Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago.
The collapse of SVB, a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money.
According to press releases from regulators, the California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver. The FDIC in turn has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB.
The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning. SVB’s branch offices will also reopen at that time, under the control of the regulator.
This story is an UPDATE to a story I published about 7:30 this morning showing that bank in particular has seen its share price plunge upwards of 70% overnight, and looked to be in trouble. That earlier story is HERE
UPDATE --
A Silicon Valley Bank branch in Manhattan today called the cops on tech investors trying to pull their cash out as a run on the bank today forced regulators to seize its assets.
Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue as investors scrambled to get their money out in the biggest collapse since the Great Recession.
The bank failed today as depositors - mostly technology workers and venture capital-backed companies - began withdrawing their money following a shock announcement of a $1.8bn loss. The bank took a hammering in pre-market with its price plunging by 66 percent before trading was halted.
But with investors only protected up to $250,000, there have already been horror stories. Ashley Tyrner, CEO of Boston wellness firm FarmboxRx, said she had at least $10m deposited with SVB and has been frantically calling her banker. She called it 'the worst 18 hours of my life.'
With around $209bn in assets, SVB is the second-largest bank failure in US history after the 2008 collapse of Washington Mutual. It is the first FDIC-insured bank to fail in more than two years, the last being Almena State Bank in October 2020.
***** FLASH UPDATE *****
As of 1:51 PM EST, I am being told the following:
"The FDIC noted that SVIB had $175BN in deposits as of Dec 31, note that some $151.5BN of these are uninsured, which means they get exactly ZERO back.
They get a COUPON that can be redeemed for whatever is left after wind-down and the government gets paid back.
For the collapse of Lehman Brothers in the year 2008, it was 1/2 cent on the dollar, paid out ten years later."
UPDATE 2:15 PM EST --
I am told "There is CONTAGION" in this Bank trouble . . . .
Central banks have been dumping billions and billions in the bond market to try to stabilize the 10 year and they failed miserably. They have no liquidity.
. . . seems like a good time to start WWIII and head for the bunkers before anyone starts asking awkward questions.
Comments
https://www.thegatewaypundit.com/2023/03/beyond-parody-the-irs-reminds-thieves-that-they-have-to-pay-taxes-on-stolen-property/
Dose this include the "Bankers" and our "Politicians"?
Royal Deluxe - My Time 2019 / Jason Statham Tribute
https://www.youtube.com/watch?v=FTMvrW8siDQ
Они НИКОГДА НЕ СЛЫШАТ, КАК Я ПРИХОЖУ, товарищ друг. НО ОНИ ВСЕГДА понимают МОЮ ТОЧКУ ЗРЕНИЯ.
The only thing that matters to them is ready access to BBC porn and also of course ...
White wives begging for BBC
Hey gotta question......
Why no black wives begging for white men ??
Bahahahahahaha
As sexual perversions and debauchery have no racial boundaries,
what is it you are trying to explain?
So far it is obvious that you are a racist mental degenerate engrossed
with a fascination of the inguinal region of your abdominal cavity.
This is common among many whom have only 2 brain cells to rub
together just to get their legs to move.
Is there a part 2 for your lame act, or are you ceaselessly stuck on stupid?
(By the way, sexual perversion has always been a favored venue
of demonic influence in humans, that is if you even are one.)
Remember the “normal” way bank failures were handled in the past was the failing bank was taken over by a larger bank.
The Treasury/FED helped facilitate this operation. No depositors loose any money and the Treasury avoids paying out FDIC funds.
This option was especially attractive when when the Bank having trouble was a result of a short term liquidity crisis. The Bank was sound otherwise and would be profitable over time.
So the question is why is everyone being disrupted and inconvenienced, many loosing money, some even bankrupted when this was unnecessary?
The Powers That Be (TPTB) agenda is to force everyone the accept a Central Bank Digital Currency (CBDC).
They will claim - see, none of this would have happened if you were using the FED CBDC.
https://www.msn.com/en-us/money/personalfinance/first-republic-and-pacwest-bancorp-plunge-as-fears-of-contagion-grow-following-the-biggest-bank-failure-since-2008/ar-AA18ttcU
Published March 10, 2023
Some Wells Fargo customers woke up Friday morning
to find deposits missing from their checking accounts.
In a statement to NBC, the bank acknowledged some direct
deposit transactions were not showing up in accounts and
that they were working on a resolution.
https://www.nbcdfw.com/news/business/wells-fargo-customers-report-missing-deposits-heres-what-we-know/3211427/
Scroll down to see an explanation of why this happened, and why MORE IT (Information Technology) screw ups should be expected.
