Post ATZbchp43ecCVRRvo8 by blurrybitsphoto@mastodon.online
(DIR) More posts by blurrybitsphoto@mastodon.online
(DIR) Post #ATZb9BSRJLABjKn1TU by stux@mstdn.social
2023-03-13T12:44:38Z
0 likes, 1 repeats
So I wonder.. Since the US tax payers are gonna 'bail out' the losses of Silicon Valley Bank does that mean that also pay for the bonuses and stock selling of the CEO?
(DIR) Post #ATZbOgMegOXtvgTTNY by qurlyjoe@mstdn.social
2023-03-13T12:47:33Z
0 likes, 0 repeats
@stux What a great country, right?
(DIR) Post #ATZbQbXlZr8pYbaWie by markrsmith@smithtodon.org
2023-03-13T12:47:43Z
1 likes, 2 repeats
@stux the taxpayers aren’t bailing out SVB. The banking insurance fund is, and all banks will pay a tiny bit to cover.The CEO won’t get any bailout and will probably be charged for insider trading for selling his stock right before the fall.
(DIR) Post #ATZbRBu0OeJyK0GnNg by stux@mstdn.social
2023-03-13T12:47:59Z
0 likes, 0 repeats
@qurlyjoe it's terrible :sad_cat:
(DIR) Post #ATZbVojdxVYxuyd4Zk by stux@mstdn.social
2023-03-13T12:48:48Z
0 likes, 0 repeats
@markrsmith Isn't the state gonna cover it? Since the insurance was only to 250K or something? 😮 Charging the guy would be the least indeed owha
(DIR) Post #ATZbbXRr8zGm2c2NdY by charles222a203@mindly.social
2023-03-13T12:49:52Z
0 likes, 0 repeats
@stux No, they've already said nope to a bailout of the company itself-the only people getting their money back are investors.
(DIR) Post #ATZbcGlaeSnEaqcH8y by fyw321@nofan.xyz
2023-03-13T12:50:00Z
0 likes, 0 repeats
@stux I think so, sure. Though I'm not from America, but I bet we do such thing more times and more often than any other county in the world, so I have a say in this :wpxm:
(DIR) Post #ATZbchp43ecCVRRvo8 by blurrybitsphoto@mastodon.online
2023-03-13T12:50:05Z
0 likes, 0 repeats
@stux Nah, we will all make ourselves feel a bit better by giving Peter Theil a public drubbing.But no, we need to protect the delicate sensibilities of the ‘rich’ wing of Neoconfederacy. Cuz god forbid, they might take all that trickle-down economics to Russia instead..
(DIR) Post #ATZbg7Y2rqy5A37KiG by qurlyjoe@mstdn.social
2023-03-13T12:50:43Z
0 likes, 0 repeats
@stux It’s how we roll. 🤣Our oligarchs are cleverer than Putin’s. His start wars, ours just rob the piggy bank.
(DIR) Post #ATZblMMxBsCmZlQZ2u by markrsmith@smithtodon.org
2023-03-13T12:51:39Z
1 likes, 1 repeats
@stux they made an exception for this case, removing the $250K limit.The FDIC is a bank industry insurance plan mandated by law. Banks pay in a tiny bit annually to cover each other. No taxpayer money.The Federal Reserve is planning to make extra loans to other banks if needed. The Fed actually made a little money on that in 2008.
(DIR) Post #ATZbrb7PGYiY3c872e by stux@mstdn.social
2023-03-13T12:52:45Z
0 likes, 0 repeats
@markrsmith Ahh got it! :blobcathighfive: And this would all be enough for that? I have no clue about how much we're talking per year for example
(DIR) Post #ATZbwD0uJZSGkHHxcO by tomasveneny@mstdn.social
2023-03-13T12:53:37Z
0 likes, 0 repeats
@stux US gov doesn't want to bait it outHSBC is buying UK branch"Treasury Secretary Janet Yellen said early Sunday there will be no federal bailout for the stricken bank, and she held true to those words by the end of the day.A joint statement ... said depositors will have access to all of their money today from Silicon Valley Bank. The same goes for Signature Bank .. Any losses to the Deposit Insurance Fund...Shareholders in these banks will not be protected"https://finance.yahoo.com/news/silicon-valley-bank-collapse--everything-you-need-to-know-right-now-morning-brief-093042703.html
(DIR) Post #ATZc5eQfkmf4NaqIUq by waynedixon@mastodon.social
2023-03-13T12:55:17Z
0 likes, 0 repeats
@stux According to the Federal Reserve, U.S. Taxpayers are NOT bailing out SVB. Instead, they are going to sell the bank to another, as well as trying to recoup the bonuses just paid out."No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer”. According to the FDIC.At least, that's according what I have read.
