Stock Market is ROCKING

[smokingman]

18th largest bank in the US.

300 Billion Reasons Why SVB Contagion Is Spreading To The Broader Banking System | ZeroHedge

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

www.zerohedge.com

Credit Suisse has fallen from the 9th largest bank in the world to below the top 50. The money from the Fed,US treasury,and IMF only purchased a few months of liquidity. It is still suffering more losses not just in depositors but held assets(article is from today 3/10/2023).

Credit Suisse shares hit new all-time low as banks hit by U.S. fallout

Credit Suisse shares hit a new all-time low in early trading on Friday as the European banking sector suffered the fallout from a sharp sell-off in U.S. financial stocks.

www.reuters.com

and yes US banks are still borrowing 2.2+ Trillion every day.

Reverse Repo Operations - FEDERAL RESERVE BANK of NEW YORK

www.newyorkfed.org

This should give you an idea of how healthy US banks are.

 

[smokingman]

FDIC just stepped in moments ago and shut down Silicon Valley for liquidation.

Zerohedge

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

www.zerohedge.com

As we noted before, while 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 although a sizable number of them likely pulled their deposits in the past few days.

And just like that SVB is no more: a historic collapse which in many ways was faster than Lehman, and which has seen SIVB stock plunge from $763 to 0 in 16 months.

 

[ancjr]

SIVB 125 strike put went from $0.01 on Wednesday to just over $27.00 on Thursday...

 

[smokingman]

To add to the SVB chaos Wells Fargo has been having issues since 5am with many accounts having a negative balance, when they should be positive. Some accounts have no link to the missing funds, they just vanished without any actual withdraws. 4th largest US bank.

Wells Fargo Warns Customers Of 'Incorrect Balances Or Missing Transactions' | ZeroHedge

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

www.zerohedge.com

 

[smokingman]

'Contained' 2.0? Treasury Sec Yellen Says Banking System Is "Resilient" | ZeroHedge

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

www.zerohedge.com

 

[GodFearinGunTotin]

Sustainable.

 

[GodFearinGunTotin]

Looks like a good ESG score doesn’t necescarily translate into good business.

 

[Destro]

Looks like a good ESG score doesn’t necescarily translate into good business.

I don't understand this point.

That has nothing to do with what happened at SVB.

 

[ditcherman]

I don't understand this point.

That has nothing to do with what happened at SVB.

It’s possible the point is that if bankers would have paid more attention to making sound investments for the long term instead of paying attention to ‘equality’ issues, they might be in better shape.

 

[Destro]

It’s possible the point is that if bankers would have paid more attention to making sound investments for the long term instead of paying attention to ‘equality’ issues, they might be in better shape.

It was a bank run tied to interest rates in US Treasuries. It's fair to question why they had so much capital tied up in low yield government debt, but is not like they were pissing money away in BS ESG nonsense caused it.

Vivek made it clear on his Twitter account he is either an idiot, or trying to pander to the lowest common denominator in the party.

 

[smokingman]

It was a bank run tied to interest rates in US Treasuries. It's fair to question why they had so much capital tied up in low yield government debt, but is not like they were pissing money away in BS ESG nonsense caused it.

Vivek made it clear on his Twitter account he is either an idiot, or trying to pander to the lowest common denominator in the party.

The US Treasuries and the run it led to was the straw that broke the camels back. They donated 18 million to ESG causes in 2022 and invested 5 billion(in 4 ESG groups,including WEF by their own filings). Those ESG investments have all lost money. In 2021 they were the 14th largest bank,after 2022 esg losses they were 18th. They had 399 billion in client funds invested in ESG(per their own report). It lost money for most of 2022.

