As the news breaks, I’m writing updates to this article. As of 8:08 this morning, the FDIC and Federal Reserve stepped in.
CNBC: “On a phone call last night, she expressed delight with the FDIC’s decision to make whole deposit holders at that bank. Not just for what it will do for Silicon Valley depositors, but for what it will due for holders of bank savings accounts around the country. The Federal Reserve also stepped in with loans.
Corporations and banks are moral failures.
The Original Unpublished Story from Last Evening
“Wow…the Fed and the US Treasury just became the FDIC backing the entire banking system,” says Wall Street Silver. He linked to this Bloomberg update: “The Fed says its New Bank Term Funding Program, which offers loans to banks under easier terms, is big enough to cover all US uninsured deposits.
He continued. “If all bank deposits are now insured 100% by the US govt … what new moral hazards are we building into the system? If there is zero risk to bank risk managers making lousy decisions…”
Two WOKE banks went down this weekend. Silicon Valley Bank was the first, and Signature Bank was the second. They are the second and third banks to go down. Silvergate Capital was the first, and they wildly invested in Crypto and FTX. First Republic isn’t doing very well and could be next.
Will the US taxpayer indirectly pay?
Silicon Valley Bank Failures
“Silicon Valley Bank (SVB) just went belly up, and America’s ruling class choreographed a taxpayer-backed bailout of wealthy depositors consisting of venture capitalists, internet start-up speculators, climate change grifters, winemakers, woke activists, and media giants such as Roku,” Joseph Bentivegna from Dr. Joe Bentivegna’s Views wrote on substack.
The “corporate overlords and wall street grifters” did this without Congress. They had the laws changed since bailouts mean Americans have a say. Now “unelected bureaucrats” like “Janet Yellen” have a say instead, says Dr. Bentivegna.
You’ll be interested in the background as outlined by the doctor:
“SVB specialized in internet start-ups. But their lending to these start-ups was limited. Most start-ups are financed by venture capitalists. This is a coalition of wealthy investors who give money to internet entrepreneurs in return for stock or a partnership in the company in the hope of reaping a bonanza if the company is successful. These internet start-ups and venture capitalists then placed their money in SVB.”
These Wall Street banks can “speculate at will,” go belly up and get bailed out. Donald Trump would never have allowed this. Zuckerberg, Twitter execs, etc. invested heavily in Democrats. Read the entire piece here.
Focusing on a machine like Dominion is a waste of time. The real corruption is here with the deep-pocketed, immoral, greedy corporations and rogue investors.
However, Janet Yellen said taxpayer dollars will not be used. Let’s see how that works. The government only has taxpayer dollars and, of course, fake money they print up. Will private investors save the day or will the Feds; new FDIC step in?
ESG and WOKE are NOT the main reason these grifters are failures! Don’t focus on it. Read on…
Take Signature Bank
As for Signature Bank, Signature was a commercial bank for lawyers and wealthy investors speculating in real estate and cryptocurrency. They have assets of $100 billion, and their depositors will also be made whole.
“Its clients had included some individuals associated with the Trump Organization, former President Donald J. Trump’s company. The bank lent money to Jared Kushner, Mr. Trump’s son-in-law, and to Mr. Kushner’s father, Charles. It also helped finance Mr. Trump’s Florida golf course,” the New York Times writes. More on that at the end.
Most of its customers had holdings above $250,000. They’re speculators in crypto and too rich to fail!
“The bank also said its digital asset-related client deposits stood at $16.52 billion. Signature was one of the few financial institutions that had opened its doors to taking deposits of crypto assets, a business it entered into in 2018,” The NY Times writes.
“That ended up being a fateful decision because the bottom fell out of crypto assets after the collapse of FTX and an ensuing criminal investigation. Another cryptocurrency-focused bank, Silvergate Bank, was forced to close last week,” The Times said, carefully stating it was “voluntary.”
What they need to do is stop speculating and getting bailed out by any unelected bureaucrat with power!!!
Getting back to the bank’s relationship with Donald Trump. They wanted him to concede after the January 6 rally and riot. He didn’t, and the bank then cut ties with them.
We now have a rogue wealthy class speculating at will, knowing they get bailed out, and they can affect elections, IMO. They can sink the economy doing this. It must stop.
Congress needs oversight again to stop these failures! When you have a president like Joe, this is what you get.
Video of the Fed officials meeting on banks today where they pretend they are going to get tough on the people that caused this … 🤨
— Wall Street Silver (@WallStreetSilv) March 13, 2023
Size of bank failures since 2000
HT u/pranshum pic.twitter.com/iGBJ6qZPEZ
— Wall Street Silver (@WallStreetSilv) March 12, 2023