Silicon Valley Bank collapses

[soulman101]

https://www.express.co.uk/finance/ci...on-Valley-Bank

[phild]

Should we panic? This story seems to be gaining traction and it only takes a few not to hold their nerve then a run on these banks begins.

[Dubbag]

Problem for this bank began when they tried to unwind some assets (Government bonds)and suffered large losses owing to the steep recent rise in interest rates on gilt edged bonds.
Lots of banks are sitting on losses so we shall see how honesty they are.
Interesting this bank wanted a relaxing of regulations that were put in place after the last bank hi-jacking of tax payers money.
Hold on tight....there will be bail outs again...🥱🥱🥱

[soulman101]

2nd bank has gone , Signature bank failed the weekend.
The CEO of the Silicon valley bank sold £3.5m off his assets 2 weeks ago.

[Dubbag]

Credit Swiss getting €45 billion loan...😂😂😂from central bank. Most likely for bonuses. Switzerland's second largest lender is the first major global bank to be given such a lifeline since the 2008 financial crash. The bank said it was "taking decisive action to pre-emptively strengthen its liquidity

[DaveP67 is back!]

This is bad news, our pension pots are invested in the markets, runs on banks is the worst think that can happen as it acts like a black hole sucking in other businesses. Let’s hope this is as far as it goes if not it’s back to the disaster that was 2008!

[Dubbag]

Another one....
Wall Street giants move to rescue First Republic Bank.
Only $30 billion this one.

[Dubbag]

Looks like the $45 Billion is not enough.
Credit Suisse, which was founded in 1856, has faced a string of scandals in recent years, including money laundering charges.

It reported a loss of 7.3bn Swiss francs ($7.9bn; £6.5bn) in 2022 - its worst year since the financial crisis of 2008 - and has warned it does not expect to be profitable until 2024.

Plus UBS want Swiss government to cover the costs of $6 Billion for deal.
Yes. Capitalism is the answer alright.

[Dubbag]

Credit Swiss has been bailed out for $3 billion by UBS.
WHAT IS MOST INTERESTING?
With a big fat insurance scheme attached to it so it does not make any risky losses. Called Government support. 🥱🥱
And $30 Billion put aside for another regional bank in USA looks now to be crumbling too.
Perfect storm...💥💥💥

[Dubbag]

Mark Klienman from Sky writes.....
This government-orchestrated rescue does avert the collapse of a major global bank but while it might be tempting to believe this draws a line under this banking crisis, remember that a week ago HSBC stepped in to buy the British arm of Silicon Valley Bank for £1 after its American parent collapsed, and a number of other mid-sized US banks have been forced to seek emergency support in the last 10 days.
Not even 15 years from the last banking crises.

Now remember, let's argue to fcuk over an 8% pay rise from workers but write a blank cheque for our friends who just got a big bonuses.
Enjoy your cornflakes...😕