BREAKING NEWS – The U.S. Treasury, Federal Reserve Board, FDIC and Joe Biden collectively announce that *all* depositors with Silicon Valley Bank (SVB) will have access to their funds – regardless of amount deposited. Also, all senior bank management has been terminated.
This announced action appears to cover those under FDIC protection ($250k or less) and those above FDIC protection (deposits greater than $250k). The only vulnerability is that SVB “shareholders and certain unsecured debtholders will not be protected.”
WASHINGTON DC – The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe. (LINK)
Will this action help stop any contagion related to California’s largest bank?
…The odds are, yes.
Despite Friday’s action to stop trading of FRB, with this action, I doubt First Republic Bank (FRB) is now at risk.
bailout of the super rich on the backs of taxpayers getting killed by inflation and a completely incompetent and corrupt government. I guess that is what the banksters pay the politicians for.
but, but, but they said it won’t cost the taxpayer anything!!! Don’t you believe them??? haaaaa never before in history!!! Bailing out thousands of millionaires, regardless of how much money they have in there!!! To hale with the $250,000 maximum FDIC!!! Who needs it when all we have to do is print the money, and that’s the end of the problem!!! Rescued the whole economy with a flim flam!!! What’s a few hundred BILLION? They don’t even care if it’s a few TRILLION!!! Wowww!
I’m having this intellectual argument with my husband right now. He argues the FDIC is on the hooks. I reply back, who backs the FDIC? His response is the shareholders of the Bank.
WTF? Did we NOT LEARN ANYTHING IN 2008?
… or when WTP were left dangling on the hook for the bailout after the S&L debacle?
When will WTP learn, government is not there to protect us, it is there to protect their cash streams.
?w=640&dpr=3&q=35
You may want to ask him when Yellen’s FED became a shareholder in SVC and at what share count?
That is code for them printing money to cover the debt.
Eventually our money (THE USD) will be used as toilet paper at this rate.
Ultimately, don’t the taxpayers supply all the capital with which the slick money guys and corruptocrats build their fantastic riches?
Based on all we know now from sources that do NOT LIE I only leave one question which I believe many CTH
followers will ask as well……I’m ready as I’m sure many more are thinking the same thing?
When do we take back our country?
When they go broke.
Many of us are in the process of taking back our country. This is EXACTLY why Sundance has this site. First go to your local election commission and find out what you have to do to make sure they have no registered voters without verified addresses….
A Zoom meeting with both Houses of Congress, on a Sunday night … speaks volumes.
And how many members of the House, on both sides of the aisle, thought that such a program was a good idea and should be started if it doesn’t already exist? Asking for a few million friends!
BofA was trending up to 20k tweets, starting early this morning. Twitter appeared to pull it off the trending “area” by early afternoon (pacific time), but I left the feed open and it just kept rolling.
It got me researching, and BofA isn’t in great shape. Higher unrealized losses and many other poor metrics, relative to it’s peers.
For me, it was a reminder to get that last globo-fascist acct closed. The tweet below more or less summarized the BofA trending-feed “mood”.
——
Powell and Yellen jack-up interest rates to fight soaring inflation caused by Biden’s cut back in oil and gas production. Instead of pushing Biden to open up drilling and pipelines both Powell and Yellen ignore the real remedies and raise interest rates in order to kill the economy and stock market. Well, this is what happens when tech stocks crash…banks fail! We are governed by idiots who cannot fix the very problems that they caused!
So my local NextDoor app is abuzz with people absolutely PISSED that their PG&E bills have TRIPLED from last year. And what’s the dominant response? Global warming caused it. PG&E is making us pay for their incineration lawsuits. Corporate Greed. Yadda, yadda, yadda. Not a single word about the IDIOCY of Net-zero, renewable, energy sources, or the general incompetency of the Global Warmists running our energy grid into the ground.
We are all getting utterly SCREWED by our so called superiors … and their humiliating kick in our crotches. Dystopia is here my friends … enjoy your LGBT-pee you futures.
https://video-streaming.orange.fr/musique/the-police-synchronicity-ii-CNT0000018XHjx.html
“Discordant music” …
My friend, here in Carmel PGE cannot keep the lights on. After last weeks storm, power was out for 33 hours and not one tree in this liberal bucolic neighborhood had downed a power line. As opposed to last month when it took multiple lines down in my neighborhood from 60-80’ tall pines snapping in the breeze. Seems to me that PGE is angling got another increase from the PUC.
