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Posted: 3/11/2023 3:46:22 PM EST
[#1]
Quote HistoryQuoted: How do we get more bank runs and destroy fractional reserve banking  Attached File |
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Posted: 3/11/2023 3:47:02 PM EST
[#2]
Quote HistoryQuoted: Obviously diversity wasn’t enough  
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Posted: 3/11/2023 3:47:25 PM EST
[#3]
Quote HistoryQuoted: How do we get more bank runs and destroy fractional reserve banking Perhaps all we have to do is wait. |
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Posted: 3/11/2023 3:48:40 PM EST
[#4]
The part that scares me is the social media can pump this up and cause a run on every bank. Social Media can panic the Sheeple on the banks just like they spooked the sheeple on Covid. Once the Dominoes gain speed it will become unstoppable all the way to the crash site.
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Posted: 3/11/2023 3:50:24 PM EST
[#5]
Quote HistoryQuoted: The part that scares me is the social media can pump this up and cause a run on every bank. Social Media can panic the Sheeple on the banks just like they spooked the sheeple on Covid. Once the Dominoes gain speed it will become unstoppable all the way to the crash site. I guess I should go share this info on my socials.. 
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Posted: 3/11/2023 3:50:25 PM EST
[#6]
Quote HistoryQuoted: Perhaps all we have to do is wait. 
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Posted: 3/11/2023 3:51:21 PM EST
[#7]
Mattress. Don't bank on it.
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Posted: 3/11/2023 3:52:20 PM EST
[#8]
Quote HistoryQuoted: I'm not nor ever have been in the "banking" business. More like big evil Pharma. However I know people who are/have been in the banking business. Most of them have always told me the "stress tests" are just a formality, a busy body exercise, mostly just to meet the requirements of the "system". While they may flesh out some carelessness and mundane overlooked bits and pieces no one actually expects them to stop / prevent anything like what is currently happening. Who could have known?  The Stress Test came into existence as propaganda. The "Real" Stress Test just happened and they failed just like every other bank likely would. |
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Posted: 3/11/2023 4:04:13 PM EST
[#9]
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Posted: 3/11/2023 4:12:22 PM EST
[#10]
Banks fail from time to time. Almost always because the management fucked up. Iowa lost a hundred banks during the 80’s farm crisis. FDIC has been doing this for decades. They know what they’re doing.
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Posted: 3/11/2023 4:13:56 PM EST
[#11]
Quote HistoryQuoted:
I feel so bad for Oprah. I hope to see her on Bob Waltman.  The Bob Waltman Special - Saturday Night Live |
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Posted: 3/11/2023 4:18:45 PM EST
[#12]
Quoted: "Shares of SVB (SIVB) were halted Friday morning after falling more than 60% in premarket trading. The stock tumbled 60% Thursday after the bank said it had to sell a portfolio of US Treasuries and $1.75 billion in shares at a loss to cover rapidly declining customer deposits — essentially facing a run on the bank." https://www.cnn.com/2023/03/10/investing/svb-bank/index.html Stocks are about to head to the clearance aisle. I'm taking full advantage. Please do the same. |
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Posted: 3/11/2023 4:21:08 PM EST
[#13]
Quote HistoryQuoted: Stocks are about to head to the clearance aisle. I'm taking full advantage. Please do the same. Standing by with cash. |
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Posted: 3/11/2023 4:21:13 PM EST
[#14]
Quote HistoryQuoted: Banks fail from time to time. When was the last time a bank was allowed to fail in the U.S.? |
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Posted: 3/11/2023 4:21:36 PM EST
[#15]
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Posted: 3/11/2023 4:24:43 PM EST
[#16]
Quote HistoryQuoted: Off SVB's website: https://www.ar15.com/media/mediaFiles/136710/3C9A0648-3DC7-4166-88BE-60AA3CDE3337_png-2741938.JPG
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Posted: 3/11/2023 4:32:53 PM EST
[#17]
This sounds about right.
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Posted: 3/11/2023 4:33:00 PM EST
[#18]
 Attached FileI should walk over and take pics. |
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Posted: 3/11/2023 4:41:21 PM EST
[#19]
Quote HistoryQuoted: How do we get more bank runs and destroy fractional reserve banking I think you know the answer. |
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Posted: 3/11/2023 4:46:02 PM EST
[#20]
Quote HistoryQuoted: This sounds about right.
