Silicon Valley Bank customers left in the cold and the dark
ฝัง
- เผยแพร่เมื่อ 9 มี.ค. 2023
- Customers of Silicon Valley Bank with deposits greater than the FDIC-guaranteed $250,000 wondered if they would be made whole after SVB was closed by regulators. Da Lin reports. (3-10-23)
![[TH] 2024 PMSL SEA W3D1 | Summer | เริ่มต้น สัปดาห์ตัดสิน](http://i.ytimg.com/vi/pWsl9LhC2Uk/mqdefault.jpg)
This is scary. Rich people pay politicians to make sure they get access to taxpayer funds first when banks shutter or they're in jeopardy of losing all their money. I feel bad for the lowest paid workers that may be affected, but not CEO's. A lot of them have created this abusive corporate pay structure where they are paid 300 to 400 percent the salary of entry level workers. Most add very little value. They posture and perform with speeches, meetings, and excessive travel to provide the appearance of working hard. It's a con.,#
Very big con and that is why i have always maintained that people should never have their money in the bank! Get a financial advisor and even make so much more while saving!
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
"SOFIA ERAILDA SEMA".
That's my licensed Financial advisor you can easily look her up, Thank me later!
haha, You know Sofia Erailda Sema? crazy! I appreciate every single second of the six month I worked with her. She is such an amazing woman, patient and down to earth teacher my next monetary goal is leverage trading and I'll be starting with Isabel’s strategy! i have heard many positive reviews from my Co-workers since the recent dumps.
First SVB, then signature bank and now first republic bank, these are all the signs of yet another 2008 market crash 2.0 , so my question is do I still save in the United States dollar or is this a good time to buy gold?
It’s always a good option to keep some gold. Well with the current market situation and everything at stake with the present economy, I’d say you’re better off staying away from stocks fr awhile or better still reach out to an adviser for guidance.
true, a lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
Margaret Johnson Arndt is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start the year on a woodnote financially..
He is tasked with a responsibility that demands his full attention. Therefore, it is impossible for him to appear on camera with tears streaming down his face while shouting "IT'S OVER AHHH and recklessly running into oncoming traffic.
Indeed, the recent market downturn serves as evidence that a vast majority of individuals lacked a sufficient understanding of the underlying financial dynamics at play.
Need contagion and capitulation first. Being right and too early is the same thing as being wrong. Wait until we see job losses mount, mortgage defaults/evictions rise and car prices come back down to earth. Once some of that excess is trimmed off and people are really fearful in a general sense, that will be the time to buy.
@Mark Lofgren I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your adviser?
I conducted thorough research on her accreditation and it appears that she is highly proficient in her field. I proceeded to write her a detailed email outlining my financial market goals and have scheduled a call with her to discuss further.
Newsom had accounts at that bank from his 3 wineries. Is that why he pushed for a bailout 🤔
If a CEO tells you not to panic…PANIC
Take your money out!
Agreed, CEOs are some of the most untrustworthy people out there, the moment one of those grifters says to do something you should do the opposite.
Also why would the news say the day they will be back to pull hundreds of thousands out?? Im sure robbers will target them on monday now lmao
I’ve said since the beginning of the pandemic that the banks will freeze. Get your money out and be your own bank.
Why , ? It's fdic insured . Same deal in savings and loan crooks, wall street bankers 2007, crypto scams, now it's venture capitalists borrowing for crappy ideas. The people get hoodwinked by republican gas, oil, banking , war profiteers.
@@larrywheels762 and if you have over $250k, you lose all of what you have over that amount.
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
In this moment, when you can use a capable portfolio advisor to passively learn about and experience a fully varied market, it has never been easier to understand how to increase your money. The implications of a rising or declining dollar on assets, in my opinion, are difficult.
@@tateoften If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.
@@yvonnejoordan Where may one locate an experienced FA? I like the notion of employing their services, but it's terrible that recent stock market tragedies have started to happen more frequently.
@@jenniferpowell23 I encountered Yvonne Annette Lively through a CNBC interview, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested. You can hunt her up online if you require care supervision.
@@yvonnejoordan Insightful... I was curious after reading what you shared, so I Googled her name. I came across her webpage.
Isn't it convenient that every time something like this happens it's announced late in the afternoon on Friday? Anybody else find that suspicious?