I say, F-m all!!!
ArmstrongEconomics (Socrates AI)has been forecasting this banking crisis for years. Another public post just landed entitled “The Banking Crisis is Global – Not Confined to the USA”.
FTA: Three banks have effectively gone down in the week of March 6th, which our computer was targeting. There have been Silicon Vally Bank, Signature Bank, and Silvergate Bank.
If they do not cover ALL deposits, the monumental banking failure will be catastrophic.
Our forecast for a Banking Crisis is by NO MEANS confined to the United States. It will be far worse in Europe. We can see our computer not only targeted 2023 for a key turning point with a Directional Change but a Panic Cycle next year in bank stocks, but interest rates will be rising higher as also the risk of banks and governments escalated especially when they insist on waging war against Russia.
Several arrays are embedded in the linked article.
https://www.armstrongeconomics.com/world-news/banking-crisis/the-banking-crisis-is-global-not-confined-to-the-usa/
The array for the Dow for March 6 was a directional change then a panic cycle on March 9 then… a turning point for Monday. So far, futures are up. Things are going to get much worse and there is nothing the FED can do, I’ve been saying this for a long time, the Fed is trapped.
This week so far is going to be volatile. Traders are hoping the Fed pivots, ain’t gonna happen.
Our western governments NEED this war, there are only two choices now, WW3 or a civil war, they must default and their choices are two for that reason. They know they are losing against Russia so now the sights are clearly on China. Notice how everyone is hating China all of a sudden?
Yes, all happened just as Socrates forecast and M Armstrong has been speaking of. Forecast to the week/day. Hard to watch play out.
Isn’t this collapse part of the UN/WEF/WHO agenda, so we all beg for them to put us on digital surveillance — oops: banking?
Pres. Trump’s warning: https://www.toddstarnes.com/opinion/banks-already-starting-to-collapse-trump-warns/
That crypto currency company will get their full $3.3B back and the Swedish pension plan will get their $250M back. And the American bank customer will pay higher fees and receive less interest to pay for it. See how this works.
I’m not questioning FDIC’S guaranteeing accounts under $250,000 or some reasonable maximum ranges over that but are there no limits on what taxpayers are forced to cover?
And if pension funds are shareholders. What then? We bail out more bankrupted pension funds?
FJB!!
… and every one of his co-conspirators! May they all hang from the neck till their legs stop thrashing.
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California:
https://www.fdic.gov/news/press-releases/2023/pr23016.html
Sick. Just Sick. Please rename it to the “Taxpayer Deep Pocket Bank” … or rename it to “Flyover Country Taxpayers Fund for Coastal Blue State Elites” …
The US is 31 TRILLION IN DEBT. What’s another 200 Billion. Heck, Biden wrote a check for that in the last 6 months for Ukraine. That’s just 0.65% additional debt. Surely the Plebes can eat more crickets, drive less, and live more poorly, in order to let Nancy have Ice Cream.
You know, it’s getting more difficult to pay my taxes when I see where they go.
Veterans living in streets, Seniors eating dog food, Christians being audited, perverts and criminals being paid to keep on doing their evil. You might think Americans are being put Last. This is insane.
Better phone zelenski for a loan…
Maybe it’s time for a MASSIVE TAX REVOLT.
But half the population doesn’t pay any income tax and those that do have it deducted from their paychecks all year long, so it’s nearly impossible for the taxpayer to make any serious threats.
No, a tax revolt is meaningless. Under Modern Monetary Theory us paying taxes is just straight up control and theft. They dont care how much they spend, nor how many new dollars are printed to cover it, or how high inflation goes and how low standard of living becomes. It’s the Hunger Games.
We need to refuse payment in dollars.
Cowboy, I beg you not to play that game of arguing or not filing your taxes at all based on where our government spends the money. You will loose beaded on frivolous arguments and a failure to file (after warnings to file from the IRS) will be considered tax evasion.
If you want to follow the tax laws, which, by the way, are 100% constitutional, may I suggest a little book called “cracking the code- the truth about the income tax.”
Use the law in your favor and follow it! I’m not sure your status for employment but… I certainly know mine.
All, here is the honor roll. Do NOT blindly copy what you see in 1000’s of lawful filings, UNTIL… you completely understand the tax laws.
I promise you, you will be tested on how much of the tax law you truly understand. Took me 2 years to fully grasp the law. 2013 to date… they hate constitutional loving, law abiding citizens.
