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Thread: Silicon Valley Bank has FAILED, becoming the largest US bank failure since 2008

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    Owner Dan Druff's Avatar
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    Silicon Valley Bank has FAILED, becoming the largest US bank failure since 2008

    Silicon Valley Bank had been chugging along since 1983, and was highly respected.

    On March 8, it was considered a stable bank, with no signs of collapse imminent. Then they surprised investors that they needed to raise $2.25 billion in order to balance their books.

    This caused a panic by area venture capitalists, who ran to the bank and withdrew huge money. Within a little more than 24 hours, $42 billion was withdrawn from the bank, completely devastating it.

    Today, the FDIC shut them down.

    It is the biggest bank failure in 15 years. Back in 2008, tons of banks were failing due to the financial crisis, and the FDIC had to pay out to a lot of customers who had money in those banks. (This includes me -- I received about $500k in FDIC payments in 2008, and thankfully didn't lose any money.)

    Since the '08 bank failures, the industry restructured, and complete collapses became rare. Instead, troubled banks would end up being bought by bigger banks, thus saving customer funds beyond FDIC insurance limits, and also preventing the FDIC from needing to get involved. There have been some bank collapses in the past 15 years where they were not bailed out and bought by larger institutions, but none were major.

    This is the first major one in that time. Unfortunately, it is seen as being mostly artificially induced by a panic bank run. Had this run not occurred, it is highly like Silicon Valley Bank would have been fine in the medium term.

    This is also wreaking havoc upon startups in the area, as some companies will not have the cash to pay employees today. Additionally, massively popular kids multiplayer game Roblox is taking a beating, as 5% of their cash was in Silicon Valley Bank, and there is a good chance they will never see it again.

    https://www.cnbc.com/2023/03/10/sili...-happened.html

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    Platinum devidee's Avatar
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    Peter Thiel killed it.

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    Owner Dan Druff's Avatar
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    Quote Originally Posted by devidee View Post
    Peter Thiel killed it.
    Remember how he used Hulk Hogan to absolutely destroy gawker, years after gawker outed him for being gay and he swore revenge?

    That was kind of awesome.

     
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      devidee: A petty homosexual? Shocker!!

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    Platinum splitthis's Avatar
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    Passed two Wells Fargo branches on the way home and the line looked like Popeyes when they dropped the chicken sandwich.

    Couldnt happen to worse lib cunt banks. BOA and Wells Fargo.
    Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.

    Ronald Reagan

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    Was wondering when this was going to get posted.

    This is going to be the first of many dominoes to fall. Fun times ahead!

     
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      Sanlmar: Gonna be a rough ten years

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    Owner Dan Druff's Avatar
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    Quote Originally Posted by splitthis View Post
    Passed two Wells Fargo branches on the way home and the line looked like Popeyes when they dropped the chicken sandwich.

    Couldnt happen to worse lib cunt banks. BOA and Wells Fargo.
    Might have just been because it was Friday?

    Or perhaps some people were withdrawing after today's weird news about Wells Fargo incorrectly displaying people had negative balances.

    I don't think Wells and BofA are considered to be in danger, but then again, neither was Silicon Valley Bank two days ago.

    If a giant bank fails, though, we will indeed see a lot of dominos fall.

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    Platinum devidee's Avatar
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    Quote Originally Posted by Avon Barksdale View Post
    Was wondering when this was going to get posted.

    This is going to be the first of many dominoes to fall. Fun times ahead!
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    Plutonium Sanlmar's Avatar
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    Mark to Market

    There is always a new way to go broke when you have the IQ of your average bank.

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    Plutonium sonatine's Avatar
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    someone spent $7500 on .25 puts on them thurs.


    last i checked they were worth $2.1m.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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    Owner Dan Druff's Avatar
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    Quote Originally Posted by sonatine View Post
    someone spent $7500 on .25 puts on them thurs.


    last i checked they were worth $2.1m.
    Amazing this was still possible on Thursday, because that's when all the panic bank run stuff was going on.

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    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by Dan Druff View Post
    Quote Originally Posted by sonatine View Post
    someone spent $7500 on .25 puts on them thurs.


    last i checked they were worth $2.1m.
    Amazing this was still possible on Thursday, because that's when all the panic bank run stuff was going on.
    Was bought Weds I believe. Read this reported bink yesterday.

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    Plutonium sonatine's Avatar
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    mea culpa, you are both right, it was wed.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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    Plutonium Sanlmar's Avatar
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    15 years ago today.

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    We have a system where they can and do bribe our supposed law makers, total regulatory capture.
    They get bailed out and nobody goes to jail, the banks that don't fail are doing it wrong.

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    I'm sure most of you seen the leaked FDIC video warning of bank runs n such.
    You didn't vote for for Bernie when it was so blatantly obvious he was the only reasonable choice.
    Now bend over and grab your ankles. Better yet you all need to start jogging, get in shape so you'll be ready to fight in Ukraine.
    There ya go.

     
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      devidee: They gonna be feel’n the Beeeeeeeeeeeeeern.

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    Platinum devidee's Avatar
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    Welp. JP Morgan is deadů


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    LOL, Look at the date of the tweet.





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      Tellafriend: holy shit that is funny

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    Quote Originally Posted by sonatine View Post
    mea culpa, you are both right, it was wed.
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      devidee: Oh no he di’n’t!!

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    Owner Dan Druff's Avatar
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    This might belong in the Bitcoins Donkdown thread, but I think it's more appropriate here.

    $3.3 billion of USDC's reserves were at Silicon Valley Bank: https://www.coindesk.com/business/20...n-valley-bank/


    It immediately fell to 0.993, but has since popped back to 0.996.

    If you have USDC, time to sell. BTW, other stablecoins such as BUSD, DAI, and TUSD are also down. Tether is actually up for the moment, so I'm guessing people are moving to there.

    Whether this event is going to kill some stablecoins remains to be seen. USDC is the second largest one. I read reports that it was depegged from USD, but those have been deleted, soooo...

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    Quote Originally Posted by Dan Druff View Post
    This might belong in the Bitcoins Donkdown thread, but I think it's more appropriate here.

    $3.3 billion of USDC's reserves were at Silicon Valley Bank: https://www.coindesk.com/business/20...n-valley-bank/


    It immediately fell to 0.993, but has since popped back to 0.996.

    If you have USDC, time to sell. BTW, other stablecoins such as BUSD, DAI, and TUSD are also down. Tether is actually up for the moment, so I'm guessing people are moving to there.

    Whether this event is going to kill some stablecoins remains to be seen. USDC is the second largest one. I read reports that it was depegged from USD, but those have been deleted, soooo...

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