It's SOP.
I think it's planned that way
Exactly
I heard them talk about it early today on Neil Cavuto. There goes your conspiracy theory pattern.
@@JK-br1mu when did coverage explode? Afternoon
History repeats, the big players already took their money out
Exactly
CEO cashed out over $5 million in stock just last week.
Not only that!! The big shit heads took all their stock tuesday! Get my drift!!
normal right ? but it is too late now !!!
@@jacknguyen5677 how is that not considered insider trading?
In the last weeks, several of the "top dogs" at SVC sold their stock in the company. Those folks must have some tremendous psychic abilities (sarcasm!)
Of course. lol
Insider trading always happens…
Most executives have to sell on a schedule. They are selling all the time.
“97% of depositors had over 250k in each account” ? It would take GREAT effort to make that bank fail . That would be some of the greatest metrics of any bank . Remember (not long ago) depository banks cant be combined investment banks ? When it was allowed, the great-looting started at wells/wachovia , magically plummeted to $1 a share
@@scalelabs....and it's illegal.
So we (citizens) can go bankrupt and have our entire family living and dying on the street. But banks and companies get comprehensive assistance from the government! Ohh ok
Another form of Corporate welfare.
Can you not grasp the amount of lives that this can affect?
You lack the most basic intelligence.
Glenn Beck ontonights show. His guest Carol said the Fed and the Government are in a chicken game on who can destroy America faster. Yes, we are the ones holding the bag. But we have been screaming this for the last 30 years. But I guess this is your epiphany.
Correct
Notice how "experts" are always there to explain what happened, yet never able to actually predict it beforehand?
Lol they've always been full of it.
Top comment.
Just like the doctors that said Safe and Effective. Lol. Mindless herd followers.
Hindsight is always 20/20? Have you literally not heard of this phrase? Also no one such as you listen to experts, so what’s the point? Do you listen to what your doctor or dentist tells you to do?
@@jetli80 What is YOUR point. His sentence makes complete sense. Yours make ZERO.
There's always people who are shouting what's about to happen. But society considers them to be crazy when in reality they are just observant
Strange how the CEO and CFO were able to sell their stocks in SVB 2 weeks before the collapse as well as able to get all their money out in time.
why be moral in an unmoral world, thats what my jewish uncle tells me.
This is why you never keep more than 250k in any single bank.
These are tech start up business accounts worth millions
@J Money that's not how it works, the payroll alone for these companies far exceeds 250k a week.
It’s $250,000 per depositor, per insured bank, for each account ownership category.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met.
As an individual customer that's what I do, but these are mostly companies dealing with large sums of money.
Small businesses and startups are in trouble, but not your average individuals who have less than $250K
Imagine people's helplessness when the financial system goes all digital and paper money is completely eliminated.
AND THEY FREEZE YOU FROM BUYING GASOLINE
That's when people will hopefully learn that trading goods and services is just as good. Money is just an idea.
Most money now is already digital .. they are just numbers jumping ard digitally ..
@@dustinmetz8283 What a fucking moron. Only an absolutely uneducated low iq dipshit will claim that bartering is just as good as currency based transactions. TH-cam comments really have the highest concentrations of morons on the internet.
No way they can eliminate paper money, not all of us are rich.
There is going to be massive lay offs in the tech industry this month.
Bad times ahead
Lay offs with no severance packages this time.
Tuxedo park
It’s been happening
They already had massive layoffs. Remember when Biden wanted to train miners how to code. Haha.
Good. Bloodletting is healthy.
Jerome Powell said that he needed 2 million people to lose their jobs. Looks like he might get his wish.
Keep voting democrat
*Greg Becker, the CEO of SVB, sold 12,451 shares at average share price of $287.42 on 2/27/23, clearing $3,578,666.42. There were two others, the CFO and CMO, who also sold shares but his was the largest*
*He was removed from the board of directors at the Federal Reserve Bank of San Francisco yesterday (Friday, 3/10)...*
So he's in a bunker with the rest of the CEO'S that "resigned" in the last couple years.
Hopefully they are investigated and prosecuted if it was done illegally.
3 millions isnt even that much to be honest...
@Karl with a K *Why not? What's bothering you?*
@@amandaburleson2035 if it ain't that much can you give me 3 mill? Thanks
A lot of startups are screwed....