Scroll down and start click the links then, go get that book and start learning.
https://losthorizons.com/BulletinBoard.htm
Meet Ruben, there are many like him, I’m one of them!
The LGBTQqAI2s+/- States of dystopia America. Yeayyyyy … inclusive enough to go completely broke.
And now the real reason for the ‘government assistance’ for this bank.
SVB has been since its founding and continues to be one of the largest VC banking entities for CHINESE tech industry start ups and existing entities.
We are bailing out Chinese account holders, people!
Had enough yet?
And we a borrowing the money from the chynez to do it .. go figure
David Israel from Jewishpress.com says SVB tanking has brought down 500 Israeli startups.
Yes. I’m about ready to assault The Capital. Wait. I meant stroll, peacefully thru statuary hall.
I just laughed and laughed and laughed:
“… No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer….”
YES, THEY WILL BE BORNE BY THE TAXPAYER!!!
When every bank in America is hit by a special “assessment” (i.e. tax) to pay for the bail-out, that assessment on banks will passed along to us!
And even if they simply print more funny money and inflate our already declining dollar for the bail-out, we pay for that also through lower purchasing power.
Completely predictable!
This is beyond evil. There is no doubt in my mind that the Fed knew what it was doing when it raised interest rates. The Fed knew what it would do to the value of long term Treasury bonds and to the banks who were invested in them.
It is ALL PURPOSEFUL!
Just stroke a check, call the Fed to float some more phony money, and pretend the taxpayers will be fleeced (no, not really. They will just stroke more checks, fed jingle up some digital currency and the circus goes on). In the end, the goal is to collapse the economy with a million economic paper cuts. Eventually, the last economic blood will exsanguinate from the body politic and we will all live as serfs.
If they can’t take it from you one way they will find another…. Why didn’t they say it in laymen’s terms… “We will protect the uber wealthy from their folly”
Another one:
Barney Frank on the board-he strikes again!
It’s once again Trump’s fault for “deregulations” made in 2018. Notwithstanding anything Trump did, how is the overspending, energy shutdown & other activities, which is the DIECT RESULT OF FJB & his Democrat majorities in both houses Trump’s fault.
If the Bank invested in a Treasury bond-loaded asset, low-interest portfolio & interest rates went up suddenly because of a different Administration, is it always going to be on Trump?
FED UP TOTALLY with Trump blame game.
When ever they blame Trump and his deregulation
the response should be, Well the Dems were in control
for 4 year 2 of which were under Biden.. Why didnt THEY
fix it, instead of looking around every corner for whatever
imaginary crime Trump committed.
Another DEADLY “transition” story … suicide.
https://investor.signatureny.com/pme/press-releases/news-details/2023/Signature-Bank-Announces-Leadership-Transition-Plans/default.aspx
Secession is the only way now.
And then total replacement of each office holder from the top down to the dog catcher.
Go over to Judge Napolitano, he has several videos on the subject. There’s secession-lite and secession with all ties cut and everything inbetween.
NO permission is required from any state or the federal government.
There is also nullification (Federalism) if you don’t want secession. The democrats have been doing it for decades. Think California and Portland.
“Secession is the only way now.”
Not secession. Revolution.
Revolution won’t happen without secession. Right now, nothing is positive about the USA. It is horribly corrupt. It is selling out its own citizenry daily, not even hiding it anymore. No one in their right mind would want to be the newest 51st state in the nation. Why would anyone? If you wouldn’t want to join, why would you want to stay?
It has been the only way for a while now. Federalism must take the lead. States must stand, and if they have to stand separately, or in small groups, so be it. It is time for the New Confederacy of States in the South.
Well, well, well Gateway Pundit now reporting that Silicon Valley Bank was financing Chinese venture capitalists markets in a huge way. …… Now a bailout is announced.
Imagine that !!
DOW futures +300.
cripto spikes up $2000.
made yah blink.
People moving their money out of banks … into equities
They’ll be sorry they went into equities
Disgusting.
OUTRAGEOUS: Silicon Valley Bank Provided Massive Amounts of Capital to Chinese Tech Ventures – Now Biden FDIC and Federal Reverse Are Bailing It Out – Clearly Biden Is Working for China
https://www.thegatewaypundit.com/2023/03/outrageous-silicon-valley-bank-provided-massive-amounts-of-capital-to-chinese-tech-ventures-biden-fdic-and-federal-reverse-are-bailing-it-out-clearly-biden-is-working-for-china/
send Biden out to calm the markets tomorrow-lol-“I saw this in a picture show once with Jimmy Stewart. It was based on a story about my uncle’s bank which was the first bank to lend to Italians in
Scranton. Italian girls develop early, so, anyway.”
