Second Largest Bank Failure in U.S. History…

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  • smokingman

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    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.

    bfmBB38.jpg

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

    bfmA35B.jpg

    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.
     
    Last edited:

    smokingman

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    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.


    b.jpg
     

    smokingman

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    Today in clown world.

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

    Super Bee

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    Bitcoin at $53K today.

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

    c1f950c3-9351-477b-b8a6-51125cf6bd17_text.gif
     

    ditcherman

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    In the country, hopefully.
    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

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    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

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    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.


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