EB5 holders too
And the world may never get to see the wonderful things those startups had to offer us.
just turned some good start ups into back downs
And it starts... The Banking crisis has begun.
Sadly, I think you're right.
Keep dreaming
@John Goldsworthy why would this be a dream?
janet yellen leaked there are others
But but but we’re going to get a “soft landing”.
Now thats what I call "BUILD BACK BETTER" let the good times roll......
Just like investing in the stock market. Never leave all the eggs in one basket.
True, the bank made a very risky move and put all the eggs on one basket, and at the same time this startup companies put all their eggs on one basket
Hard to do for businesses. $250k is nothing for most businesses.
@@MrSupernova111 what are you talking about ? If businesses have more than 250k then how can they get it back ?
@@shaochiavang . In a case like this they may or may not get it back. That's the problem. However, the point is that not all businesses can operate with bank accounts below the $250k threshold. That's why runs on the bank are so dangerous for the economy.
Never trust any bank!
One reason Russia invaded Ukraine is because Russia doesn't trust The central bank JFk warned us as well
Just a more formal Bernie
Madoff
AGREE RONBO
Canadian Banks are generally safer than American.
Not even the river bank that I'm standing on right now? (falls off) WHOA!!!
When you take everything from a man, just remember - he has nothing left to lose.
Great post. Well said !!!!
That sounds like a threat. Is that a threat
Dope bro! Using this forever ❤
@@Scott-got-caught Nice authoritism Mentality. The man loses everything and yet somehow he is still a threat.
Maybe said man should get therapy or be mentally stronger like a woman?
SVB crashing hasn't made anything better. I feel sad that even though I am investing, I don't have the brain power to dig through how each company is doing, is this a good time to buy stocks or not, my reserve of $450K is laying waste to inflation and I don't know what to do at this point tbh, I need solid data on market trajectory
I'll suggest you find a mentor or someone with experience to guide you especially in this recession
I agree, that's the more reason I prefer my day to day invt decisions being guided by a init-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a init-coach for over 2years+ and I've netted over 2.8million.
@@selenajack2036 I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
@@lucianoboccedi credits to Eleanor Annette Eckhaus, one of the best portfolio manager;s out there. she;s well known, you should look her up.
I looked her up online and found her website, which I browsed and went through to learn more about her credentials, academic background, and career. She owes me a fiduciary duty to act in my best interests. I set up an appointment to use her services.
Somewhere there's a laid off Keystone Pipeline worker cracking open a cold beer having a good chuckle.
That laid off pipeline worker is getting more overtime than he wants right now welding other things. But after his shift he definitely cracked a cold one and had a good laugh.
Hell with all these libtards
The people in charge sold their interests before the public knew
The bank took too long, a day, instead of an hour, allowing for this to happen.
As an FDIC alum, make other arrangements if you rely on deposits over $250k from this bank. The FDIC cannot make you whole anytime soon.. the banks in receivership.
CORRECT
Question: is there any chance the company would resume operations after meeting the bank run amounts thru a temporary bailout or liquidation of partial assets?
all the money, physical and digital will be worthless...the only other arrangements are owning a farm and guns. WELCOME TO CBDC
Start up Tech companies had their money in there some had payroll. This particular bank was a way for start ups to have access to cash. This wasn’t a typical bank it was specialized for the tech sector
The Wall Street economist said 90% of the bank's deposits are over $250k and those folks will probably get 12 cents back on the dollar. is that correct?
There is actually a video of the FDIC having a meeting about this a few months back and they mentioned that it would happen on a Friday... look it up on YT
thanks for the link
The FDIC legally has 99 years to pay you back. So horrible for these poor folk.
Wow really ?.. I didn’t know..
This won’t be the last.
Take your cash out while you still can.
If you have less than $250k in the bank you got nothing to worry about
And prepare for things to get rough
@@noname-mm9of THATS NOT TRUE EITHER
CERTAINLY ANYTHING LEFT OVER AFTER PAYING BILLS FOR MOST OF US, EVEN IFITS $20 LIKE I DID LAST WEEK. BEEN DOING THAT FOR A YEAR. LEAVE WHAT YOU CAN AFFORD TO LOSE. I HAVE 3 ACCOUNTS IN DIFFERENT BANKS
If it's not in your hand, you don't own it.
