to pay bills.

While I can't stand him and don't like seeing anyone lose money Mark Cuban lost between $8M-$10M at SVB. He was one of the ones who were saying the Fed should bail out the uninsured at SVB and now I know why.

This brings up a good point. What do you do if you are rich and have several million/billion to protect your money with FDIC insurance? I'm sure most have them in larger stable banks (Chase, BOA etc) but as we see here some have to use smaller ones. Him being the entrepreneur that he is and investing on many small start ups he had to have accounts with SVB. Of course he makes it sound like it's nothing "only $8M-$10M" but I guess it is nothing when you have billions. Oh, he's also ready to scoop up these companies if they fail for cheap.

https://www.thestreet.com/technolog...ed-silicon-valley-bank?puc=yahoo&cm_ven=YAHOO

 

[P. A. Schilke]

​

​

[URL='https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html']Head of 'risk assessment' at SVB accused of prioritizing woke issues

dailymail.co.uk

[/URL]





Woke head of 'risk assessment' at Silicon Valley Bank 'prioritized' LGBT initiatives - including organizing a month-long Pride campaign - before bank lost BILLIONS and collapsed

• Jay Ersapah was head of risk assessment for Silicon Valley Bank's EMEA region
• She launched a host of woke initiatives including 'safe space catch-ups' for staff
• In one video she said she 'could not be prouder' to work for the bank which collapsed spectacularly on Friday

Greg Becker, president of SVB, lobbied Congress in 2015 to lessen the oversight on his bank





Greg Becker, president of SVB, lobbied Congress in 2015 to lessen the oversight on his bank.avif

 

[AzScorpion]

​

​

Head of 'risk assessment' at SVB accused of prioritizing woke issues https://www.dailymail.co.uk/news/ar...nk-accused-prioritizing-diversity-issues.html

[URL='https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html']dailymail.co.uk

[/URL]





Woke head of 'risk assessment' at Silicon Valley Bank 'prioritized' LGBT initiatives - including organizing a month-long Pride campaign - before bank lost BILLIONS and collapsed

• Jay Ersapah was head of risk assessment for Silicon Valley Bank's EMEA region
• She launched a host of woke initiatives including 'safe space catch-ups' for staff
• In one video she said she 'could not be prouder' to work for the bank which collapsed spectacularly on Friday

Greg Becker, president of SVB, lobbied Congress in 2015 to lessen the oversight on his bank





Greg Becker, president of SVB, lobbied Congress in 2015 to lessen the oversight on his bank.avif

The sad part is just because they were so woke (remember the phrase "get woke, go broke") they took everyone else down with them. Also CEO Greg Becker cashed out $2M right before the collapse! ?

https://www.marketwatch.com/story/s...t-2-million-just-before-the-collapse-e45c6b53

• The chief executive of Silicon Valley Bank SIVB, -60.41% cashed out stock and options for a $2.27 million net gain in the weeks before Friday’s collapse, public filings show. CEO Greg Becker exercised stock options — meaning he paid money to convert his options into stock — and then immediately sold the stock on Feb. 27, filings show.

 

[CB750F]

Greg Becker - Did you see how much he sold in stocks? Many
of the top guys sold in the last few weeks.

 

[AzScorpion]

Looks like the Fed will NOT bail out SVB.

https://www.yahoo.com/finance/news/yellen-says-no-federal-bailout-131152188.html

Yellen, in an interview with CBS' “Face the Nation,” provided few details on the government's next steps. But she emphasized that the situation was much differentfrom the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry.

“We’re not going to do that again," she said. "But we are concerned about depositors, and we’re focused on trying to meet their needs.”

With Wall Street rattled, Yellen tried to reassure Americans that there will be no domino effect after the collapse of Silicon Valley Bank.

“The American banking system is really safe and well capitalized," she said. "It’s resilient.”

 

[AzScorpion]

The sad part is just because they were so woke (remember the phrase "get woke, go broke") they took everyone else down with them. Also CEO Greg Becker cashed out $2M right before the collapse! ?

https://www.marketwatch.com/story/s...t-2-million-just-before-the-collapse-e45c6b53

Greg Becker - Did you see how much he sold in stocks? Many
of the top guys sold in the last few weeks.

Huh, I finally typed faster than someone! ?

 

[CB750F]

Looks like the Fed will NOT bail out SVB.

https://www.yahoo.com/finance/news/yellen-says-no-federal-bailout-131152188.html

Should make thing interesting.
It seems some people say the uninsured will get 80% of their $$$.

 

[CB750F]

Huh, I finally typed faster than someone! ?

HA, cool, but I just repeated something on page 3.... lol

 

[TJC]

I think this is why they were trying to keep the fact the SVB was invested in crypto along with start ups.

I am still somewhat confused here. SilverLake and SVB are two separate instances. I know Silverlake was heavy into crypto, but SVB was primarily into startups. I know corporates and govs lie, and I know Silverlake owns SVB. Did Silverlake fail taking SVB with it? Or vice versa? Or neither? I've not followed the whole debacle closely enough.

 

[AzScorpion]

I am still somewhat confused here. SilverLake and SVB are two separate instances. I know Silverlake was heavy into crypto, but SVB was primarily into startups. I know corporates and govs lie, and I know Silverlake owns SVB. Did Silverlake fail taking SVB with it? Or vice versa? Or neither? I've not followed the whole debacle closely enough.

I'm not sure Tony and I'm still a little confused too. From what I can make of it I think SL failed and dragged SVB down with it. That's why I was a little confused on Friday when I posted that SVB was heavily into crypto because there linked to SL too. I think (hope) more will come out this week but like you said the gov. and corps. will lie and only tell us what they want us to hear.

Sponsored