Checking the tweet he is calling for system wide bank runs unless Uncle Joe makes all the woke fukers whole. 
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Posted: 3/11/2023 4:51:20 PM EST
[#21]
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Posted: 3/11/2023 4:59:18 PM EST
[#22]
Quote HistoryQuoted: The part that scares me is the social media can pump this up and cause a run on every bank. Social Media can panic the Sheeple on the banks just like they spooked the sheeple on Covid. Once the Dominoes gain speed it will become unstoppable all the way to the crash site. I haven’t read all 6 + pages. Has anyone else posted this scene from the 1992 movie Sneakers? Fast forward to the 1 minute and 20 second mark:  Sneakers (5/9) Movie CLIP - Changing the World (1992) HD |
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Posted: 3/11/2023 5:05:37 PM EST
[#23]
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Posted: 3/11/2023 5:08:46 PM EST
[#24]
Quote HistoryQuoted: The old post about someone looking for advice on how to deal with monkeys that was answered by a professional monkey hunter always reminds me that ARFcom has just about every flavor of human available, but I'm surprised to see this many people connected to VC backed startups, no less healthcare oriented, popping up in the SVB threads. If you ever need in-house legal or fractional GC-lite, I'd work for memberships and BFL swag just for the opportunity to work at a startup that has employees posting in GD. Quote HistoryQuoted: Quoted: Yep. The startup world is very interconnected, so even companies that didn't have deposits in SVB aren't safe. This run and collapse happened very fast. I first caught wind of it around 5pm ET Thurs, and called Citi to get an account opened and move some money. Of course, due to KYC, etc this was going to take a week, at least. When I woke up Friday, it was a total shitshow. I pulled about $200k out of our SVB money market to get the operating account to the $250k limit, prepaid our payroll, paid few other things, and initiated a transfer to our other entity (also with SVB but with less than $250k in it account). I contacted our lead VC's CFO to sequester money. He had issues with his Goldman account, and he was dealing with his own shit with exposure to First Republic. By the time I said "screw it" and tee'd up a wire to one of the founder's personal bank accounts, SVB had removed any ability for me to wire funds. This was 11am ET yesterday. I was on the Cooley Zoom last night, but I missed the part about payroll being specially protected through the 15th. We use Cooley and will be in touch with them Monday as I try to unravel this mess and draft a letter to investors about what our next steps are going to be. For us, this will massively hamper our next raise which was going to open in 60 days, and will slow down our progress. People shit talk "those greedy VC's" but don't realize the innovation and technologies that help solve important healthcare problems the world faces. This is a big deal, with massive ripple effects, and it really will set back important developments years. Some lenders are already offering money at pretty high rates for depositors at SVB. Secured by the deposit, of course. Sharks smelling blood. You’d be surprised. I’m a “Senior Staff Software Engineer” at a SF-based healthcare tech company. We didn’t bank at SVB, but we do use Rippling for payroll. I don’t think there will be a disruption there, but it’s possible. I’m much more concerned about how it will impact the vendors that we do business with. Our platform would take a huge hit if we were suddenly unable to schedule Zoom calls, or send emails, or… well, you get the idea. Every startup relies on multiple others to get the job done, so a catastrophic failure in one can cause far-reaching issues that may not seem obvious at first. |
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Posted: 3/11/2023 5:13:19 PM EST
[#25]
Quote HistoryQuoted:
There is always some good with the bad. |
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Posted: 3/11/2023 5:21:13 PM EST
[#26]
Quote HistoryQuoted: I looked at SVB political contributions and they seem to be middle of the road. About equal donations to each party. Hopefully their closing damages or destroys Amalgamated Bank. That's an evil bank. Pretty much the bank of the democrat party. They started the push to track credit card gun purchases. It would be great if they are caught up in this. https://www.opensecrets.org/industries/indus.php?ind=F03 Interesting. Stock is down a bit but looks like it could really tank. Top owner is black rock, followed by adage, one of the largest hedge funds around that was spawned out of Harvard and pays a portion of its returns to that wicked institution after being seed funded by it. Yes, it should collapse. Maybe lighting up the fear on social media will help  Also, the CEO and CFOs recent sales look pretty sus. Lawsuits will no doubt be coming after them like JDAMs. Hope they age 20 years over the next 2. Definitely getting FTX vibes from the SVB fallout. |
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Posted: 3/11/2023 5:23:32 PM EST
[#27]
Quote HistoryQuoted:
If I am not mistaken Enron did this as well. |
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Posted: 3/11/2023 5:24:55 PM EST
[#28]
I get multiple cold outreaches a week from healthcare tech start ups. I wonder if this will slow down that pattern.