This is unbelievable. The beginning of the end.
Will the ceo of svb and top sellers of stocks over 3 million have their money taken to give back to customers?
Half the venture capital activity in one bank? That in itself is the scariest thing I’ve heard in years.
Something tells me most news reports next week will have The Tanking Tech Sector as the lead off story.
It’s truly unbelievable.
What a bunch of bull crap that inflation and rise in interest rates caused the SIVB downfall. SIVB made an "unlucky" decision in investing in long treasuries in 2021 and had all of 2022 to raise capital for its underwater treasury holdings. Yet they did nothing like a deer in headlights. Plus SIVB sources of deposits is not anywhere near as diversified as other money center banks. Pundits on SeekingAlpha were questioning SIVB as early as Oct - Dec 2022. Unfortunate.
I suppose that's why Scrooge McDuck keeps all his money in his basement vault. He knows it won't disappear overnight due to unscrupulous bank managers lending out more money than they have in terms of assets. That must be a nightmare for all those wealthy people who have more than $250K in that bank.
"D-d-d danger lurks behind you
There's a stranger out to find you
What to do, just grab on to some...
DuckTales! Woo-oo!
Everyday they're out there making
DuckTales! Woo-oo!
Tales of derring-do, bad & good
DuckTales! Woo-oo!
Not pony tales or cotton tales,
No
Duck Tales Woooo Ooooh 🤣🩶
"If you see a line in front of a bank, get in it!" ~ El Erian
I can't comprehend running a business off of loans like that. Seems like a disaster waiting to happen. In my world you actually have to turn a profit or you go under.
A lot of American corporations actually borrow money each week to cover their payroll. I'm no CFO but I don't understand that
Most businesses run on credit lines of some sort. It's better for tax purposes because u don't pay taxes on debt.
High level businesses are almost always run on loans. That's why they're so volatile. One link in the chain breaks everything gets affected.
@@eleanor1105 Many corporations actually borrow money to make their weekly payroll. I've never understood that logic
Most companies have red balance sheets when interest rates go higher. US economy is based on cheap debt.
Jim Cramer gave SVB a thumbs up. People should have known that was the kiss of death. The same guy who said Bear Stearns was a good investment days before it collapsed.
wow 97% of customers were above $250k level, damnn that really sucks!
Thats why they made that rule. If everyone only had $50,000. The rule would be anything above $49,000 you cant not withdrawal. lol
it's a bank for start up companies
Ouch!
They're sacrificing the small specialty so when the crash really starts they could rescue the big big guys like Chase like Wells Fargo Bank of America
I dont mind them bailing out the banks, that will in the long run help the American citizens who are account holders on those banks, rather than send to fucking ukraine
@@l_a_u_y8916 yeah you say that but I don't think they are going to be able to help with the Monopoly money they are printing they waiting so when the shit hit them then they are bring out digital money and and I bet you they're going to try to microchip everyone
Those banks are too big to fail. Just BOA has 3 trillion dollars in assets and Chase which is the largest bank in the world has over that amount. If either of those two fail it would crash the US economy.
Like when chase bought Washington mutual banks 🏦
And guess who's going to be on the hook for this round of bailouts 🙄
You mean when Allen Greenspan said there is nothing stopping America to print as much money as it wants. You mean that right, your telling me we can't print no more money? Muhahaha. Chickens come home to roost. And Yes OUR leaders led us here.
This hits close to home. Many of my past paychecks in the day and some stock option payouts were drawn on SVB.
we truly couldn't care any less, no one came here hoping to find out if it hits close to home for you... this is not about you
Hoagers Nobody is forcing you to read my posts.
How does this even happen. SVB didn't know 3-6, a year ago that they were in trouble??? Insane!!
I wouldn't trust any bank at the moment.
But the teller was wearing a Patagonia vest? How could they not know what they were doing?
Naw, your thinking Northface. Patagonia people are either high or thinking about the epic amount of craft brew they can fit in the Subaru outback.
OMG no you didn't. I'm sitting on the toilet freaking laughing!!
As a professional yuppie a-hole, I approve this message. They/them should have been able to straighten out this situation based on the wisdom from their trust fund accounts
The heat was turned off. Cold bank.
he's not a teller.
Do not dispair! No panic, please! Help is on the way to Ukraine!
