#sharktank Kevin O’Leary:
“But what effectively happened over the weekend is that [President Biden] nationalized the American banking system. It’s no longer a risk. It’s no longer private in any sense. It is now backstopped by the government and ultimately the taxpayer. So it doesn’t matter how bad you are as a bank manager. A good example is what happened to Silicon Valley Bank. That was a combination of a negligent board of directors and idiot management. That’s a very powerful cocktail when put together, and it completely wiped out that bank. And that’s what should have happened.”
#kevinoleary #banking #fdic #svb #banks #bankfail

"It came after the bank was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates." If your bank is affected by higher interest rates in such a way as to cause collapse from asset sales, that shows the investment the bank made was poor quality and the asset(s) was toxic. Such an institution should not have existed, and wouldn't, if we hadn't lived in a world of ultra cheap credit. #InterestRatesUS #bankfail #nobailout

https://www.bbc.com/news/live/business-64940883

#JeffJackson #BankFail https://www.reddit.com/r/NorthCarolina/comments/11q9i77/last_night_we_had_an_emergency_zoom_call_with/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

The recent news about the implosion of crypto and Tech Banks brings to mind a particular artist who paints Banks Going Up In Smoke...

#banks #crypto #bankfail
https://www.huffpost.com/entry/accidental-political-arti_n_1088692

The contagion is starting to spread. Big Tech companies like #Roku and #Shopify had deposits with #SVB. Small Y-combinator startups who were with SVB may not be able to make payroll 👀 IPOs are reduced to penny stocks. On Monday, I think there will be even more blood on the streets.

#bankfail #CBC #CBCnews

https://www.cbc.ca/news/business/silicon-valley-bank-failure-1.6775730

Time for a refresher course in Financial Institution Failure. Everyone should watch "To Big to Fail" and "Inside Job". Please know that this all will be larger in scope and more damaging in reality than 2008-2012, but there will be fewer consequences and less stock price punishment because Wall Street is operating on their own set of rules within a bubble. #SVB #BankFail