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Posted: 3/11/2023 5:38:47 PM EST
[#29]
Quote HistoryQuoted: Standing by with cash. Smart man. |
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Posted: 3/11/2023 5:52:49 PM EST
[#30]
Quote HistoryQuoted: I get multiple cold outreaches a week from healthcare tech start ups. I wonder if this will slow down that pattern. Why would it? If you’re threatened by something like this, adding additional business would be a huge help. Set up accounts elsewhere, dig up as much cash as possible, then hope you can sign enough new deals to make payroll until this all settles out. |
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Posted: 3/11/2023 5:54:21 PM EST
[#31]
Quote HistoryQuoted: I’m supposed to fly to Costa Rica for two weeks. Am going to be able to come home? Lol Bro, you maybe in the right place, you may not want to come home. |
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Posted: 3/11/2023 5:56:20 PM EST
[#32]
Quote HistoryQuoted: This sounds about right.
Ole Bill Ackman sounds a bit panicky. Would love to know how much the Ackman has buried in SVB and the "startups" he seems so concerned about. Oh and F Bill Ackman. #NoBailOuts |
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Posted: 3/11/2023 5:59:50 PM EST
[#33]
Quote HistoryQuoted:
She's smart. And boobs. |
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Posted: 3/11/2023 6:02:27 PM EST
[#34]
Quote HistoryQuoted: Why would it? If you’re threatened by something like this, adding additional business would be a huge help. Set up accounts elsewhere, dig up as much cash as possible, then hope you can sign enough new deals to make payroll until this all settles out. Quote HistoryQuoted: Quoted: I get multiple cold outreaches a week from healthcare tech start ups. I wonder if this will slow down that pattern. Why would it? If you’re threatened by something like this, adding additional business would be a huge help. Set up accounts elsewhere, dig up as much cash as possible, then hope you can sign enough new deals to make payroll until this all settles out. Because if some are having issues making payroll, they might not have anybody show up to work. |
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Posted: 3/11/2023 6:02:56 PM EST
[#35]
Quote HistoryQuoted: She's smart. And boobs. Quote HistoryQuoted: Quoted:
She's smart. And boobs. And former Federal Reserve. She knows how the sausage is made. |
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Posted: 3/11/2023 6:05:11 PM EST
[#36]
Quote HistoryQuoted:
https://www.ar15.com/media/mediaFiles/124501/31F58883-8462-4A1E-A3E3-5A7AF34AF7C5_jpe-2742014.JPG I should walk over and take pics. do it |
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Posted: 3/11/2023 6:09:40 PM EST
[#37]
Quote HistoryQuoted:
of course they mad sure to get paid |
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Posted: 3/11/2023 6:14:34 PM EST
[#38]
If there are enough rich cats with money at svb I fully expect pedo joe and the treasury to make them whole, fdic rules be damned
All in the interest of national economic security :/ |
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Posted: 3/11/2023 6:17:57 PM EST
[#39]
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Posted: 3/11/2023 6:21:52 PM EST
[#40]
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Posted: 3/11/2023 6:34:01 PM EST
[#41]
Quote HistoryQuoted: If there are enough rich cats with money at svb I fully expect pedo joe and the treasury to make them whole, fdic rules be damned All in the interest of national economic security :/ “ To Big to Fail” part two |
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Posted: 3/11/2023 6:35:27 PM EST
[#42]
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Posted: 3/11/2023 6:36:05 PM EST
[#43]
I'm closing on a house on Monday. Should I demand gold dubloons?