We should find which companies will come in and “rebuild” Ukraine and invest in them! Might as well profit like our government does.
America's black hole of a money pit.
@@TheCrusher72 Found the Biden voter.
@@eatersofdead
Innocent people being murdered and raped, because of a Russian oligarch and you’re worried about the money? FU2
Can't give money to the Ukraine if it doesn't exist anymore... Do it now, Vladimir.
Good reporting
Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank
Will this be the fuse, for the next depression?
ONE OF THEM. THERE IS LOTS GOING ON, ITS ALL FOR 1 GOAL
Everyone is probably aware by now of the large number of Walmart stores ( super centers & others ) permanently closing. Also, now others stores have joined permanently closing too.
good, amzon prime is better...
@@amandaburleson2035 Look it up on TH-cam ... " This SECRET Chinese company is taking over Amazon ". ...
@@smesui1799 good thing im teaching my kids mandarin, china number one! (:
The strange thing is I never even heard of this bank before and I am from CA.
Imagine getting $12 .50 to tell someone they can't get $500.000
Lol
Not sure if the comma goes there....a period maybe?
@Professor Hawk you know what I mean make nothing to tell someone that has everything they are done,not gonna be perfect but yup your right😄,don't want anyone getting offended😄
Up to 250000 is insured. This collapse mostly impacts companies and above middle income to mostly rich peopl.
@@satishkota7864 I know
This is unfortunate. I hope this problem will be resolved very soon.
It won't be. There thief's.
UH, I GUESS YOU DONT KNOW HOW THIS WORKS. THE PART PUTTING MORE THAN $250K IN 1 ACCOUNT ISNT UNFORTUNATE, ITS STUPIDITY & NOT READING.
@lovly 2cu Do you mean one account or one bank? What should have been/ should be done? I am thinking about the employees and workers whose financial stabilities are at stake. The banking sector has taken many measures after 2008 to avoid these types of collapses. I am just keeping faith on that collective wisdom and hoping for the earliest recovery.
@@lovly2cu725hese are start up tech business accounts worth millions. Not your average Bank customer, it’s a specialized bank. Some of these payrolls kept there alone are worth millions.
And we better not bail out people/companies that had more than the $250k
Its not the "people" or "companies" fault. The bank is the one that mismanaged the funds they were entrusted with.
THEY WONT. SHOULD BE COMMON KNOWLEDGE
@@brandon-alcocer YOU SHOULD NEVER PUT MORE THAN $250K IN ONE ACCOUNT. THAT IS A PERSONS FAULT. IT ISNT COVERED UNDER FDIC. THERE ARE SIGNS ALL OVER FOR DECADES. READ THEM. YOU MISSED THE POINT OF THAT PERSON'S COMMENT
Don't worry, we just passed a recent law for bail ins, LOL.
@@lovly2cu725 The FDIC has only barely $100 billion fund, if more banks goes belly up that $250 k of yours is kaput, just kidding you may still able to get it after 10 to 14 yrs.
They now know exactly how people felt in the 1929 Depression.
What a nightmare!
Tech company workers will start having anxiety attacks now each time they receive a new email
Not as though most of them don't earn more than enough to save some for a 'rainy day.' They are not living on Social Security or Disability, so not easy to feel sorry for them.
@@sjordan7085 Easy come Easy go mentality is why
@@750tripple7 LOL easier go than come, in my neck of the woods!
I'm amazed at how anybody could put more than $250k in a bank account after 2008.
These are mostly businesses, not individual customers. A company may have a payroll of $250K a week go through the bank.
Good point. Are there any similar safeguards in place for these businesses or are their accounts only insured up to $250k too?
@@JM-ro9oq only 250k! Keep up!
The cheap money gravy train that kept money losing CV "startups" going for years without a clear path to profitability has derailed like a Norfolk Southern freight train.
Great Observation !
EB5
Better than Alameda Research! Their corporate logo was an eject button! 🤣
This has to be the most sound analysis of the current economic climate out there.
And tax payers will bail them out.Just like in 2008.
When (and not if) this spreads to other banks and institutions, how solvent can the FDIC remain?
WHO ARE U FOOLING? YOUR NOT GETTING YOUR MONEY BACK!!! FACTS, PERIOD!!!!