With regard to missing Direct Deposit Data Transmissions going on at Banks lately, Listen to this warning from a frustrated IT guy:
Remember all the Flight Cancellations and lost baggage, stranded passengers, etc with SouthWest, over New Years??? Here is why:
Want to know why the FAA had issues? Flight cancellations? Here's why... This guy who posted this on December 28, 2022...was fired from Southwest Airlines for doing his job - Reviewing Code. Said major issues were coming....[1:04] (vid8.poal.co)
https://vid8.poal.co/user/AOU/joADDAG
This is important to note, as this will continue to be an ISSUE going forward, as more and more Good People either die or become disabled due to the Kill Shots, or they Quit their job, because they didn't want to take the Kill Shot.
What you are left with is the 2nd team, who don't know how to run things, much less how to FIX things, when stuff goes wrong.
2nd team = the people hired due to affirmative action (race), and not due to their brains or expertise these people "coast" by, on the work done by the 1st Team. When the 1st Team is gone, the 2nd team hasn't a clue how to fix anything, and things unravel fast
I have been warning people about fractional reserve banking since I was in high school.
In the 50 years since, I can't think meeting of a single American that was concerned at all about this evil.
You reap what you sow.
And this is what stupid Americans are reaping.
That being said these "bankers" should spend the rest of their lives in prison.
Or worse.
Perhaps they should be executed for something this heinous.
The entire banking system, from top to bottom, is based on fraud.
People committing fraud should have no immunity at all from their crimes.
They put warnings on clothes not to iron them while wearing.... yet banks make you think that they have a special account where you money is kept until you need it.
You are not warned that this is nowhere close to the truth.
Bank customers are never warned that their money is actually loaned out, often at high risk, and that FDIC will not cover everyone's loses.
Yet some clothes warn you not to iron them while wearing them.
These fraudsters should hang IMHO.
I was also fortunate to have been educated by my John Birch Society Dad on the Evils of Fractional Reserve. He introduced me to Griffins Creature from Jekyll Island which I have referenced many times over the years and like you I have found that people just don't want to hear it.
The higher the education the deafer the ear.
https://wallstreetonparade.com/2023/03/silvergate-a-federally-insured-bank-just-blew-up-from-ties-to-crypto/
American military leaders oppose helping the court investigate Russians because they fear setting a precedent that might help pave the way for it to prosecute Americans.
https://archive.ph/kELW5
The dissappearing billions, claimed by Sweet, are an indicator that the horriffic switch from cash to centrally-controlled digital currency
exchange is very close at hand.
This new system, according to Sweet, will feature four classes of citizens world-wide, and that Russia and the Eastern bloc pushing back against the West in Ukraine in part is because they are tired of being financially fleeced by the zionist bankster-controlled, debt slavery system of worthless fiat paper money West...
Some here may be aware of these guys and may have concluded, as I have, that it's all been a graft for crypto transfers to Sweet's whistleblowers, led by a very informed cat who goes by the handle of Gideon. This week's massive SVB fiasco points to tens of billions vanishing..."but where?" And - key political movers and shakers are dropping off the public access
radar recently. And - ukie mercs are at the end of their rope, leaving only two options left for NATO: walk away, or prep the ww3 false flag...martial law, the crazy takeover crap obummer signed into the 2012 NDAA...a draft. FEMA Camps opening up. Might be an interesting month at that!
Hungarian Prime Minister Viktor Orban says The
West is very close to seriously discussing the
prospect of sending allied troops to Ukraine.
"I think we are very close to suggesting, in all
seriousness, that the soldiers of Ukraine's
allied countries cross the border and enter the
territory of Ukraine," Orban said on National
radio station Kossuth Rádió."
https://english.almayadeen.net/news/politics/west-might-be-close-to-sending-allied-troops-to-ukraine:-orb
In the past I have seen amounts range from a million dollars, to a lofty multi billion dollar hit.
Being able to see the dollar amount hit to the DIF is a good way to really gauge the carnage.
I wonder if the printing press will save them now...
with feeling...
Romans 1:19-20 proves His existence.
You nailed it with your last sentence, Hal. This is probably the most plausible reason for starting a war that has come along yet. Can you imagine our puffed-up big talkers in the Pentagon having to face a collapsed financial system that requires hyperinflation to even begin to allow the MIC to continue ? Neither can I. So starting WWIII ASAP is definitely on the table if this thing goes cascading-failure mode.
With the context of this failure, the bailouts the Vulture Capitalists want for SVB may not be possible this time. I won't reveal why - let them figure it out.
