Second Largest Bank Failure in U.S. History…

[smokingman]

Regional Bank Stocks Are Crashing Again... | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

The day after Powel removed "banks are sound" from the FED language.

Yea, not so much. All reginal banks down to almost SVB lows,and the day is not over.



REIT losses coming home to roost in NY(but impacting all banks).



It is already worse than SVB lows for some banks, such as NYC. I have a feeling it is just the start. The market wanted rates cut and a new QE program. It got neither yesterday.

 

[Mij]

Go gold!!!

 

[smokingman]

US Banks See Massive Deposit Flight (Biggest Since SVB) As Fed Ends BTFP 'Arb' | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[smokingman]

Wonder who will buy the good assets of this one, leaving tax payers(FDIC) the bill?

New York Community Bancorp Collapse Nears 27-Year-Lows After 'Talks With Regulator' Revealed | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[smokingman]

New York Community Bancorp Cut To 'Junk' By Moody's: 33% Of Deposits Uninsured | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

tick tock....tick tock

But ugliest of all was the regional banking system.

The KBW Regional Banking Index is down 15% from its December highs (which had basically run all the way back up to the pre-SVB levels) but down 12% in the last 5 days.

Bank Blow-Up 'Butterflies' Spark Bid For Bonds, Bullion, & Bitcoin | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[smokingman]

Today in clown world.

IRS sues FDIC over Silicon Valley Bank's $1.4 billion tax debt

The U.S. Internal Revenue Service on Tuesday sued the Federal Deposit Insurance Corporation, asking a judge to determine how much the FDIC must pay to cover an estimated $1.45 billion tax debt owed by the failed Silicon Valley Bank. The FDIC, which seized SVB and its assets in March 2023, has...

finance.yahoo.com

SVB Financial and the IRS are suing the FDIC(different reasons actually).

 

[Super Bee]

Bitcoin at $53K today.

Bezos sells off $4 billion of Amazon stock in the last four days.

 

[asevans]

 

[nra4ever]

Expert Eyes Bitcoin At $750,000 As Fidelity Advises 1-3% Allocation

Fidelity is now recommending that the traditional 60/40 portfolio model should include a 1-3% allocation to Bitcoin.

www.google.com

 

[Super Bee]

Bitcoin 61500.00 today.

Last night Tim Pool was talking about passing on Bitcoin in 2012 when it was .70 a coin. Ugh.

 

[nra4ever]

Bitcoin at $53K today.

Bezos sells off $4 billion of Amazon stock in the last four days.

The word on the street is that he might be Mr 100.

 

[Super Bee]

Coinbase just crashed according to ZeroHedge.

 

[ditcherman]

Coinbase just crashed according to ZeroHedge.

I looked at the app, which I very rarely ever do. Said something about degraded performance but most should be able to trade.
I’m sure anything can happen.
I was in for 100 bucks at 14,000. I’ll let my banker know to adjust my balance sheet by a couple hundred.

 

[smokingman]

NYCB Re-Crashes After Finding "Material Weaknesses" In Internal Controls, Delays Filing | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

According to a regulatory filing this evening, NYCB disclosed that it identified material weaknesses in its internal controls related to internal loan review as part of an assessment.

“Management identified material weaknesses in the company’s internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities,” the bank said in the filing.

Due to this, the bank will delay its annual report.

"'NYCB' has determined that it is unable to file, without unreasonable effort or expense, its Annual Report on Form 10-K for the fiscal year ended December 31, 2023

NYCB also took a $2.4 BN hit to 4Q and annual net (loss) income, as GAAP accounting required a "goodwill impairment" charge for the quarter and fiscal year ended Dec. 31, 2023.

Separately, New York Community Bancorp said it appointed executive chairman Alessandro (Sandro) DiNello as president and CEO, effective immediately.

Tick toc

 

[smokingman]

NY's Hochul Faces 'Political Crisis' As NYCB Collapse Repercussions Loom | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

If it lasts until next Monday without the FDIC taking it over, I would be shocked.

Things are already worse than 2008-9

 

[smokingman]

They received 1 billion cash infusion. They have been losing more than that almost every day for over a month. Not sure if it is enough to swing sentiment for the stock or to stop the deposit flight. It is approved of by those higher up though, given it if former US treasury secretary Steve Mnuchin's company doing the infusion. 1 billion though....given they have lost more than 1/3 of deposits(about 89 billion)and the stock is down more than 65% since January 29th 2024.

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www.cnn.com

I still think it gets taken over by the FDIC by Monday.