|
“Less than well-capitalized” is a pro-tier euphemism.
|
#
?
Mar 2, 2023 21:02
|
|
|
|
| # ? May 30, 2024 00:41 |
|
|
WithoutTheFezOn posted:“Less than well-capitalized” is a pro-tier euphemism. for "broke" Sorry I will not be paying my rent this quarter due to the unforeseen circumstance of my financial position's status as less than well-capitalized.
|
|
#
?
Mar 2, 2023 21:06
|
|
|
fwiw, "other-than-temporary impairment" sounds like a euphemism, but it is in fact an official jargon phrase that is defined by the FDIC guidance. amy and i are busy putting together a post about what the gently caress just happened here
|
|
#
?
Mar 2, 2023 21:11
|
|
|
PhazonLink posted:what is the other bank? SBNY, I think. It got mentioned w/ Silvergate on the previous page of the thread. CSM posted:https://twitter.com/Cryptadamist/status/1631076767438979079?t=OCFrrp7_pGSKoivyaWf9pw&s=19
|
|
#
?
Mar 2, 2023 21:12
|
|
|
Don't you all feel reassured when your investment platform Tweets reassurances that they totally still have all your money?? I don't see Vanguard doing that!
|
|
#
?
Mar 2, 2023 21:14
|
|
|
WithoutTheFezOn posted:“Less than well-capitalized” is a pro-tier euphemism. "continue as a going concern" is also pretty good.
|
|
#
?
Mar 2, 2023 21:15
|
|
|
Popete posted:Don't you all feel reassured when your investment platform Tweets reassurances that they totally still have all your money?? Vanguard is so old-fashioned they're not even on Web2!
|
|
#
?
Mar 2, 2023 21:15
|
|
|
PhazonLink posted:what is the other bank? Signature Bank.
|
|
#
?
Mar 2, 2023 21:17
|
|
|
divabot posted:fwiw, "other-than-temporary impairment" sounds like a euphemism, but it is in fact an official jargon phrase that is defined by the FDIC guidance. whoa what just happened here?
|
|
#
?
Mar 2, 2023 21:22
|
|
|
jokes posted:Vanguard is so old-fashioned they're not even on Web2! its why I trust them so make my money boring please
|
|
#
?
Mar 2, 2023 21:44
|
|
|
divabot posted:fwiw, "other-than-temporary impairment" sounds like a euphemism, but it is in fact an official jargon phrase that is defined by the FDIC guidance. it looks like matt levine's latest newsletter addresses it pretty well, with the additional note that everyone is reading the news right now and making phone calls to get their money out of Silvergate right the gently caress now and so silvergate is definitely going to have a lot less deposits tomorrow than it does today basically it had a synthetic bank run, caused by all of its deposits being ftx linked, and now it has a real bank run, caused by it being public knowledge it's hosed
|
|
#
?
Mar 2, 2023 21:47
|
|
|
USBank has basically stepped the hell away from anything crypto lately - they were one of the first to advertise looking into custodial services, but never did any form of crypto lending stuff. On the flip side I suspect Ally might get impacted, I saw it referenced in some of the SBNY/Silvergate stuff + also managing to be one of the biggest auto lenders in the US at the same time.
|
|
#
?
Mar 2, 2023 22:08
|
|
|
Popete posted:"continue as a going concern" is also pretty good. both of them are formally defined terms in US accounting standards, which is why they strike that sweet spot of oblique-but-accurate. Technically correct so that you get the point across clearly to anyone paying attention, not so blunt that it's so easy for a newspaper to jam into a punchy and scary headline
|
|
#
?
Mar 2, 2023 23:08
|
|
|
Being a banker is basically a license to print money, you can't fail unless the mortgage market crashes and then you just get bailed out anyways. Why would you gamble on shiba inu coins when you've already won a free ticket to being a billionaire
|
|
#
?