Thomas Massie
@RepThomasMassie
Just got off of a zoom meeting with Fed, Treasury, FDIC, House, and Senate.
A Democrat Senator essentially asked whether there was a program in place to censor information on social media that could lead to a run on the banks.
8:24 PM · Mar 12, 2023
Three banks fallen in three days. Treasury first said it wouldn’t bail out the bank.
Maybe because two more fell they changed their approach?
It’s a good thing Yellon went to the vacation hotspot to give Zelinsky billions more cash and pedo Joe right before her with cash, too…no worries about funding that evil, nazi, drug addict crook.
More banks will fold now because the Crooked Democrats are not done looting the taxpayers via hook and crook at the treasury.
We need to crush the bankers like Jackson did. Print our own money like Lincoln and Garfield wanted to. Stop the out of control bankers that enslave us with debt like Kennedy tried to. Can you see the similarities between these former presidents?
Everything that is destroying us stems from their ability to control our money supply.
Rep. Thomas Massie: Government Considering Censoring the Internet to Prevent More Bank Runs
https://www.investmentwatchblog.com/this-is-absolutely-insane/
The only consolation is that most of the woke fired at Silicon Valley Bank were token women. ESG is dangerous to your wealth.
Foolish SVB execs get off scot-free.
Big Tech billionaire depositors get theirs.
Real American taxpayers get shtupped.
So $250,000 is not really the cap. I must be dumb because I do not understand where the billions of dollars is coming from if not from taxpayers. And can Yellen spend that kind of money without congressional approval?
Will small and medium banks have standing to challenge this rampant and illegal expansion of FDIC insurance limits in the Supreme Court? They are being assessed to bail out incompetent giant banks, and those assessments will be passed on to. . .
us.
Who will protect us, if the small and medium bankers do not?
Janet Yellen needs to be tried, convicted, and hung from the neck until dead … for intentionally bankrupting America … and killing her dead. That kind of treason hasn’t reared its ugly head since the Rosenbergs
OUTRAGEOUS: Silicon Valley Bank Provided Massive Amounts of Capital to
Chinese Tech Ventures – Now Biden FDIC and Federal Reverse Are Bailing It Out
- Clearly Biden Is Working for China | The Gateway Pundit
.
Told ya.
Tomorrow is the big day. We have a couple options and “things chilling out” is not happening.
All the major market makers price in a fed pause on interest rate hikes. They then recognize that this means inflation is going parabolic. The dollar collapses, bitcoin, gold and silver see massive increases. More bank runs materialize.
If we had a real government the conversation would be focused on 2 things:
1. End the fed and back $$ to gold
2. Unleash energy production in the US.
The occupants will celebrate the demise of the American hegemony but their donors will finally wake up.
We are moving slower than Venezuela’s collapse but are on the same trajectory.
The question is who the military will back? The People or the Occupants.
If you haven’t prepped you are too late.
If only PDJT was a General Sherman scorched earth personality and commanded his patriots to destroy the financial industry right now. He was so good at using money to destroy enemies and bring them to the negotiating table. We’re getting nowhere here and the enemy is sucking our resources down daily. Gotta take action. Going wide takes a leader.
Concur on the ‘prepping’. I’ve been prepping since smelling the stench of the Communists close to 40 years ago and advocating economic warfare since at least the late 80’s. Alas, contrarians are marginalized, shunned and ostracized. Such is life.
“This was not a bailout. During the GFC, the gov’t injected taxpayer money in the form of preferred stock into banks. Bondholders were protected and shareholders were diluted to varying degrees. Taxpayer money was put at great risk. Many people who screwed up suffered minimal to no consequences. Those were bailouts.
Here, shareholders and bond holders have been wiped out. The FDIC insurance fund capitalized by premiums paid by banks will absorb any losses. The fund will recoup any losses by assessing more premiums on the banks.
Had the Fed not intervened today, we would have had a 1930s bank run continuing first thing Monday causing enormous economic damage and hardship to millions.
More banks will likely fail despite the intervention, but we now have a clear roadmap for how the gov’t will manage them.
Bank boards and managements have received a massive wake up call. Being a director or CEO of a bank that fails is no fun: years of litigation, regulatory investigations, personal liability, potential civil and criminal charges, and enormous reputational damage.
