Unusual Whales

Kevin O'Leary has said he will never buy a bank stock again as Biden "has essentially nationalized the industry"

Kevin O'Leary has said he will never buy a bank stock again as Biden "has essentially nationalized the industry" post-Silicon Valley Bank, per BI. "You have zero risk and that has consequences," O'Leary said. "There's no such thing as

Warren says these bank failures were entirely avoidable if Congress & the Fed had done their jobs and kept strong banking regulations in place since 2018

Elizabeth Warren has said: These bank failures were entirely avoidable if Congress & the Fed had done their jobs and kept strong banking regulations in place since 2018. "Remember after the crash in 2008, we understood that if you don't put pretty strict regulations on these big

Some Americans are claiming Social Security years before full retirement age out of fear their benefits will be cut once the program runs short on cash

Some Americans are claiming Social Security years before full retirement age out of fear their benefits will be cut once the program runs short on cash. Per WSJ: they say they want to get as much in benefits as they can before 2034. That is when the retirement program is

Argentina’s inflation hits 103% year over year

Argentina’s inflation hits 103% year over year. This is the first time since 1991. Per Reuters: Food and drink are among the items that appreciated the most, with a 9.,8% increase in February compared to the previous month, followed by IT and communications (7.8%) and hospitality (7.

Silicon Valley Bank had no Chief Risk Officer for 9 months, from April 2022 until January 2023

Silicon Valley Bank had no Chief Risk Officer for 9 months, from April 2022 until January 2023. Laura Izurieta stepped down from her role as CRO of SVB Financial Group in April 2022, and formally departed the company in October. According to a separation agreement, she exited her role in

Insiders at Silicon Valley Bank sold more than $84 million worth of stock just over the past two years

Insiders at Silicon Valley Bank sold more than $84 million worth of stock just over the past two years, per CNBC. Notably, the US Justice Department and the Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank (SVB), after it was taken over by regulators last week.

ChatGPT-4 has passed the Bar Exam in the 90th percentile

ChatGPT-4 has passed the Bar Exam in the 90th percentile. This is after ChatGPT-4 is announced. The company called it “the latest milestone in its effort in scaling up deep learning.” Pricing is $0.03 per 1,000 “prompt” tokens (about 750 words) and $0.06 per 1,000 “completion”

Moody's has cut the outlook on U.S. banking system to negative

Moody's has cut the outlook on U.S. banking system to negative. "We have changed to negative from stable our outlook on the US banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature

A Russian jet has collided with an US drone in international airspace over Black Sea

A Russian jet has collided with an US drone in international airspace over Black Sea. "Our MQ-9 aircraft was conducting routine operations in international airspace when it was intercepted and hit by a Russian aircraft, resulting in a crash and complete loss of the MQ-9," said U.S.

binance

Binance suspends UK customers' deposits and withdrawals through bank transfers

Per Decrypt Bloomberg suspends deposits and withdrawals for UK customers via bank transfers. In an email sent to customers, it was noted that customers wouldn't be able to use the British pound sterling GBP on their accounts. This is reportedly because of Skrill Limited, Binance's partner

cpi

CPI rose to 6% year-over-year in Feb after 0.5% in Jan

Per Reuters In January, the Customer Price Index increased to 5.6%, but after a 0.4% increase, it now sits at a whopping 6%. These did not include food and energy prices in the computation. Spartan Capital Securities LLC chief market economist Peter Cardillo gave a statement regarding how

META

Meta expects to layoff 10,000 more people, Mark Zuckerberg says

Per Independent After already letting go of a massive chunk of its staff, Meta will reportedly be laying off 10,000 more people, according to Mark Zuckerberg. This comes just four months after it decreased its staff count by 10,000 individuals. To add, 5,000 unfilled roles will be

first republic

First Republic Bank is up by 56% pre-market after recently receiving additional liquidity