They were close to a billion short in client deposits at the time of closure(it will likely end up being many billions short).

https://www.svb.com/globalassets/library/uploadedfiles/svb-environmental-social-governance-report-2022.pdf

2022 4th quarter results. Like I said,the final run due to them selling treasuries at a 1 billion dollar+ loss to raise capitol was due to the companies poor performance. They lost 33 BILLION in Q4 2022.

https://s201.q4cdn.com/589201576/files/doc_financials/2022/q4/Q4_2022_IR_Presentation_vFINAL.pdf

Without new large deposits they were negative cash flow for most of the last 3 years. ESG investments played a HUGE role in their downfall.

SVB Financial Group - Financials - Quarterly Results

ir.svb.com

Toss in the CEO selling all their own shares a few days before the collapse. He had been selling all his shares since January 26th(well before the treasuries sale). 5 total lots. He had zero shares when it was closed.


It does appear most of their depositors were well off ESG fans. Maybe losing money will correct their mentality.

 

[smokingman]

Likely the next. Signature bank looks to open down more than 22% (if trading in it is not stopped at the opening bell I would be surprised). The volume is thousands of times above the daily average in after hours trading.

Check out Signature Bank's stock price (SBNY) in real time

Get Signature Bank (SBNY:Over The Counter Mkt) real-time stock quotes, news, price and financial information from CNBC.

www.cnbc.com

 

[ditcherman]

It was a bank run tied to interest rates in US Treasuries. It's fair to question why they had so much capital tied up in low yield government debt,

We agree on this…

but is not like they were pissing money away in BS ESG nonsense caused it.

Are we sure about this?

Vivek made it clear on his Twitter account he is either an idiot, or trying to pander to the lowest common denominator in the party.

I’m only following from a 50,000’ view, but that lowest common denominator thing had been talked about for years - decades, actually, as being our downfall. The pandering has turned into reality.

 

[smokingman]

Someone said to watch for the other shoe...
I think it must be YE(Adidas) brand as there are lots of shoes falling.

Roku falls in after-hours trading after saying ~26% of total cash is held at SVB By Investing.com

Roku falls in after-hours trading after saying ~26% of total cash is held at SVB

www.investing.com

Circle assures market after stablecoin USDC breaks dollar peg By Reuters

Circle assures market after stablecoin USDC breaks dollar peg

www.investing.com

Bill.com says ~$300M cash, ~$370M client fund held at SVB By Investing.com

Bill.com says ~$300M cash, ~$370M client fund held at SVB

www.investing.com

A boatload of biotech firms.

https://www.fastcompany.com/90864553/silicon-valley-bank-public-companies

Solar and wind companies.

Solar firms Sunnova and Sunrun shed light on exposure to Silicon Valley Bank

Residential solar companies Sunrun Inc and Sunnova Energy on Friday disclosed their exposure to SVB Financial Group , which has been closed down by California banking regulators.

www.reuters.com

Many ESG ETF funds.

10 ETFs With the Highest Exposure to Silicon Valley Bank - NerdWallet

Want to find out whether your portfolio is exposed to Silicon Valley Bank? Start your search here.

www.nerdwallet.com

2100 or so startups that just lost the ability to make payroll.

Silicon Valley Bank’s Collapse Causes Start-Up Chaos

Young companies raced to get their money out of the bank, which was central to the start-up industry. Some said they could not make payroll.

www.nytimes.com

This one I LoLed.
Vox Media, the publisher of New York Magazine and The Verge, has a substantial concentration of cash at Silicon Valley Bank


Headquartered in Santa Clara, Calif., SVB Financial Group (Nasdaq: SIVB) operates through 26 offices in the U.S. and international operations in China, India, Israel and the United Kingdom.

"Expect Mass Layoffs..." - The Real-World Impact Of SVB's Failure | ZeroHedge

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

www.zerohedge.com

Airbnb, DoorDash and Dropbox

One of Silicon Valley's top banks fails; assets are seized

NEW YORK (AP) — Regulators rushed Friday to seize the assets of one of Silicon Valley's top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.

apnews.com

It is a disturbance in the farce. As if 209 billion ESG voices just went silent.

 

[ditcherman]

Someone said to watch for the other shoe...
I think it must be YE(Adidas) brand as there are lots of shoes falling.