The globalist elite have made the last three years hell for the majority but we have held strong, maintained our dignity, and exposed their lies, one by one. Now our abusers have been backed into a corner they are being forced to admit to the lies they’ve spun. And they want us to forgive and forget.
But that’s not going to happen. It really isn’t. The people are waking up. And since they are waking up and realizing the nightmare of the last three years was created intentionally by the globalist elite, the people are rising up and demanding justice.
https://www.brighteon.com/9381586a-d73a-4ac5-8f5e-3c8eeb1cf3d2
Becker's departure was effective on Friday, the spokesperson said. Earlier on Friday, Silicon Valley Bank was closed by regulators.
1 $55,387,209,000,000 JPMorgan Chase Bank
2 $51,794,949,000,000 Goldman Sachs Bank USA
3 $46,562,329,000,000 Citibank
4 $22,087,831,000,000 Bank of America
5 $12,191,517,000,000 Wells Fargo Bank
6 $2,132,802,000,000 State Street Bank and Trust Company
7 $1,516,559,899,000 HSBC Bank USA
8 $1,174,293,000,000 The Bank of New York Mellon
More Dominoes to FALL! Anyone who believes that the PhD economists of the Fed are not insane is a dodo bird.
Several bank stocks were repeatedly halted on Friday, including First Republic, PacWest and crypto-focused Signature Bank. First Republic dropped 14.8%, and PacWest shed 37.9%. Some bellwether bank stocks suffered smaller losses even as SVB's fallout wreaked havoc on regional names. Goldman Sachs and Bank of America fell 4.2% and 0.9% respectively. JPMorgan held onto a 2.5% gain.-cnbc
They should have waited to shutter Silicon Valley Bank, until at least after stock trading closed at 1pm PT. Now lots of people will be biting their finger nails all weekend.
https://media.tenor.com/rilz8VZZdsAAAAAC/donald-duck-sweating.gif
https://media.tenor.com/pKhXg3vYOxMAAAAM/mickey-scared.gif
https://64.media.tumblr.com/566a5e9b972d049c7cbcb96f68ed6185/cd76227ec11a9103-54/s400x600/029f44146213569b5060e26c8f62fc79e542db55.gifv
https://www.zerohedge.com/markets/300-billion-reasons-why-svb-contagion-spreading-broader-banking-system
Yipes!
And it's also why every other bank is now suffering under similar pressure of massive "net unrealized losses."
Yes, SIVB is by far the worst with all of its book value wiped out by the unrealized loss, but other banks are hardly doing much better, to wit: Bank of America's unrealized loss (i.e., the market-value gap between its HTB book and fair value) represents 43% of combined total equity; at State Street it is 27%; at Wells it is 25%, at US Bancorp it is 24% and so on...
Looks like there will be a LOT of emergency closed door meetings this weekend with heads of major banks and the FED, as happened in 2008.
You know: Too Big To Fail ....type emergency meetings???
Last November 14, Corria T. had a dream of the East Coast of the US with a straight black line running from Maine to Florida some distance in from the ocean. She felt water come up around her feet and the whole East Coast WAS GONE! She knew this was a warning and before she woke up she heard an audible voice say, "FOUR MORE MONTHS". (That would be this coming Tuesday). After she woke up she prayed and asked the Lord if this dream was from Him. She then had a conversation with a believer in Arizona who asked, Have you seen the video I posted last night about a prophecy of a tsunami coming to the East Coast of the U.S.? This was the same night as her dream! Stan Johnson of the Prophecy Club reported this last week and noted there have been approximately 20 prophetic dreams and visions over the past ten years of a giant tsunami hitting our East and Gulf Coasts. Corria didn't know what caused the tsunami, if it was a bomb or an asteroid but WAS GIVEN A SPECIFIC TIME, IN FOUR MONTHS!
The second dream was given to Richard Mew early last year about war coming to America on "3/15/1" with 12 nukes hitting 12 cities. He was waiting for it to happen last year and when it didn't happen he determined the strange date given with "1" meant in one year or this coming Wednesday, March 15.
Also, Turkey and Syria were recently hit my a huge earth quake with 30,000 deaths. This could easily be part of the sixth seal of Revelation which includes the "great day of the Lord's wrath", Rev.6:17. The pre-wrath rapture Christians have said for years that this is when the Tribulation starts in earnest.
If a devastating tsunami hit America it would be a perfect opportunity for Russia and China to attack and invade. Isn't it interesting these two prophecies are coming at a time when the well informed people of this site are already on the edge of their seats?!
Dolph said on Oct. 21, 2022 “A FEW SHORT DAYS LEFT!”