Per Barrons First Republic Bank was initially one of the most affected entities when Silicon Valley Bank collapsed. Instead of going silent, the bank announced that it could raise $70 billion in unused liquidity even before receiving funding from the Federal Reserve, per CNBC. As SVB collapsed, the Federal Reserve

sweden

Sweden's biggest pension fund Alecta had its $609 million investment in SVB drop to just $279 million

Per CNBCTV18 Alecta, Sweden's biggest pension fund, has lost money on Silicon Valley Bank. The fund's initial investment was $609 million, but after the bank collapsed, it was worth just $279 million. Aleca reportedly oversees assets worth over $104 billion, and in 2022, the fund decided

Big banks say they are seeing increase in volume of people opening accounts

JPMorgan Chase, $JPM, Citigroup, $C, and other large financial institutions are being inundated with requests from customers trying to transfer funds from smaller lenders, per FT. “The top six banks in the US are and have been too big to fail, the financial crisis over 10 years ago demonstrated that,

Barney Frank said: I think part of what happened was that regulators wanted to send a very strong anti-crypto message

Barney Frank said: I think part of what happened was that regulators wanted to send a very strong anti-crypto message He is a board member and Former congressman. His full comment: “I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” said board

Michael Burry has said that this crisis could resolve very quickly

Michael Burry has said that this crisis could resolve very quickly. I am not seeing true danger here. Yesterday, he said: 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. Last week,

WSJ oped discusses why Silicon Valley Bank failed

A select blurb from the article states, per WSJ: "Here’s an important lesson for companies in trouble: On Thursday, Mr. Becker told everyone to “stay calm.” That never works, ever since Kevin Bacon’s character in “Animal House” told everyone, “Remain calm. All is well,” as chaos ensued.

White House: This is not a bailout. This is not 2008.

White House: This is not a bailout. This is not 2008. 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 address problems at Silicon

Layoffs by U.S. companies over January and February touched the highest since 2009

Layoffs by U.S. companies over January and February touched the highest since 2009, with the tech sector accounting for more than a third of the over 180,000 job cuts announced, per Reuters. The number of Americans filing new claims for unemployment benefits rose 21,000 in the week

Median bank account balance in the US is $5,300

Median bank account balance in the US, per Charlie Bilello: $5,300. Meanwhile FDIC insurance limit is $250,000. On average, U.S. households saved $41,600 in 2019. However, there was substantial variation in average checking and savings account balances based on age, household income, and education level. For

Morgan Stanley, MS, says sell any bounce on this government intervention, next leg of bear market's begun, per CNBC

Morgan Stanley, $MS, says sell any bounce on this government intervention, next leg of bear market's begun, per CNBC. In March 2, Morgan Stanley's Mike Wilson gives his thoughts on the current state of the stock market, saying it is now in a "death zone&

Ken Griffin of Citadel has said because the Federal Reserve intervened in Silicon Valley Bank, "US capitalism is ‘breaking down before our eyes," per FT

Ken Griffin of Citadel has said because the Federal Reserve intervened in Silicon Valley Bank, "US capitalism is ‘breaking down before our eyes," per the Financial Times. “The US is supposed to be a capitalist economy, and that’s breaking down before our eyes,” he said in an

The US system of Federal Home Loan Banks, a key source of cash for regional banks, is seeking to raise about $64 billion through the sale of short-term notes

The US system of Federal Home Loan Banks, a key source of cash for regional banks, is seeking to raise about $64 billion through the sale of short-term notes, per Bloomberg. This is developpng. Additionally, the FDIC has said: no losses for Silicon Valley Bank will be borne by the

first republic

First Republic bank is down by 77% despite receiving additional liquidity from the Feds and JPMorgan Chase

Per CNBC First Republic bank is one of the latest banks to see its stock drop by significant amounts after the collapse of Silicon Village Bank. As of press time, its shares have fallen by 77%, dropping by $62.59 to just $19.00. This came despite the First Republic