SVB Failed! Silicon Valley Bank.

[TJC]

The details may not matter.. The dominoes appear to be falling.

BANK RUN! Customers Line Up Outside First Republic Bank Branches

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[TJC]

Less Than 1 Month Ago Forbes Put Silicon Valley Bank on Its Annual List Of “America’s Best Banks” and Its Inaugural List Of “Financial All-Stars”

And the hits keep coming!

 

[AzScorpion]

The details may not matter.. The dominoes appear to be falling.

BANK RUN! Customers Line Up Outside First Republic Bank Branches

Panic is setting in but I guess you can't blame people for taking precautions now. I always make sure to have enough on hand to cover expenses for several month for "just in case" instances. That was another reason I bought a 1150 lb gun safe with a 90 minute fire rating.

 

[CB750F]

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.

This guy explain pretty well how things are going.
https://mishtalk.com/

 

[TJC]

Panic is setting in but I guess you can't blame people for taking precautions now. I always make sure to have enough on hand to cover expenses for several month for "just in case" instances. That was another reason I bought a 1150 lb gun safe with a 90 minute fire rating.

He who panics first panics best! I have learned to look over the horizon and prepare.

Everyone is going to lose when the music stops, the trick is to be the one who loses the least. I've been in protect mode since 2008. I lost 40% of my investments back then. It is not going to happen to me again.

Those that lived through the bank runs during the great depression never trusted a bank after that. Keeping money in the mattress began way back then. I talked to old timers who warned me to stay away from the stock market. One even advised me if I felt the urge to invest in stocks, to go to Vegas instead, that I had better odds, as the house only skims the top 5% - 8%. The players on the stock market are experts at separating you from your money!

I laughed out loud.... but years later I find truth in their warnings to me...

 

[Fordup]

Panic is setting in but I guess you can't blame people for taking precautions now. I always make sure to have enough on hand to cover expenses for several month for "just in case" instances. That was another reason I bought a 1150 lb gun safe with a 90 minute fire rating.

I bought a backhoe ?.

 

[KJRR]

Looks like another one under FDIC control
Regulators close New York's Signature Bank following Silicon Valley Bank collapse - CBS News

 

[Fordup]

Tomorrow is going to be an interesting day. I can't figure out how the fed says no taxpayers money will be used for the total bailouts.

 

[AzScorpion]

Tomorrow is going to be an interesting day. I can't figure out how the fed says no taxpayers money will be used for the total bailouts.

Of course they'll use taxpayer money. We all know how that turned out in '08 now don't we? ?

On another note it's going to be very interesting to see what happens if the debt ceiling isn't raised.

 

[Fordup]

Of course they'll use taxpayer money. We all know how that turned out in '08 now don't we? ?

On another note it's going to be very interesting to see what happens if the debt ceiling isn't raised.

Total collapse of the dollar and digital currency implementation. May actually be pre-planned to be able to pull off the switch based on panic.

 

[AzScorpion]

Total collapse of the dollar and digital currency implementation. May actually be pre-planned to be able to pull off the switch based on panic.

Darn Ed, you may be on to something? ?

 

[Fordup]

Darn Ed, you may be on to something? ?

 

[RedlandRanger]

Of course they'll use taxpayer money. We all know how that turned out in '08 now don't we? ?

On another note it's going to be very interesting to see what happens if the debt ceiling isn't raised.

Interesting reading: https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation

Two things of note/interest that jumped out at me:

1. The FDIC is not supported by public funds; member banks' insurance dues are its primary source of funding.[8] When dues and the proceeds of bank liquidations are insufficient, it can borrow from the federal government, or issue debt through the Federal Financing Bank on terms that the bank decides.[9]
2. It is 250,000 PER ACCOUNT, not PER PERSON that is covered - so as long as anyone didn't have more than 250,000 in any one account, they should be covered 100%.

 

[Fordup]

Interesting reading: https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation

Two things of note/interest that jumped out at me:

1. The FDIC is not supported by public funds; member banks' insurance dues are its primary source of funding.[8] When dues and the proceeds of bank liquidations are insufficient, it can borrow from the federal government, or issue debt through the Federal Financing Bank on terms that the bank decides.[9]
2. It is 250,000 PER ACCOUNT, not PER PERSON that is covered - so as long as anyone didn't have more than 250,000 in any one account, they should be covered 100%.

They have stated that the full ballance of the account will be paid. There were many in the millions. Guess if they set a precedent here that $250 k per account is no longer revelant in future collapses. The FED is really nervous about what to do with interest rates after this.

 

[AzScorpion]

Interesting reading: https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation

Two things of note/interest that jumped out at me:

1. The FDIC is not supported by public funds; member banks' insurance dues are its primary source of funding.[8] When dues and the proceeds of bank liquidations are insufficient, it can borrow from the federal government, or issue debt through the Federal Financing Bank on terms that the bank decides.[9]
2. It is 250,000 PER ACCOUNT, not PER PERSON that is covered - so as long as anyone didn't have more than 250,000 in any one account, they should be covered 100%.

It's $250K per depositor so if you have a joint holder on an account that has $500K in it your fully insured. Anything over you're not in that account.

It does cover more per account but it has to be in certain ownership categories.

https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/index.html

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

FDIC Deposit Insurance Coverage Limits by Account Ownership Category
Single Accounts (Owned by One Person)	$250,000 per owner
Joint Accounts (Owned by Two or More Persons)	$250,000 per co-owner
Certain Retirement Accounts (Includes IRAs)	$250,000 per owner
Revocable Trust Accounts	$250,000 per owner per unique beneficiary
Corporation, Partnership and Unincorporated Association Accounts	$250,000 per corporation, partnership or unincorporated association
Irrevocable Trust Accounts	$250,000 for the noncontingent interest of each unique beneficiary
Employee Benefit Plan Accounts	$250,000 for the noncontingent interest of each plan participant
Government Accounts	$250,000 per official custodian (more coverage available subject to specific conditions)

If you have a lot of money you're better off setting up a revocable trust account. There you can have up to 5 beneficiaries totaling 1,250.000.

https://www.magnifymoney.com/banking/fdic-insurance-limit/

Trust accounts
You alone own a revocable trust account with the maximum amount of beneficiaries (five). Because each unique beneficiary receives coverage for $250,000, your trust account would be insured for a total of $1,250,000.

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