But he has “no comment” on his fail.
Dolph also said that the Nov, 2022 Thanksgiving Day dinner has
to be canceled because they were being raptured. More lies
and deceit.
NOW we have...
Dolph the Deceiver said on 03/06/23
“THIS IS IT FOLKS!!
TO SUM UP: Rapture imminent, giant tsunami on the 14th,
America nuked on the 15th.”
THAT'S 3 DAYS FROM NOW!
Now he has “Two Strong Prophecies” WHAT A LOSER.
Quote:
contagion
noun
con·ta·gion
: a contagious disease
: the transmission of a disease by direct or indirect contact
: an influence that spreads rapidly
WHO'S NEXT?
what could be the impactful event that happens tomorrow?
the Dutch tractor dissent culminates tomorrow. if the farmers do not do something drastic they are FINISHED.
count the 5th largest food producer in the world out as well.
i have serious doubts whitey will do a single erratic thing.
he worship order and you can see it in germany today inside that cuckhold nation.
THE FARMERS WILL DO NOTHING BUT BEG FOR MORE WHITE WIVES BEGGING FOR BBC VIDEOS
It actually is 27 Billion.
Remember all the Flight Cancellations and lost baggage, stranded passengers, etc with SouthWest, over New Years??? Here is why:
Want to know why the FAA had issues? Flight cancellations? Here's why... This guy who posted this on December 28, 2022...was fired from Southwest Airlines for doing his job - Reviewing Code. Said major issues were coming....[1:04] (vid8.poal.co)
https://vid8.poal.co/user/AOU/joADDAG
This is important to note, as this will continue to be an ISSUE going forward, as more and more Good People either die or become disabled due to the Kill Shots, or they Quit their job, because they didn't want to take the Kill Shot.
What you are left with is the 2nd team, who don't know how to run things, much less how to FIX things, when stuff goes wrong.
2nd team = the people hired due to affirmative action (race), and not due to their brains or expertise these people "coast" by, on the work done by the 1st Team. When the 1st Team is gone, the 2nd team hasn't a clue how to fix anything, and things unravel fast..
https://www.zerohedge.com/markets/wells-fargo-warns-customers-incorrect-balances-or-missing-transactions
What did I tell you?
1 $55,387,209,000,000 JPMorgan Chase Bank
2 $51,794,949,000,000 Goldman Sachs Bank USA
3 $46,562,329,000,000 Citibank
4 $22,087,831,000,000 Bank of America
5 $12,191,517,000,000 Wells Fargo Bank
6 $2,132,802,000,000 State Street Bank and Trust Company
7 $1,516,559,899,000 HSBC Bank USA
8 $1,174,293,000,000 The Bank of New York Mellon
You can't make this crap up...
Who am I kidding?
They will just blame everything on Trump and keep voting Democrat...
...Unless a mushroom cloud cancels the next election.
Remember all the Flight Cancellations and lost baggage, stranded passengers, etc with SouthWest, over New Years???
Here is why:
Want to know why the FAA had issues? Flight cancellations? Here's why... This guy who posted this on December 28, 2022...was fired from Southwest Airlines for doing his job - Reviewing Code. Said major issues were coming....[1:04] (vid8.poal.co)
https://vid8.poal.co/user/AOU/joADDAG
This is important to note, as this will continue to be an ISSUE going forward, as more and more Good People either die or become disabled due to the Kill Shots, or they Quit their job, because they didn't want to take the Kill Shot.
What you are left with is the 2nd team, who don't know how to run things, much less how to FIX things, when stuff goes wrong.
2nd team = the people hired due to affirmative action (race), and not due to their brains or expertise.
I have to give credit to Hal on this one he had it right on!
@PeterSchiff
The U.S. banking system is on the verge of a much bigger collapse than 2008.
Banks own long-term paper at extremely low interest rates. They can't compete with short-term Treasuries. Mass withdrawals from depositors seeking higher yields will result in a wave of bank failures.
https://twitter.com/PeterSchiff/status/1634244633545850898?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1634244633545850898%7Ctwgr%5E25db17a2fa7c5fd6b4fc7830a470862faedfb387%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.thestreet.com%2Ftechnology%2Ftwo-us-banks-collapse-in-48-hours-which-one-is-next
https://www.msn.com/en-us/money/other/two-us-banks-collapse-in-48-hours-which-one-s-next/ar-AA18twTQ?ocid=msedgdhp&pc=U531&cvid=5742c1388ff040e083840958c08facaa&ei=11
And one bank failure was due to rampant Fraud.
