just received a check from a client over the weekend
drawn from an SVB account
sigh
so far, it's deposited
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just received a check from a client over the weekend
drawn from an SVB account
sigh
so far, it's deposited
anyone else get a don't panic email from your financial institution?
I would laugh if they actually said “Don’t panic.”Quote:
Originally Posted by 406
Prevailing wisdom seems to be that most average consumers aren’t paying enough attention or drawing the immediate conclusion that your normal local or regional FI is going to meet the same fate, so better not to advertise the possibility.
Besides... who the fuck keeps more than $250K in their checking/savings account? :confused:
Includes CDs. If joint account, covered to $500k...at least that is what my CU told me.
SCHW is probably struggling with new deposits and capital with SF struggle. I’m guessing trading is way down
People who need liquidity for their $1B and don't want to open and manage 4000 bank accounts with different institutions? :confused:Quote:
Originally Posted by skaredshtles
One says I'm preapproved for a personal loan. Heli trip on meQuote:
Originally Posted by 406
Basically $250K per ownership type, so your $250K personal mad money account is separate from the $250K each joint account, plus you can make beneficiary accounts and add another $250K per beneficiary. Plus IRAs.Quote:
Originally Posted by 406
If anybody is looking for more insurance you can add me as a beneficiary, just PM me. I’ll send you my name and address… should be all they need. Happy to help the old, sick, and rich among us.
Eh. Fuck those people.Quote:
Originally Posted by sirbumpsalot
:fmicon:
Sold WAL 30er calls expiring end of week for $6. IV on those off the hook. Will be happy to get assignedQuote:
Originally Posted by LeeLau
Can’t complain about FRC but the bounce back on WAL has been crazy.Quote:
Originally Posted by LeeLau
Yup I took position in WAL just after FRC. Both have equal exposure to uninsured deposits ie immaterialQuote:
Originally Posted by JimmyCarter
Then they're stupidQuote:
Originally Posted by sirbumpsalot
legend
Attachment 451714
Merrill has a service which will place 250k across multiple banks like that. I imagine GS and Morgan do too.
I grabbed WAL and FRC early AM.... sold WAL at 44% profit! I sold FRC as well and good gains on that as well.
I also bought Charles Schwab and will hold that for a while as well as a little of the Regional Bank ETF (IAT).
Blood on the street and was good time to buy cheap bank stocks.
Attachment 451757
Attachment 451758
Attachment 451759
Attachment 451760
Confusion at SVB to say the least.
Thanks. That is a strong message and a good way to come in. The new CEO knew this would be leaked and surely wrote it for optics but it was written with clarityQuote:
Originally Posted by AK47bp
Clarity is a funny word considering everyone was fired via email Saturday with a 45 day notice and now this email with no mention of what anything means or if the prior email is now void.Quote:
Originally Posted by LeeLau
Is it a trap to keep the essentials from jumping ship? Otherwise they have to deal with staffing?
Nobody trusts it from what I hear.
It's definitely odd that the termination email was not mentioned. Hard to believe he wouldn't know about it, but possible maybe. Otherwise, it did seem like a clear and concise email that would make me feel pretty good about continuing as an employee.
Yea. I hope. The wife already has a couple interviews scheduled so who knows. Things should be more clear this week.Quote:
Originally Posted by jackstraw
And this just came now, good news it seems.
Attachment 451767
Chat gpt wrote it.
My bad. Did not know about the prior email. Usually something like this would be scrubbed by legal so it seems like a screwupQuote:
Originally Posted by AK47bp
It's called IntraFi and there are thousands of banks in their network. It's extremely common in the industry.Quote:
Originally Posted by Cono Este
Just got one, but nothing from TD bank where I do the bulk of my transactions.https://uploads.tapatalk-cdn.com/202...6d06804931.jpgQuote:
Originally Posted by 406
Panic over?
Attachment 451799
This is another example of why I tell people to first ask who an advisors custodian or BD is before opening an account. Why ever take the added risk that someone else is taking for themselves. I won’t even use schwab because they issue home loans on margin for dumb people. Never open a margin account unless you are going to use it. It’s like buying a car, at the end they want you to just fucking sign everything. Fuck that, bury your money if you have too.
Citadel has joined the chat. Just took 5% stake in WAL
People are going to make some serious money on this stuff. In this thread too!!!
If the Fed extends TARP to all deposits whatever their sum, then it's just QE by another name. No? Therefore Risk back on!Quote:
Originally Posted by Brock Landers
So it means STRONG BUY Btc and Doge. And WAL and FRC and ZION..
In terms of dumb bets, any thoughts on GBTC?
If BTC keeps going up, and they win their legal battle, there’s a built in 50-100%+gain here
Sent from my iPad using TGR Forums
Holding BTC via Canadian Etfs via tax free savings but the last time I looked at GBTC its book was actually discounted versus its crypto holdings (possible fear of undisclosed liabilities?).Quote:
Originally Posted by JimmyCarter
If that's still the case then it seems to be a decent bet
The only thing that matters is backstopping asset prices no matter the cost. Taming inflation doesn't matter.Quote:
Originally Posted by LeeLau
Aspirant home buyers be damned. Low wage earners can go hungry. The boomer capital class will get their retirement and will live out their lives without another 2008 collapse. Kick. the. fucking. can!
Fair question. I get the “up to 250k” or some sort of number like that. Backstopping runs on banks and shit like that is necessary. The 99%ers need to have confidence in their deposits or the system doesn’t work.Quote:
Originally Posted by LeeLau
The 97% of deposits at SIVB over 250k?? THAT is exactly what they’re trying to avoid with the sifi oversight. If the regulators have to backstop those deposits for fear it’ll trickle into an actual crisi of confidence of the financial system then almost by definition sivb is systemically important. And it shouldn’t be.
Call it QE call it whatever. Guy on our desk has $ that actual QE returns by Dec 2023.
I don’t know if it extends to the defi system though.
If we keep bailing out these bad banks, the ones making stupid bets, what’s to ever stop them from doing it again? I’m sure these guys all got stupid rich along the way. And I’ll remind everyone, in the last crisis, no one went to jail, not for even one day.
95% of these accts are insured. The rest knew the risk.
Outside of mobs in the streets calling for their heads this will never change. All Fed members come from the elite class. They act purely through self-preservation and the cycle continues in perpetuity until they destroy everything.Quote:
Originally Posted by Kevo
They didn’t bail out the bank. The bank failed. Poof. Done. They guaranteed the deposits.Quote:
Originally Posted by Cono Este
Sivb was a weird animal because it had such a high % of its depositors over 250k. And they were all running in the same growth-company liquidity constrained circles. Concentration risk.