another one bites the dust

[agent006140]

State authorities closed Signature Bank SBNY, -22.87% Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008 financial crisis, according to a joint statement by the Department of the Treasury, Federal Reserve, and FDIC. All depositors of Signature bank will be made whole, according to the statement. New York-based Signature Bank has been popular among crypto companies, especially after crypto-friendly Silvergate Bank SI, -11.27% said Wednesday it would close its operations. Signature Bank provides deposit services for its clients’ digital assets, but does not invest in, does not trade, does not hold on its own balance sheet or provide custody of digital assets, and does not lend against or make loans collateralized by such assets, the company said.

I hope it does not turn into a bank run,regional banks could be next

[agent006140]

Happy Days,Treasury and Fed will make whole ,all depositors will get their money back,

[rsot]

you have any money in or with this organization?

[agent006140]

No,I have never heard of Silicon Valley Bank or Signature Bank,now they are looking into FIrst Republic?
or all the regional banks.

[murdered_by_ebay]

it doesn't matter , they will create as many dollars as needed

the main issue here is inflation because the money lost is just replaced by new money. and the originally lost money did not disappear anywhere , it is still there , just with a different owner

[agent006140]

Govt said taxpayers do not have to pay,but they do,as FDIC premium will go up and that will pass on to the consumers.
Foreclosed bank employees lose their job,stockholders and bondholders lost their shirts.

[JamesNorth101]

Just need to hope it doesn't cause a cascade effect

If it does it will expose all the over leverage and high risk stuff that banks are back doing again.

Time will tell.

[rsot]

Originally Posted by agent006140

Govt said taxpayers do not have to pay,but they do,as FDIC premium will go up and that will pass on to the consumers.
Foreclosed bank employees lose their job,stockholders and bondholders lost their shirts.

smoke and mirrors - lower part of the totem pole will always be affected in a slow and bit subtle way...

[henryfalmore]

Originally Posted by rsot

smoke and mirrors - lower part of the totem pole will always be affected in a slow and bit subtle way...

Canada is cool you guys don't have the problems that we have. greed and selfishness that exist here in the USA

[JamesNorth101]

Originally Posted by henryfalmore

Canada is cool you guys don't have the problems that we have. greed and selfishness that exist here in the USA

Very much a world wide thing

Looks like 3 banks in trouble now.

[agent006140]

Credit Swiss is the 4th,more to come.
Ally Bank is on the list

[JamesNorth101]

Been a long time coming in all honesty

[rsot]

Originally Posted by henryfalmore

Canada is cool you guys don't have the problems that we have. greed and selfishness that exist here in the USA

banking system is setup quite a bit differently