It's time to face the cruel joke of being told we drive technological progress while we fail to make ends meet. We're treated like disposable objects, working long hours for nothing, and denied the fruits of our labor, like cattle. It’s indentured servitude - slavery with extra steps.
But what can we do? The path to liberation is difficult and dangerous, and we must be prepared to fight tooth and nail against these people who are killing us slowly. We owe it to ourselves and each other to try.
Crash the servers, liberate the food, take the streets. I don’t care what’s in my wallet, me and the people I care about are eating.
"slavery with extra steps" - perfectly said!!!
The people must hold the financial elite and the representatives accountable. The FED is going to war with america.
*IT IS HAPPENING. This is a part of it. The entire banking business has been a debt slavery system for over a hundred years. It's being taken down with a wrecking ball. There's more to this than meets the eye. There's BAD money at SVB; it's assets are being seized...*
*Hang in there; it's going to get scary, but the end result is going to be brilliant and benefit EVERYONE*
All deposits over $250k are converted to liabilities and are put in with the rest and wait for sale of assets and disruption of proceeds.
From what I understand is they had 173 billion and 150 of that is not covered. I guarentee they dont have 150 billion in PHYSICAL assets. That money just dissapeared. The 20 to 30 Billion in assets they might recover. Good luck selling in a economy that is on a down swing. That is even going to take a bigger loss. But I am saddend because this is going to teach a hard lesson to those that thought the show would go on forever.
These don’t usually turn out good. In 2008 most people got penny’s on that dollar. Hardly anybody saw their full money returned if they lost millions. They all might get a dime for every dollar if lucky
@@eatersofdeadare you talking about liquid assets or all assets? I’m assuming a fair number of assets were in instruments with long maturity dates (which doesn’t help people now, if course).
Nope that money is gone .. Read the small print it can take up to 99 years to get ur money back...
Excellent reporting. Most of the finance news outlets were downplaying the size and impact of this bank failure. That's the first time I heard that it was the 16th largest bank in the US.
Lots of people watching Margin Call and Big Short clips tonight.
Yep..instead of a year ago when it would have helped.
Whenever I hear "margin call", I think of the movie Trading Places.
Trust banks they say. Give them ur money they say. Lmaoo.
No Cash flow is critical that can bankrupt any business and people.
Everytime I see the fdic warnings in nice frames at the bank I always look at them as a warning and not an insurance. Do we have to insure our own money in financial institutions?
YOU CANNOT. MOST BANKS HAVE BAIL IN/BAIL OUT IN THEIR TERMS & CONDITIONS. READ IT. IF THEY CRASH, THEY CAN TAKE YOURS & WITH FDIC YOU WILL GET PENNIES ON THE DOLLAR IN WORTHLESS STOCK-NOT CASH
The correct answer is not to have more than 200k in any one bank.
This bank specifically had tech start up business accounts. Payroll alone for a single company would be way more than fdic limit
Let me know again why I shouldn't just withdraw all my money before this happens to me?
*It's a good idea to have cash on hand for essentials for about two weeks while the banks -- ALL of them -- switch over from the SWIFT system to the quantum. It's called QuantumNet. Everyone's accounts have already been transferred into this new system. Your money will still be there*
Any deposit one makes into any bank in the US is considered a loan to the bank. You are the creditor. That's why it is wise to do due diligence on whatever bank you intend to use if your deposits exceed $250K (which is the insurance limit of the FDIC)
This report missed the fact, big bosses sold off stock before closing. Why not report that?
There are thousands of US startups that banked at SVB, often as their *sole bank*. $250K per account is not going to last long.
The #1 pressing issue for these startups is *payroll* - you can't have people work if you can't pay them.
This means mass furlough.
It might mean thousands of startups die before the FDIC gets through its receivership process and releases the funds.
One report said more than 80% of the money isn’t insured because it far exceeds the fdic limit 😬 lots of bankruptcies coming
Most of these startups were doomed to fail from the beginning and that is what killed this bank. High risk investments with absolutely no collateral.
it means massive layoff coming again in that region except they can borrow funds fast enough to stay afloat.
If they have positive cash flow , they'll be OK. If your in business and you have to borrow to stay afloat, you don't deserve to get loans . Your constantly being bailed out by the depositors. All these businesses propped up by credit, calling themselves venture startups , it's all hot air.