Our gov’t did the right thing. This was not a bailout in any form. The people who screwed up will bear the consequences. The investors who didn’t adequately oversee their banks will be zeroed out and the bondholders will suffer a similar fate.
Importantly, our gov’t has sent a message that depositors can trust the banking system. Without this confidence, we are left with three or possibly four too-big-to-fail banks where the taxpayer is explicitly on the hook, and our national system of community and regional banks is toast.
Our government did the right thing for the country. We are very fortunate it did so.”
Bill Ackman
9:45 PM · Mar 12, 2023
Seems to be a good take on what’s going on this weekend.
There is still likely to be a bank run tomorrow. Investors now are looking at the amount that banks hold in long-term Treasuries and the ability of those banks to pay out deposits in the near term.
Bill Ackman- he benefitted from the bailouts in 2008/2009 too. FBA too
The Federal Reserve will electronically print MONEY out of
thin air to to help assure banks have the ability to meet the
needs of all their rich depositors (> $250K). Inflation will
destroy the Low and Middle Class.
https://www.businessinsider.com/peter-thiel-founders-fund-pulled-cash-svb-before-collapse-report-2023-3
Things that make you go hmmm.
Goldman Sachs a few minutes ago:
End of Federal Reserve Interest Rate Hikes
“In light of recent stress in the banking system, we no longer expect the FOMC to deliver a rate hike at its March 22 meeting with considerable uncertainty about the path beyond March
Goldman looks at the liability side of the bank bailout and lays out the “two major policy announcements” which are meant to stabilize the bank run gripping small banks as follows (more details in the full note).”
Every time the Fed raises rates more banks fail and the Fed has to bail out more banks! LOL Raise rates again…more bank failures requiring more Fed bailouts!
So its a bailout.
Remember when they cancelled Trump’s bank account after J6.
—————————–
I can’t John Rich’s article from Truth Social.
“*all* depositors with Silicon Valley Bank (SVB) will have access to their funds – regardless of amount deposited.”
Which CYA of all the giant-size depositors, all those big moneyed interests that contribute to the DNC. We’ll see how the little guys fare.
It’s alright, Joe, I don’t mind paying higher taxes to protect the investments of billionaires and Microsoft, Inc.
If you take risks, and you lose, you should suffer the consequences. NOT ME.
Thomas Massie posted that there is a Democrat Senator asking if there is some way to prevent news of the bank finance problems reaching the public.
California and New York banks get made whole at our expense. Think this would happen for the East Palistine savings and loan?
Jerome Powell did his best to tip the banking sector over the cliff. Strong work, Jay. Nobody can be this stupid.
Cannot wait to hear how this is Trump’s fault and Putin’s too.
Two things about this mess are often not made plain in the articles:
They probably had to do this. It was government policy that made these banks insolvent and failed to bring them up short at a much earlier time but here we are: We cannot take down the banking system just because incompetent regulators and dangerous policies let it get right to the cliff edge.
And while taxpayers won’t pay, consumers will.
‘Diversity’ may not be the best principle for staffing the upper ranks of an economy.
thx, Guy
that #1 is really insightful, at least I found it so
It was also government policy and rule of law that locked citizens in their homes and deemed businesses non-essential, destroying the livelihoods of thousands, if not millions. Never mind all the death.
Screw them and the financial industry. Destroy it. By any means necessary. They’re evil personified. Scum humans not deserving of life.
This is such utter bs I don’t know where to begin!
about that ‘Signature bank’
Trump Curse? Signature Bank FAILS! Same Woke Bank that Closed President Trump’s Accounts Two Years Ago Over January 6 Riot
“No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.” how HOW H O W ??? Explain Boards of the FDIC and the Federal Reserve, Mr. President and Secretary Yellen EXACTLY how these banks will be bailed out WITHOUT taxpayer money if the bailout comes from the FED!
Why in God’s green earth does the government intrude and pick winners and losers in this matter? If those responsible for poor judgment in any industry (including banking) cannot manage their business well enough to make a legal profit why should the taxpayer have to use their hard earned wealth to bail out said business through the decisions of unelected bureaucrats like Yellen?
Nikkei down 1.5 %
yawn
https://www.marketwatch.com/investing/index/nik?countrycode=jp&mod=home-page
TOTALLY Unexpected. Did NOT see this coming at all …
/Do I need a sarc tag?
Heavenly Father please forgive me for watching Bloomberg tonight.