FDIC: no losses for Silicon Valley Bank will be borne by the taxpayer

FDIC has said: no losses for Silicon Valley Bank will be borne by the taxpayer. Biden also said: I am committed to "holding those responsible for this mess fully accountable." He fully said: At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to

David Sacks says there are two tier systems of banks

David Sacks has said: The Fed may or may not realize it but it has created a two-tier banking system: 1. Tier 1: Systemically Important Banks. These are the "too big to fail" biggest banks. If you have money there, it's a true deposit. You can&

Biden: I am committed to "holding those responsible for this mess fully accountable"

Biden said: I am committed to "holding those responsible for this mess fully accountable." He fully said: At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a solution

Coinbase, $COIN, said it had $240 million balance at Signature Bank, $SBNY, which has just been closed by State authorities

Coinbase, $COIN, said it had $240 million balance at Signature Bank, $SBNY, which has just been closed by State authorities. Coinbase said: Despite the turbulence we have seen in the traditional banking sector recently, Coinbase continues to operate as usual. At Coinbase all client funds continue to be safe and

Michael Burry has said 2000, 2008, 2023... people full of hubris and greed take stupid risks and fail. Money is then printed.

Michael Burry has said 2000, 2008, 2023... people full of hubris and greed take stupid risks and fail. Money is then printed. Because it works so well. Three days ago, Michael Burry said: it is possible today we found our Enron. On Jan 31, in his first tweet since coming

The Treasury says it sees some institutions with issues similar to Silicon Valley Bank

The Treasury says it sees some institutions with issues similar to Silicon Valley Bank, per Bloomberg. Additionally a US Treasury official says this situation is not 2008 and firms are not being bailed out. Today, Federal Reserve announces new emergency bank term funding program. The Federal Reserve board on Sunday

Silicon Valley Bank depositors will have access to all their money Monday

Silicon Valley Bank depositors will have access to all their money Monday. Federal Reserve has announced a new emergency bank term funding program. 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

Federal Reserve announces new emergency bank term funding program

Federal Reserve announces new emergency bank term funding program. 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. To provide liquidity to US Depository institutions, each federal

Signature Bank, $SBNY, has been closed by State authorities

Signature Bank, $SBNY, has been closed by State authorities. The Fed has said: 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

Full joint statement by Treasury, Federal Reserve and FDIC on Silicon Valley Bank

They said: 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

Almost 30,000 Amazon, $AMZN, employees have signed an internal petition opposing the company’s new return to office mandate

Almost 30,000 Amazon, $AMZN, employees (or roughly 10% of corporate workforce) have signed an internal petition opposing the company’s new return to office mandate, per BI. The new mandate requires most office workers to come into the office at least 3 times a week starting in May. A

US regulators overseeing the emergency breakup of Silicon Valley Banky Financial Group are racing to sell assets and make a portion of clients’ uninsured deposits available as soon as Monday

US regulators overseeing the emergency breakup of Silicon Valley Banky Financial Group are racing to sell assets and make a portion of clients’ uninsured deposits available as soon as Monday, per Bloomberg. Notably, hedge funds including Oaktree are offering to buy startups’ deposits that they are unable to access at

Hedge funds are offering to buy startups’ deposits that they are unable to access at Silicon Valley Bank for as little as 60 cents on the dollar

Hedge funds including Oaktree are offering to buy startups’ deposits that they are unable to access at Silicon Valley Bank for as little as 60 cents on the dollar, per Semafor. Bids range from 60 to 80 cents on the dollar, the report said adding that the range reflects expectations

Regulators are requesting Silicon Valley Bank employees to stay on for the next 45 days, at 1.5x their current salary

Regulators are requesting Silicon Valley Bank employees to stay on for the next 45 days, at 1.5x their current salary. Hourly workers will be paid double if they work overtime. Employment for all is contingent on “acceptable performance," per TechCrunch. Becker wore a black zip-up jacket with a