Roku falls in after-hours trading after saying ~26% of total cash is held at SVB By Investing.com

Roku falls in after-hours trading after saying ~26% of total cash is held at SVB

www.investing.com

Circle assures market after stablecoin USDC breaks dollar peg By Reuters

Circle assures market after stablecoin USDC breaks dollar peg

www.investing.com

Bill.com says ~$300M cash, ~$370M client fund held at SVB By Investing.com

Bill.com says ~$300M cash, ~$370M client fund held at SVB

www.investing.com

A boatload of biotech firms.

https://www.fastcompany.com/90864553/silicon-valley-bank-public-companies

Solar and wind companies.

Solar firms Sunnova and Sunrun shed light on exposure to Silicon Valley Bank

Residential solar companies Sunrun Inc and Sunnova Energy on Friday disclosed their exposure to SVB Financial Group , which has been closed down by California banking regulators.

www.reuters.com

Many ESG ETF funds.

10 ETFs With the Highest Exposure to Silicon Valley Bank - NerdWallet

Want to find out whether your portfolio is exposed to Silicon Valley Bank? Start your search here.

www.nerdwallet.com

2100 or so startups that just lost the ability to make payroll.

Silicon Valley Bank’s Collapse Causes Start-Up Chaos

Young companies raced to get their money out of the bank, which was central to the start-up industry. Some said they could not make payroll.

www.nytimes.com

This one I LoLed.
Vox Media, the publisher of New York Magazine and The Verge, has a substantial concentration of cash at Silicon Valley Bank

"Expect Mass Layoffs..." - The Real-World Impact Of SVB's Failure | ZeroHedge

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

www.zerohedge.com

It is a disturbance in the farce. As if 209 billion ESG voices just went silent.

It’s amazing reading that and people saying “well we only have about 10 million in exposure over insured limits” - I can’t fathom how much money is out there that people are playing with.

But what I’m really interested in is if we are past the point of some Congress critter saying “to big to fail” and going down that path?

 

[smokingman]

It’s amazing reading that and people saying “well we only have about 10 million in exposure over insured limits” - I can’t fathom how much money is out there that people are playing with.

But what I’m really interested in is if we are past the point of some Congress critter saying “to big to fail” and going down that path?

Well they may,after all almost half of the California wine industry banked with them. If you like wine from California today would likely be a good day to stock up. Some of those wineries will not exist next week.

They already had an emergency hearing with the FDIC yesterday. I do not think it will get bailed out.

**edit spoke to soon. Apparently the Bank of London values ESG or is to heavily involved in SVB to let the British branch collapse.

Bank of London weighs rescue bid for Silicon Valley Bank's UK arm - Sky News By Reuters

Bank of London weighs rescue bid for Silicon Valley Bank's UK arm - Sky News

www.investing.com

 

[Pepi]

Eeny, meeny, miny, moe .... Ukraine or USA ... Looks like the Ukraine has to go​

 

[ditcherman]

Well they may,after all almost half of the California wine industry banked with them. If you like wine from California today would likely be a good day to stock up. Some of those wineries will not exist next week.

They already had an emergency hearing with the FDIC yesterday. I do not think it will get bailed out.

I stopped drinking when I was 17 so I'm completely immune from this whole mess!
I'm also poor so that helps too.

 

[smokingman]

I stopped drinking when I was 17 so I'm completely immune from this whole mess!
I'm also poor so that helps too.

The list of those exposed to SVB keeps growing. I am just rolling laughing because nearly every name are woke companies heavily invested in ESG and CRT.

Shopify, ZipRecruiter...now added. The list is getting longer by the minute. Also a boat load of non-profits that have supported nothing but democrats,blm,crt,and woke culture(what ever the current "thing" was/is).

This is an epic blood letting of woke culture.

I can not help but laugh.

 

[asevans]

I don't understand this point.

That has nothing to do with what happened at SVB.

The point is “you go woke. You go broke “.