Just saw this.
Wowza.
Wowza.
SVB Bank Collapse in the US
- Thread starter Evoex
- Start date
Nah, just more of the same. Greed with minimal consequences. If their bet pays off, they collect huge bonuses, if they can delay impact of bad bet huge bonuses, if they get called out on their bad bet golden parachute severance in contract. Executives can't lose. Employees, people with accounts, etc, nobody cares about them.
first crack in the global system .....??
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The Telly is doom and glooming 
....calling for the gold standard next ??
FWIW
www.telegraph.co.uk
....calling for the gold standard next ??FWIW
Silicon Valley Bank collapse could spark the next financial crash – but we cannot bail out failed bankers again
There is a real risk of a full blown bank run
www.telegraph.co.uk
IIRC their deposit guarantees are $250,000 USD, about $350,000 CDN. Ours is $100,000 CDN.
One business owner got a warning from a bank investor and strategically transferred out her money in smaller amounts to avoid lighting the fuse. What will be the domino effect for businesses not so connected?
No money for operations or payrolls > No payroll money and people can't pay mortgages.
One business owner got a warning from a bank investor and strategically transferred out her money in smaller amounts to avoid lighting the fuse. What will be the domino effect for businesses not so connected?
No money for operations or payrolls > No payroll money and people can't pay mortgages.
You are correct.
To emphasize the $100,000 limit applies per depositor, per institution and per insured category.
So if you're sitting on reserves bigger then this in one institution and you're a bit nervous, you may want to move your money around.
How Canadian banks protect your money
Many financial institutions are insured by CDIC. Learn about Canadian bank insurance up to $100,000 and how your money is protected.
www.finder.com
Good reading. I erroneously thought it was each account in the same bank was covered separately.You are correct.
To emphasize the $100,000 limit applies per depositor, per institution and per insured category.
So if you're sitting on reserves bigger then this in one institution and you're a bit nervous, you may want to move your money around.
View attachment 59824
How Canadian banks protect your money
Many financial institutions are insured by CDIC. Learn about Canadian bank insurance up to $100,000 and how your money is protected.
The twist in this is that investment companies tell you not to put all your eggs in one basket but want all your eggs in their basket.
"This Monday, at least 200 firms employing tens of thousands of people will find they can't pay their staff or suppliers because the bank they had an account with has gone bust," the source said.
Between 30% and 40% or UK start-ups employing up to 50,000 people could be affected by the collapse, the source added.
UK scrambles to help tech firms after Silicon Valley Bank collapse
Chancellor Jeremy Hunt says it and the Bank of England are working through the weekend to find a solution.www.bbc.com
Easy for politicians to talk. We'll see if they keep their word.
Once they see the effect on thousands of people and businesses…this tune can change very quickly.
It's not a bailout, it's to ensure stability of the banking sector. Ps. Huge bonuses for all on the taxpayer dime.
Maybe because TECH is what SVB invests in. They were financiers of tech start-ups... which are notorious for a long game payout, and SVB was heavily into US gov bonds, which have been taking a beating as the FED has raised interest rates... and SVB didn't get out fast enough.
OOPS!
There is about $30,000,000,000 USD Canadian exposure