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Posted: 3/11/2023 6:39:00 PM EST
[#44]
 History Brief: Black Tuesday (The Stock Market Crash) |
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Posted: 3/11/2023 6:59:01 PM EST
[#45]
Quote HistoryQuoted: https://m.media-amazon.com/images/W/IMAGERENDERING_521856-T2/images/I/71jSFZsqWrL._AC_UL1200_.jpg https://www.amazon.com/dp/B07Z4RGLND/ref=redir_mobile_desktop?_encoding=UTF8&aaxitk=2468ecfa254892b8bbcf54e80ed9a62c&content-id=amzn1.sym.7dd77237-72be-4809-b5b5-d553eab7ad9d%3Aamzn1.sym.7dd77237-72be-4809-b5b5-d553eab7ad9d&hsa_cr_id=4035496630201&pd_rd_plhdr=t&pd_rd_r=6f97d741-d447-4095-9370-1d4bffdea6b6&pd_rd_w=HNA6v&pd_rd_wg=ORV67&qid=1678576882&ref_=sbx_be_s_sparkle_lsi4d_asin_0_img&sr=1-1-9e67e56a-6f64-441f-a281-df67fc737124 I’m sure I’ve walked by that bank several times and didn’t notice it. Perhaps there will be a fire sale on Monday and I can get some sweet chairs and swag! |
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Posted: 3/11/2023 7:05:32 PM EST
[#46]
Quote HistoryQuoted: Harm to climate change tech companies + LGBTQ companies + celebrity Dem donors = guaranteed government bailout. yep and you'll know it when the media starts talking about saving "the little guy" aka depositor . in reality the depositor will be these climate lgbt lefty windbags. THAT is who they will protect |
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Posted: 3/11/2023 7:31:20 PM EST
[#47]
Quote HistoryQuoted: How do we get more bank runs and destroy fractional reserve banking @WhiskersTheCat 
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Posted: 3/11/2023 7:33:39 PM EST
[#48]
Quote HistoryQuoted: All of them. Quote HistoryQuoted: Quoted: For context, the reason this is a big deal is not because lots of individuals have deposits there over the FDIC $250,000 limit. It's because typically when a venture capitalist writes a startup a check for say $30M to fund their operations, they put it all in SVB. There are dozens of VC's who ordered all of their portfolio companies to withdraw all of their money from SVB this morning by 830AM (per industry word of mouth). They are afraid of a lock on accounts that would render those startups and larger tech companies unable to make payroll or pay vendors for an unknown amount of time. If things are working smoothly, the sale will be forced over the weekend and the new owners will honor all deposits after a short interruption in service. This is a canary in the coal mine though, the question is how many other banks are threatened because their bond portfolios are worth radically less now after the Fed raised rates. All of them. How exactly does that work? I dont buy bonds so I'm clueless here. I thought with most treasuries you buy locking in the stated interest rate. The buyer knows how much they are going to make holding the bond over its term and can plan their other investments around that rate. The rate hike effectively locks them into holding their older bonds, because they would take a loss trying to sell them when higher rates are available. I'm just wondering if the story given is BS to cover up smoke in the tech sector they were heavily invested in. It seems more likely to me these investments collapsed with the beating tech has taken the past year resulting in them trying to sell off assets to cover their losses. |
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Posted: 3/11/2023 7:39:29 PM EST
[#49]
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Posted: 3/11/2023 7:48:24 PM EST
[#50]
Quote HistoryQuoted: How exactly does that work? I dont buy bonds so I'm clueless here. I thought with most treasuries you buy locking in the stated interest rate. The buyer knows how much they are going to make holding the bond over its term and can plan their other investments around that rate. The rate hike effectively locks them into holding their older bonds, because they would take a loss trying to sell them when higher rates are available. I'm just wondering if the story given is BS to cover up smoke in the tech sector they were heavily invested in. It seems more likely to me these investments collapsed with the beating tech has taken the past year resulting in them trying to sell off assets to cover their losses. SVB had to mark the MBS to their market value which resulted in a big book loss. Depositors got twitchy and started to withdraw their funds, causing SVB to have to liquidate securities at a loss, and essentially they didn't have the funds to cover all deposits because of their losses. Basically they took short duration money (deposits), invested it in long duration securities at historically low yields, and were somehow surprised when it bit them in the ass. How many other banks have similar exposures, and to what extent, is the unanswered question that I'm sure lots of legitimately smart guys with many letters after their names are trying to figure out this weekend. |
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