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odiousgambit
odiousgambit
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March 10th, 2023 at 1:14:00 PM permalink
Quote: DRich

Quote: odiousgambit

Insured depositors are those who had $250,000 or less in an account. If they had more than that, they get a voucher for some of the proceeds when assets are sold. These seem to be referred to as the 'uninsured'

The insured will get their money Monday, or leave it in the bank knowing it's FDIC insured ... at a different bank now



I don't believe that is correct. The FDIC insures deposits up to $250,000. If you had more you are still insured for the first $250k.
link to original post

correct, if I seem to say something else i don't mean to

in any case 'uninsured' is being used, though it seems to mean the amount not insured, not a person, yet I saw that usage
The Dice, the cards, they not only have no sense of justice but are seemingly endowed with a sense of cruel irony. This devolves from the 'nature of random'. Ironically, don't you see. 
ChumpChange
ChumpChange
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March 10th, 2023 at 6:49:03 PM permalink
RT: 🚨BREAKING 🚨

MANY WELLS FARGO CUSTOMERS ARE COMPLAINING THAT MONEY HAS MYSTERIOUSLY DISAPPEARED FROM THEIR ACCOUNTS AND THEIR ACCOUNTS NOW HAVE A NEGATIVE BALANCE $WFC

RT: BREAKING: Many Wells Fargo customers reportedly say their direct deposits and scheduled paychecks were missing from their online accounts this morning.

Wells Fargo Customers Complain About Missing Deposits, Fresh off the Silicon Valley Bank Collapse RedState
https://redstate.com/jenniferoo/2023/03/10/wells-fargo-customers-complain-about-missing-deposits-fresh-off-the-silicon-valley-bank-collapse-n714672

Payroll will be a complete train wreck very soon.
Last edited by: ChumpChange on Mar 10, 2023
LoquaciousMoFW
LoquaciousMoFW
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Thanks for this post from:
Dieter
March 10th, 2023 at 7:07:35 PM permalink
Careful there ChumpChange. Making such a statement without citing a source can get you in criminal legal trouble in some states. There are laws prohibiting dissemination of rumors that promote bank runs.
lilredrooster
lilredrooster
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March 11th, 2023 at 2:13:04 AM permalink
.

it is the 2nd biggest bank failure in the history of the U.S.

customers withdrew $42 billion by the end of Thursday


https://www.cnbc.com/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html


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"believe half of what you see and none of what you hear" - Edgar Allan Poe
AZDuffman
AZDuffman
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March 11th, 2023 at 2:40:45 AM permalink
Quote: lilredrooster

.

it is the 2nd biggest bank failure in the history of the U.S.

customers withdrew $42 billion by the end of Thursday


https://www.cnbc.com/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html


.
link to original post



Per Motley Fool the big thing is they have a lot of low interest mortgage instruments on their books that cannot be cashed until they pay off. They cannot sell any because if they sell even one they have to mark the rest to market which would cause a huge paper loss. Cost of capital has gone up so they are locked in to ongoing losses.
All animals are equal, but some are more equal than others
odiousgambit
odiousgambit
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March 11th, 2023 at 3:08:38 AM permalink
There's really no excuse for allowing yourself to have a portion of your money in a bank uninsured ... not an individual anyway. Companies with big payrolls can get caught.

As for individuals, you shouldn't normally have that much in cash. A married couple with a joint account could have a $500,000 account insured. But if a life event would change that, you would want to open accounts in different banks

Quote: link

The FDIC adds together all single accounts owned by
the same person at the same bank and insures the total
up to $250,000... if a person has a ... deposit at Bank A and has a
... deposit at Bank B, the amounts would each
be insured separately up to $250,000. Funds deposited
in separate branches of the same insured bank are not
separately insured ...



https://www.fdic.gov/resources/deposit-insurance/brochures/documents/your-insured-deposits-english-hr.pdf
The Dice, the cards, they not only have no sense of justice but are seemingly endowed with a sense of cruel irony. This devolves from the 'nature of random'. Ironically, don't you see. 
ChumpChange
ChumpChange
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March 11th, 2023 at 6:22:49 AM permalink
JP Morgan has unrealized losses 3X larger than SVB, on the order of over $45 billion. Bank stocks had a huge run against them yesterday in the tens of billions of dollars. SVB had over $40 billion withdrawn from their accounts just yesterday. Things could escalate into a national bank holiday by the end of next week.
A *MASSIVE* Bank Run *JUST* Started | DO THIS NOW | The 2023 Financial Collapse. - Meet Kevin - YouTube
100xOdds
100xOdds
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March 11th, 2023 at 9:37:18 AM permalink
Quote: ChumpChange

There's a bank that the FDIC closed today, 85% of the deposits are uninsured and it's worth over $200 billion (2nd largest bank failure, behind WaMu in 2008). Contagion is spreading to several other banks with stocks dropping 50%.
Game Over: FDIC Shutters Silicon Valley Bank, Appoints Receiver | ZeroHedge
https://www.zerohedge.com/markets/silicon-valley-bank-crashes-65-halted-pending-news
CNBC and other news outlets are covering what they can of this. Payroll going through this bank may be a problem.

Inverse Cramer says JP Morgan is going down after the real Jim Cramer tweeted JP Morgan is a fortress!
link to original post

what happened? How can a company that's on s&p 500 go from $300+/share to zero in 2 days?
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
ChumpChange
ChumpChange
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March 11th, 2023 at 9:40:11 AM permalink
They were a couple billion short and tried to raise cash. That's the red flag these days. Now everybody who had accounts there will be short huge amounts and defaulting all over the place. There may be over 25,000 startups about to go bankrupt because of this bank, or because of the FDIC limits being too low.
Last edited by: ChumpChange on Mar 11, 2023
lilredrooster
lilredrooster
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March 11th, 2023 at 10:35:28 AM permalink
.

from the linked article:


"So far, most large banks are taking the news in stride.
The Financial Select Sector SPDR select ETF (XLF) is down just 2.1%"


and remember, if there are massive losses the U.S. Government can step in and ease the situation by just borrowing another trillion dollars


ˢᴬᴵᴰ ᴼᴺᴸʸ ᴴᴬᴸᶠ ᴶᴼᴷᴵᴺᴳᴸʸ


the Nasdaq March 23 futures that many traders believe are an indicator of the next trading day's opening performance are down only about 1% from the last trading day
the same is true for the EMini S&P 500 March 23 futures


https://www.investors.com/etfs-and-funds/etfs/silicon-valley-bank-panic-crashes-other-bank-stocks/


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Last edited by: lilredrooster on Mar 11, 2023
"believe half of what you see and none of what you hear" - Edgar Allan Poe

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