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  1. #3141
    Rat in a drain ditch, caught on a limb, you know better but I know him.
    Like I told you, what I said, (Uncle Sam will) steal your face right off your head!

    - Robert Hunter

  2. #3142
    Quote Originally Posted by Jeffrey View Post
    As predicted….

    “The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress.”
    Thanks, that answers my question is how they are doing this.

    Making up stuff as they go along. I will sleep so much better tonight.

    I guess "mark to market" is no longer a thing?

  3. #3143
    A knife in the back and more of the same….

    https://apple.news/AT33D8olxT5arzt54uHuHcg

    “Silicon Valley Bank CEO Greg Becker was a director of the Federal Reserve Bank of San Francisco.”

    “On the same day that Silicon Valley Bank (SIVB) was shut down by regulators, the name of Greg Becker, its CEO, also disappeared from the website of the Federal Reserve Bank of San Francisco.”

  4. #3144
    Quote Originally Posted by YmoBeThere View Post
    New York-based Signature Bank was closed down on Sunday. Heavy into crypto lending, it is the 3rd largest bank failure in history with $110 billion in assets as of December 31st.
    First Republic bank receiving additional funding from the Fed and JPMorgan. With $181 billion in assets it would move into the #3 spot.

    https://www.wsj.com/articles/first-r...organ-d11e68ca

  5. #3145
    If you are a Swedish retiree, this isn't a great sign.


    Stockholm-based Alecta, which oversees more than $104 billion in assets, was SVB's fourth-biggest shareholder at the end of last year with a holding worth $605 million, according to data compiled by Bloomberg.

    Alecta is the fifth largest shareholder in First Republic Bank, a position it added to toward the end of last year, and the sixth biggest owner in Signature Bank. Both of those banks also suffered steep one-day losses on Thursday.

    https://www.pionline.com/pension-fun...-major-holding

  6. #3146
    Join Date
    Jan 2010
    Location
    Outside Philly
    Going to be a bumpy ride today.

  7. #3147
    Quote Originally Posted by bundabergdevil View Post
    Going to be a bumpy ride today.
    So, you did have some Kardasians in tow?

  8. #3148
    Quote Originally Posted by bundabergdevil View Post
    Going to be a bumpy ride today.
    Quote Originally Posted by YmoBeThere View Post
    So, you did have some Kardasians in tow?
    Apparently, that was the thread killer right there.

  9. #3149
    Join Date
    Jan 2010
    Location
    Outside Philly
    Quote Originally Posted by YmoBeThere View Post
    Apparently, that was the thread killer right there.
    They just kill the careers of NBA players.


    At least one stock mentioned on this thread , CUBI, is having a rough go.

  10. #3150
    Quote Originally Posted by bundabergdevil View Post
    Going to be a bumpy ride today.
    Long treasuries way up. Mega cap growth (read: major tech) mostly flat, but slightly up. Total stock market also slightly up. Small value down considerably. KBE (Bank ETF) waaaay down.
    (As of now)

  11. #3151
    Quote Originally Posted by bundabergdevil View Post
    At least one stock mentioned on this thread , CUBI, is having a rough go.
    Yep, CUBI was down ~ 70% at one point today.

    Another mentioned stock, CMA, was down ~ 50% at one point today.

    Said differently, I bought a lot of bank stock today!

  12. #3152
    Join Date
    Jan 2010
    Location
    Outside Philly
    Quote Originally Posted by Jeffrey View Post
    Yep, CUBI was down ~ 70% at one point today.

    Another mentioned stock, CMA, was down ~ 50% at one point today.

    Said differently, I bought a lot of bank stock today!
    I suspected with your domain expertise that you have been extra busy today. Happy hunting!

  13. #3153
    Quote Originally Posted by bundabergdevil View Post
    I suspected with your domain expertise that you have been extra busy today. Happy hunting!
    You’re right, it’s been a very busy day. Mr. Market was smoking crack today and he was very irrational! Thanks!

  14. #3154
    Join Date
    Feb 2007
    Location
    Washington, D.C.

    Yep

    Quote Originally Posted by PackMan97 View Post
    Thanks, that answers my question is how they are doing this.

    Making up stuff as they go along. I will sleep so much better tonight.

    I guess "mark to market" is no longer a thing?
    Apparently the feds will loan against high quality securities based on their book value, not market value. Where can I get that deal?

    Good read on SVB here, with a reference to the old adage "if you're going to panic, panic first!"

    https://www.nakedcapitalism.com/2023...unwinding.html

  15. #3155
    Join Date
    Nov 2007
    Location
    Vermont
    bye bye Credit Suisse.
    The stuff on SVB is very interesting...in addition to their accounting methodology, they had an unusually high number of depositors with large balances (hence not covered by FDIC insurance) and these depositors pay attention...when they smell trouble, off they go.

  16. #3156
    Quote Originally Posted by budwom View Post
    bye bye Credit Suisse.
    The stuff on SVB is very interesting...in addition to their accounting methodology, they had an unusually high number of depositors with large balances (hence not covered by FDIC insurance) and these depositors pay attention...when they smell trouble, off they go.
    Best to consolidate all the shadiness under one umbrella. Wonder if Deutsche Bank wants to join?

    For the startups, having that kind of cash at the bank can be justified. They have little or no revenue so they need the operating funds to be liquid. For the established companies, well they are just dumb.

  17. #3157
    Join Date
    Sep 2007
    Location
    Undisclosed
    Quote Originally Posted by Kdogg View Post
    Best to consolidate all the shadiness under one umbrella. Wonder if Deutsche Bank wants to join?

    For the startups, having that kind of cash at the bank can be justified. They have little or no revenue so they need the operating funds to be liquid. For the established companies, well they are just dumb.
    Not sure that Deutsche Bank wants a potential buyer going through its loan portfolio during due diligence, even an expedited one.

  18. #3158
    Quote Originally Posted by OldPhiKap View Post
    Not sure that Deutsche Bank wants a potential buyer going through its loan portfolio during due diligence, even an expedited one.
    559abfdd9093d1f3f2f55ea576d03903.jpg

  19. #3159
    Quote Originally Posted by OldPhiKap View Post
    Not sure that Deutsche Bank wants a potential buyer going through its loan portfolio during due diligence, even an expedited one.
    No worries…. It’s one of the primary tasks regulators perform every examination!

  20. #3160
    Join Date
    Sep 2007
    Location
    Undisclosed
    Quote Originally Posted by Jeffrey View Post
    No worries…. It’s one of the primary tasks regulators perform every examination!
    Um . . . yeah.

    529D2B71-1981-410C-8608-09F2CD19BC1D.jpg

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