The FDIC and Federal Reserve are weighing creating a fund that would allow the regulators to backstop more deposits at banks

The FDIC and the Federal Reserve are weighing creating a fund that would allow the regulators to backstop more deposits at banks that run into trouble following Silicon Valley Bank’s collapse, per Bloomberg. Regulators discussed the new special vehicle in conversations with banking executives and hope such a measure

Silicon Valley CEO Greg Becker left a message to employees after the collapse

Becker wore a black zip-up jacket with a logo from Gleneagles, a luxury golf resort in Scotland, Silicon Valley Bank’s CEO, Greg Becker, reportedly sent this to employees after the collapse of the bank. "My unfair ask is can you guys just hang around, try to support each

Mark Cuban: The Fed should IMMEDIATELY buy all the securities/debt the [Silicon Valkey Bank] owns at near par

Mark Cuban has said: The Fed should IMMEDIATELY buy all the securities/debt the [Silicon Valkey Bank] owns at near par, which should be enough to cover most deposits. Any losses paid for in equity and new debt from the new bank or whoever buys it." He also said:

Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, before the bank collapsed and was seized

Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, BEFORE the bank collapsed and was seized, per Axios. The bonuses were for work done during 2022, and were previously scheduled to be disbursed on March 10. Axios reports some bonuses were not paid as they

The CEO of Silicon Valley Bank was on the board of directors of the Federal Reserve Bank of San Francisco

The CEO of Silicon Valley Bank was on the board of directors of the Federal Reserve Bank of San Francisco. On Friday, SVB Financial Group Chief Executive Officer Greg Becker was no longer a director of the Federal Reserve Bank of San Francisco, according to a Fed spokesman. He became

Previous Silicon Valley Bank executive worked at Lehman Brothers'

This is truly unusual. Meet Joseph Gentile. He was the Chief Administrative Officer at Silicon Valley Bank. Prior to joining the firm in 2008, he served as the CFO for Lehman Brothers’ Global Investment Bank. Lehman Brothers' collapsed in 2007. His bio further says: Prior to that, he served

Numerous corporate executives sold Silicon Valley Bank, SIVB, stock before the collapse

Before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of stock within the last two weeks. This was part of their trading plans, the 10-51-b plans. Gregory Becker, CEO, sold 11% on Feb 27, 2023. Michael Zucker, General Counsel, 19% on Feb 5. Daniel Beck,

Circle of USDC has said that $3.3 billion of the $40 billion of USDC reserves are at Silicon Valley Bank

Circle of USDC has said that $3.3 billion of the $40 billion of USDC reserves are at Silicon Valley Bank. Their full tweets read: Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of

Elon Musk just said he is "open to the idea" to buy Silicon Valley Bank and become a digital bank

Elon Musk just said he is "open to the idea" to buy Silicon Valley Bank and become a digital bank. Recently, he purchased Twitter for $44 billion, saying Twitter will likely become cash positive. As of December, roughly 95% of Silicon Valley Bank's deposits were FIDC

NYPD reportedly were called to Silicon Valley Bank branch as depositors attempt to pull cash

NYPD reportedly were called to Silicon Valley Bank branch as depositors attempt to pull cash, per NYP. Meanwhile, America's 4 top banks - JPMorgan, $JPM, Bank of America, $BAC, Wells Fargo, $WFC, and Morgan Stanley, $MS -  had $55 billion wiped off their market value in a single

America's 4 top banks - JPMorgan, $JPM, Bank of America, $BAC, Wells Fargo, $WFC, and Morgan Stanley, $MS - had $55 billion wiped off their market value

America's 4 top banks - JPMorgan, $JPM, Bank of America, $BAC, Wells Fargo, $WFC, and Morgan Stanley, $MS -  had $55 billion wiped off their market value in a single day on Thursday, per BI. Meanwhile, Silicon Valley Bank has collapsed, the largest bank since 2008. Silicon Valley