wow, Richard Steel is their head of marketing
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Chief Auditor John Peters
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Source? I couldn’t find him on their site. Sorry if I’m ruining the joke
I’m not sure what level you are on, but my joke was lame and sophomoric, yours was clever. Plus yours was true!
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When I arrive on death row I’m asking for the DEI cocktail
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In an extraordinary action to restore confidence in America’s banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday.
In a related action, the government shut down Signature Bank, an SVB rival that was teetering on the brink of collapse in recent days. Signature’s customers will receive a similar deal, ensuring that even uninsured deposits will be returned to them Monday.
In a joint statement Sunday, Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg said the FDIC will make SVB and Signature’s customers whole. By guaranteeing all deposits – even the uninsured money that customers kept with the failed banks – the government aimed to prevent more bank runs and to help companies that deposited large sums with the banks to continue to make payroll and fund their operations.
The Fed will also make additional funding available for eligible financial institutions to prevent runs on similar banks Monday.
“Monday will surely be a stressful day for many in the regional banking sector, but today’s action dramatically reduces the risk of further contagion,” Jefferies analysts Thomas Simons and Aneta Markowska said in a note to clients Sunday evening.
US taxpayers will not be on the hook for either facility, the regulators said. But shareholders and holders of unsecured corporate bonds will not be protected by the regulators’ plan.
What does the last part mean? money printer go brrr?
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I really hope this is out of the news cycle fast so we can stop hearing about founders.
https://twitter.com/lcmichaelides/status/1634654751479541760
https://twitter.com/OXIagain/status/1634964736763904001
https://twitter.com/ChuckVacuumBeth/status/1634781787942518784
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It means the regulators are handling this exactly right. Equity wiped out, senior management fired, creditors fend for themselves, depositors made whole.
If SVB owes depositors 100b and they have 90b in assets, where is the 10b coming from - if not tax payers?
They assess fees from all other banks to cover it.
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I assume all the bonds will default. I also assume they had over 90% of assets to cover deposits and the shortfall can be made up from selling off non financial assets.
The bank I work at owns well over $20 million of art and has a small team whose sole job is storing the art and organizing to move it around into different offices, events, and displays.
Also, could probably terminate its deal with IBM effective immediately and stop paying them for all the equipment, stop paying all rent owed for public spaces too, etc.
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So basically if you put the word “bespoke” in front of something, you can charge 100x more for it than any reasonable person would pay?
https://twitter.com/FlatEartherKitt/status/1634906356271689728
Yes “look corners” for me please!
How is this even a real business? If this was a brick and mortar business I’d assume it was a front for the mob or some other money laundering scam.
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LOL. Is there any evidence, besides her saying so that anyone was actually buying this service?
The target is pretty small: rich, but not too rich.
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really? def wouldn’t have guessed that.
is it like insurance or a fund they all pay into in case one of them gets caught with their pants down?
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There are a few things. It could.be the money the new acquiring bank is paying; it could be the Fed, which would plan on getting paid back. This is where the “lender of last resort” nickname comes from.
First time in years I’ve used a semicolon for srs biz.
They teach you to be completely and totally full of shit at McKinsey. The bullshit about “my husband works in manufacturing” is shameless and entirely on-brand. Fuck You, Lindsey.
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