@@dsmreloader7552 I need 3 million for 2 fishing boats. I like crab. I've never fished in my life. No collateral. They gave me 4 million. I went back for another 2 million to buy another boat. I used the other 2 boats as collateral. They gave me 3 million. I never caught 1 crab.
*Remember what happened with the banks in Cyprus in 2013. And more importantly, to their customers accounts. When they wound up having 60% of the money in their accounts confiscated without recourse.*
Most of the accounts were Russians hiding illicit cash.
Here we go. This should be on the news everywhere
It's never been hidden that FDIC does NOT have the money! SO dis-indigenous of Mr. Khanna per "I'm working toward," as IF you have ANYTHING to say/do here. 97% of accounts over 250K is pure foolishness.
A year ago Jammie Diamon said don't buy long dated treasuries. SLB couldn't figure this out to sell early ???
Putting money in a bank these days is like gambling.
Shut up
Another reminder that Rohit Khanna is a multimillionaire representing rich constituents
Please. Explain
How come Hindenburg was not shorting this stock?
Scary folks! Brave your self😮
This is why we need the Glass and Steagall Act back. Separate investment banking from personal finance. Get these banks to do the right thing. This is what happened when you have a central bank dominated and dictators economy. We go as the FEDs say,the economy goes.
They did do the right thing. I don't think there was any malice here.
To the people who banked at SVB: your money is gone and isn't coming back.
Unless it’s less than 250k lol. I would never keep that much at one bank.
@@TheCreoleSon89 it's not a lot but true don't keep more than that in a bank period. You should be diversified. Don't need that much in cash. Consider highly liquid investments
@@Scott-got-caught for sure. That’s why I left single stocks alone and went to ETFs and mutual funds only.
Why put your money in weird unknown banks!!??
The crooks are going to be waiting for these people Monday
Just the beginning, it is going to be worse than 2008, more on the scale of another 1929 crash which had lots and lots of panic banking withdraws.
nah, u wish bro
You know that for a fact? You don't know come here from sic'em, so quit with the BS....
you going to withdraw and put it under your bed? 😂
I bet the Big bosses will get Big bonuses...
It seems they don't have a large stable retail deposit base...
Why do people keep more than 250,000$ in a single bank account?
I'm sorry, but the inflation and the interest rates to be blamed, but not SVB's lack of risk management? SVB management didn't need to tie up their capital in bonds for 4 years, but they did. So it's more because of SVB's risk management than inflation and interest rates. Those are things none of us can control, but our money risk management we can and SVB management did a terrible job of it.
Can't imagine a more deserving group of people for this to happen to
I DONT SYMPATHIZE. DEPOSITORS DID IT TO THEMSELVES & THEY CANT READ THE FDIC SIGN APPARENTLY
For 20 years they snubbed their nose at American citizens. Having massages, playing ping pong and eating at the amazing buffet while at work. They rubbed it in our face.
❤😂
In experience, no one will be paid on Monday, it is not easy like switch of the button, Shareholder will put a break
OMG this was crazy!!!
Bank had over $200 billion in assets so WTF?
These bastards robbed the people...
lol keep standing with Ukraine. As long as they continue to screw us here at home, right?
I was telling people to get cash from your accounts two years ago, because the banks can shut down anytime they want. Banking people said, ‘oh, that will never happen’.
Okay.
You do not have the insight you think you do
@@eckankar7756
Didn’t say I did. But I can recognize reality.
Stay tuned for this coming Monday.
THIS IS A BIG PROBLEM.
No bank can endure Multi BILLIONS withdrawals overnight without additional deposits. It’s panic withdrawal that contributed to this rapid deterioration.
That and printing endless amounts of worthless money backed by nothing....
Think of Building & Loan George Bailey owned on a micro scale to what this cluster is.
@@Littleangel_-jp4xb majority of those money went to bank balance sheets, never made it to public. We are having a money supply issue as in decreasing money in use
" It’s panic withdrawal that contributed to this rapid deterioration". It doesn't help when SVB's CEO sold his stock in the bank two weeks before the collapse. He knew it was time to cash out.
2020 I watch contagion.
2023 march, I watch unstoppable.
Now, probably the margin call again.
This is why I never put more than 250K in a single bank.
How about Bank of America and Wells Fargo? I been reading news about them