(DIR) Post #ATZc68xgEctF4eW56u by stux@mstdn.social
2023-03-13T12:55:20Z
0 likes, 0 repeats
@tomasveneny Just heard from someone indeed! That's a much better option
(DIR) Post #ATZd5OqvlaCE1YZJsu by kirkman@mstdn.social
2023-03-13T13:04:36Z
0 likes, 0 repeats
@markrsmith @stux More people need to see this rather than having the knee jerk reaction they’re currently having.
(DIR) Post #ATZd5PM7tb9LaJAEVc by stux@mstdn.social
2023-03-13T13:06:26Z
0 likes, 0 repeats
@kirkman @markrsmith Boosted it, maybe it helps! :blobcathighfive: It's all soo vague on this side of the pond
(DIR) Post #ATZd9B96fbm2fgs8hc by ematts@mastodon.online
2023-03-13T13:07:08Z
0 likes, 0 repeats
@stux so corrupt
(DIR) Post #ATZdEDo0D1s6MsPClM by raiderrobert@mastodon.social
2023-03-13T13:08:01Z
0 likes, 0 repeats
@stux @kirkman @markrsmith it's because the Fed and FDIC and everything else in US banking is poorly understood even by the most well-informed American.
(DIR) Post #ATZdEQ3KfrGSLtfcK8 by raiderrobert@mastodon.social
2023-03-13T13:07:17Z
0 likes, 0 repeats
@charles222a203 @stux not investors--depositors, depositors aren't going to lose any money. Investors in SVB are going to lose 100%.
(DIR) Post #ATZdEQX6t95FqFbOjo by stux@mstdn.social
2023-03-13T13:08:01Z
0 likes, 0 repeats
@raiderrobert @charles222a203 Makes sense i guess 🤔 If you invest you take a risk right but with deposits you dont really
(DIR) Post #ATZdHJ1PGv5BPl96fo by stux@mstdn.social
2023-03-13T13:08:35Z
0 likes, 0 repeats
@raiderrobert @kirkman @markrsmith :blobcatgiggle: haha, i bet! :catblush:
(DIR) Post #ATZdm613g06A3UfHfM by mattgriffin@masto.ai
2023-03-13T13:11:18Z
0 likes, 0 repeats
@stux it’s super fun to dunk on these assholes, but check your facts. US taxpayers aren’t paying for any of this. Please don’t spread misinfo
(DIR) Post #ATZdx9vRTvDPMjJU9Y by raiderrobert@mastodon.social
2023-03-13T13:16:10Z
0 likes, 0 repeats
@stux @charles222a203 the difference is in the US a bank has owners that are separate from the people who put their money in the bank. The owners are the investors. The people who placed the money in the bank, the depositors.
(DIR) Post #ATZdzKPtRlC4TyahDk by pkemner@urusai.social
2023-03-13T13:16:28Z
0 likes, 0 repeats
@stux Well, the CEO was a big supporter of the 2018 deregulation that helped make this failure possible. So I'm sure nothing bad will happen to him.
(DIR) Post #ATZeD9I3bx8k1qW2UK by Barakka@masto.ai
2023-03-13T13:13:40Z
0 likes, 0 repeats
@stux - Nope. Yellen and Dark Brandon already said there will be NO bailout.
(DIR) Post #ATZeSi4GaiUkEWU9T6 by calculsoberic@mstdn.social
2023-03-13T13:21:54Z
0 likes, 0 repeats
@stux mmm probably :nkoFacepalm:
(DIR) Post #ATZec1V9hrqZ70VGzI by calculsoberic@mstdn.social
2023-03-13T13:23:30Z
0 likes, 0 repeats
@stux idk some articles are saying they're not getting a bailout, so uhhhh...this means I'm responsible doesn't it :bloblaugh:
(DIR) Post #ATZeoBI78PQcwuCVLE by ahriboy@landofkittens.social
2023-03-13T13:25:08.793878Z
0 likes, 0 repeats
@calculsoberic @stux SVB fallout might affect other banks too. Crypto banks might be greatly affected
(DIR) Post #ATZeoBvoknBgw2mDE8 by calculsoberic@mstdn.social
2023-03-13T13:25:48Z
0 likes, 0 repeats
@ahriboy bwahahahaha @stux
(DIR) Post #ATZeoWVeFHjSkxh6qu by stux@mstdn.social
2023-03-13T13:25:43Z
1 likes, 0 repeats
@ahriboy @calculsoberic Let's hope it turns cryptocurrency upside down forver :blobcatgiggle: It's time that scammy world also goes down
(DIR) Post #ATZf3QszR5QbevinWC by ahriboy@landofkittens.social
2023-03-13T13:27:26.990462Z
0 likes, 0 repeats
@stux @calculsoberic destroy crypto, save a lot of people from scams
(DIR) Post #ATZf3RaEqI1Tp3xKvg by calculsoberic@mstdn.social
2023-03-13T13:28:35Z
0 likes, 0 repeats
@ahriboy I can help with that! :flan_evil: @stux
(DIR) Post #ATZf6VHhXS5cAakDPk by maryErudis@fosstodon.org
2023-03-13T13:29:05Z
0 likes, 0 repeats
@stux SVB (Silicon Valley Bank) isn’t the only bank in the US to be forced closed by state banking regulators recently, but it’s the largest. (Signature Bank in New York). FDIC or Federal Deposit Insurance Corporation became caretakers of the $175 billion of SVB customer accounts. FDIC in turn has created a California-based bank that will act as account holder for the customers of SVB.
