Nearly half the money — $143 billion — went to holding companies for the two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets.
Yes, I have seen that, and I agree that it's bullshit. My kindest reading of that is that the message is geared towards existing SVB depositors to have them keep their money in the bank so that there aren't additional liquidity/solvency issues and so that it's more attractive to potential buyers, given that it starts out with "Dear Clients". However, the the FDIC is insuring apparently fully insuring new deposits according to the website, which absolutely fucking bullshit.
I don't think you're wrong or anything, my only real critique concerns the original post which promoted the downplaying of the situation the FDIC was putting out, and now we see just a few days later the corruption is still very much there.
Whether or not this was a bailout doesn't really matter to me. I don't really care who is in control of that bank or whether or not people can buy shares of it.
It continuing immediately with garbage like this means to me that the structure of the SVB has been kept alive and the cost of that life support is going to fall on the rest of us.
Here's how the new team is advertising
https://twitter.com/charliebilello/status/1635982686111121408?s=20
Just fully taking advantage of the limitless insurance now.
Yes, I have seen that, and I agree that it's bullshit. My kindest reading of that is that the message is geared towards existing SVB depositors to have them keep their money in the bank so that there aren't additional liquidity/solvency issues and so that it's more attractive to potential buyers, given that it starts out with "Dear Clients". However, the the FDIC is insuring apparently fully insuring new deposits according to the website, which absolutely fucking bullshit.
I don't think you're wrong or anything, my only real critique concerns the original post which promoted the downplaying of the situation the FDIC was putting out, and now we see just a few days later the corruption is still very much there.
Whether or not this was a bailout doesn't really matter to me. I don't really care who is in control of that bank or whether or not people can buy shares of it.
It continuing immediately with garbage like this means to me that the structure of the SVB has been kept alive and the cost of that life support is going to fall on the rest of us.