WARNING: Big Tech Banks Collapsing! Infection Spreading to Other Sectors
https://healthimpactnews.com/2023/warning-big-tech-banks-collapsing-infection-spreading-to-other-sectors/
https://healthimpactnews.com/2023/four-biggest-us-banks-lost-52-billion-in-valuation-today-as-dow-drops-540-points/
10 M in the bank?????
Not a real bright money manager.
The ‘great repossession’ might have just begun
"read 'em and weep" lol.... https://the-masters-voice.com/,,,, [[https://the-masters-voice.com/2023/03/07/the-meltdown-of-the-banking-system-march-7-2023/]] and [[https://the-masters-voice.com/2023/03/07/17297/]]
nahhh,,, you believe that stuff??
If you don't fully own it, you can lose it.
If you don't have it in hand, you don't own it.
Strong recommendations. Do whatever you can. Use 401k if necessary, before its gone.
1) Pay off primary home TODAY.
2) Pay this year's property tax fully TODAY.
3) Have at least one vehicle fully paid for.
4) Get that wood stove that you've talked about and enough wood for 2023 and 2024.
5) Spend the cash in the bank for vital necessities and stash the rest in a secure location. Leave only enough to cover automatic payments and debits/checks written.
The Fed's people work all weekend long, and usually on Monday it is announced that the bank has been taken over by "such and such bank", and depositors money will be available to them again.
The end result is, just the Name on the door changes, everything else remains pretty much the same to the depositors.
This is the first major bank to fail, so things will go smoothly. Its the last bank standing, after the FDIC has run out of money to guarantee deposits, ....that things get pretty dicey.
But again with this news, I am reminded of Pastor David Wilkerson's prophecy about Bank Runs. They will start in Europe (Credit Suisse???) and then bank runs will start happening around the world, including the USA.
So we may be seeing the beginning of the fulfillment of this prophecy.
https://www.thepropheticyears.com/wordpress/david-wilkersons-prophecy-of-run-on-american-banks-by-david-wilderson.html
It added that it may pay a dividend to uninsured depositors as it sells the assets of SVB.
The FDIC is a guarantor for bank depositors.
https://www.msn.com/en-us/money/other/two-us-banks-collapse-in-48-hours-which-one-s-next/ar-AA18twTQ?ocid=msedgdhp&pc=U531&cvid=5742c1388ff040e083840958c08facaa&ei=11
I'm telling you bank failures happened HUNDREDS of TIMES in the 2008-2009 recession......and the sky did not fall once!
https://www.fdic.gov/bank/historical/bank/
Let it burn! Burnt it to the fucking ground. Kill all libtards
A. You can't get it
B. If you did, the cops would confiscate it
C. There isn't anything to buy. Try exchanging gold/silver at ANY retailer.
D. The fed would just make THEIR notes either recalled or worthless.
If you haven't positioned yourself yet, you're S.O.L.
Either get right with God and get ready to meet Him, or rewatch Mad Max and take notes.
Now I just need the adult candy. Bottles of Mr Jack Daniels. When the Nuclear alarms go off, I will do this in order:
1) gather my kids, join hands and pray
2) Put on worship music
3) Hug and kiss my kids
4) Make a nice strong drink and give my kids their first beer of their life.
I would not be looking to go outside with all the chaos outside, wouldnt be able to drive anywhere. Barracade the door and do what is above.
I do not live in a big city but I am about 20 miles from Orlando and about 5 miles from a smaller Airport, also 1 mile from the central station of the AUTO Train. A huge inforstructure of moving supplies and equipment. I fully expect to be in the blast radius.
Sounds like you have done a serious, reality based assessment and came up with a plan you can carry out and accept. Doesn’t get more basic than that.
Re:chocolate….one guilty pleasure I have chosen to forgo since the price spiraled out of control. To see it tank - go woke/go broke - was great news for me. To heck with their wacky agenda, the price came down…I’m buying ; )
So are we going to learn a fuking thing about the evils of fractional reserve banking?
I really doubt it....
Now the problem will be that anyone who has more than a few hundred thousand on deposit will panic and try to pull-good luck!
And poor Hal-I’m sure the Mrs thinks this is no big deal. I have friends who say this is a small bank and no big deal. Can’t fight stupidity.
"Effective March 31, 2023, the Mastercard Global ServiceTM benefit for your Wells Fargo Business Line of Credit Mastercard will no longer include the Emergency Cash Advance service."
I never use it but oh well...
Theft in the guise of a bank failure.
The dotcom boom, which started in 1997, accompanied the advent of countless new Internet-based companies. When the speculative bubble burst, many small investors were affected.
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