(DIR) Post #ATZj3T1trhtU7mA3PM by CatDragon@mastodon.world
2023-03-13T14:13:26Z
0 likes, 0 repeats
@stux by an amaaaaaazing coincidence Greg Becker sold large amounts of stock and handed out bonuses , including his own, two weeks before the bank failed.Additional fun fact? He sat on the board of the San Francisco Federal Reserve Bank until being removed Friday. I’m sure they’ll throw the book at him, meaning a Congressional hearing that goes nowhere and being snubbed by some members of his yacht club.
(DIR) Post #ATZjJTFKpM4NQi4n4a by CatDragon@mastodon.world
2023-03-13T14:16:20Z
0 likes, 0 repeats
@raiderrobert @stux @kirkman @markrsmith he sat on the board of the San Francisco Federal Reserve Bank until last Friday when he was quietly removed.
(DIR) Post #ATZjPVQbd1JFvyE4Z6 by kirkman@mstdn.social
2023-03-13T13:08:51Z
0 likes, 0 repeats
@raiderrobert @stux @markrsmith Another federal agency that makes its money on service fees instead of taxpayers like the FDIC is the US Postal Service. I think the FCC is also set up this way.
(DIR) Post #ATZjPVxDflOhZ7U7Oq by raiderrobert@mastodon.social
2023-03-13T13:13:31Z
0 likes, 0 repeats
@kirkman @stux @markrsmith see like this is an example. The assumption that the Fed is a US agency. 😅
(DIR) Post #ATZjPWS3p64F6lukTI by CatDragon@mastodon.world
2023-03-13T14:17:25Z
0 likes, 0 repeats
@raiderrobert @kirkman @stux @markrsmith to be fair outside of the banking industry most people don’t know that.
(DIR) Post #ATZqF2dIX76HPV7UVk by trebach@masto.ai
2023-03-13T15:27:01Z
0 likes, 0 repeats
@CatDragon @raiderrobert @kirkman @stux @markrsmith All most people in the US know about the FDIC comes from the sign next to the teller's window at the bank
(DIR) Post #ATZqGXwJcYZUnPjUZ6 by trebach@masto.ai
2023-03-13T15:29:23Z
0 likes, 1 repeats
@calculsoberic @stux The FDIC is covering it, so they're only covering checking and saving accounts of customers and that comes from a fund that banks are required to contribute to by law since the 1930's
(DIR) Post #ATa0zsaIi2aHOjgspE by kravietz@agora.echelon.pl
2023-03-13T17:34:15.779301Z
0 likes, 0 repeats
@markrsmithBy the way, interesting that, while certainly being aware of future insider trading charges, he still chose to sell. Which likely means that as a financial professional he weighted his personal cost of the charges to be less than potential loss on his stock.@stux
(DIR) Post #ATa9GZGWab2o2NuQds by lythander@mastodon.scot
2023-03-13T13:08:27Z
0 likes, 0 repeats
@markrsmith @stux Aren't sales of stocks of senior execs of pretty much all corporations usually pre-scheduled as part of diversification efforts though, since they almost ALWAYS have material information and could almost never legally trade under insider rules?
(DIR) Post #ATa9GZzBuWm0Guo6GO by bananarama@mstdn.social
2023-03-13T19:07:07Z
0 likes, 0 repeats
@lythander @markrsmith @stux They are, and it is the case here too. A lot of people have hyped up this nonsense...
(DIR) Post #ATaAkRgLRuA59vnTgu by bananarama@mstdn.social
2023-03-13T19:23:44Z
0 likes, 0 repeats
@CatDragon @stux It is likely that it is neither coincidental or illegal. There is still a lawsuit over fraud allegations.
(DIR) Post #ATaBlLKYeI2thjb9Bg by deriamis@mstdn.social
2023-03-13T19:35:02Z
0 likes, 0 repeats
@stux @markrsmith It’s going to be enough in the sense that the insurance fund has enough to cover 100% of all deposits and other banks will see an increase in their premiums to replenish it. The Fed is also offering loans to banks to buy the debts, which should have the effect of making it easier to fund the deposits from bank assets and reduce the amount the FDIC has to cover.