Mar 2, 2023 23:29
|
|
|
Not mentioned in the thread yet is the extremely suspicious "trillion dollar" payment network Silvergate was running between a bunch of crytpo companies: certainly nothing could go wrong with this offering:  (from presentation here: https://s23.q4cdn.com/615058218/files/doc_presentations/2022/11/Silvergate-Investor-Presentation-November-2022.pdf)
|
|
#
?
Mar 2, 2023 23:38
|
|
|
VitalSigns posted:Being a banker is basically a license to print money, you can't fail unless the mortgage market crashes and then you just get bailed out anyways. elon cause the inu coins. Also flashy poo poo SBF was doing it was literally fear of missing out and poo poo
|
|
#
?
Mar 2, 2023 23:45
|
|
|
maybe im jumping at shadows, but when the thumbnail is shrunk it looks vaguely nazi-ish
|
|
#
?
Mar 2, 2023 23:59
|
|
|
drk posted:Not mentioned in the thread yet is the extremely suspicious "trillion dollar" payment network Silvergate was running between a bunch of crytpo companies: lmfao  so, they dont manage risk at all
|
|
#
?
Mar 3, 2023 00:28
|
|
|
ellie the beep posted:so, they dont manage risk at all The presentation is dated Sept 30 2022, when "less than well collateralized" would be extremely charitable to any bitcoin loans made earlier that year. Bitcoin was down >60% at that point, and still hasnt recovered.
|
|
#
?
Mar 3, 2023 00:39
|
|
|
VitalSigns posted:Being a banker is basically a license to print money, you can't fail unless the mortgage market crashes and then you just get bailed out anyways. because they're greedy fuckheads op, as you can tell by them getting into crypto here is amy and me explaining this dumb poo poo - with some stultifying detail!!
|
|
#
?
Mar 3, 2023 00:39
|
|
|
PhazonLink posted:maybe im jumping at shadows, but when the thumbnail is shrunk it looks vaguely nazi-ish  is anyone else seeing this????
|
|
#
?
Mar 3, 2023 00:58
|
|
|
Strumpie posted:
https://www.youtube.com/watch?v=3ldeqRU9XNw
|
|
#
?
Mar 3, 2023 01:19
|
|
|
PhazonLink posted:maybe im jumping at shadows, but when the thumbnail is shrunk it looks vaguely nazi-ish I think you've trained your brain to associate round figures containing thick black lines with swastikas.
|
|
#
?
Mar 3, 2023 01:33
|
|
|
stock traders, is this good edit: better pic
|
|
#
?
Mar 3, 2023 02:31
|
|
|
drk posted:stock traders, is this good lmao instead of "to the moon" it's "straight into the ground"
|
|
#
?
Mar 3, 2023 02:36
|
|
|
drk posted:stock traders, is this good who even held stock in silvergate though
|
|
#
?
Mar 3, 2023 02:37
|
|
|
orange juche posted:who even held stock in silvergate though You, if you hold a US stock index fund (its part of VTSAX, for example) The wheels of justice grind a little slow, but fortunately sketchy banks imploding has happened before, so the banking system will be fine. The companies using Silvergate's proprietary money laundering API might not be so fortunate.
|
|
#
?
Mar 3, 2023 02:47
|
|
|
drk posted:Basically FTX and others left them with huge losses last year, leaving them potentially "less than well capitalized", which is not a statement you want to be making as a bank. "Other-than-temporary impairment on the securities portfolio" is also a masterful turn of phrase since what it actually means is many of their customers recently went bankrupt after losing a massive of money in the course of doing various crimes. I skimmed the 10-Q but couldn't quite figure out specifically what the "impaired securities" were - securitized loans to crypto exchanges? Or is the "impairment" a result of having to dump plain-vanilla stuff like bonds and mortgages to meet cash withdrawals? It doesn't seem like they were holding any shitcoins directly on their balance sheet, but maybe that's something they wouldn't publish in a mandatory report to the SEC? Even though that definitely seems like it would be legally questionable, to say the least. I'm curious because, even though it seems like the Howey test governs all when it comes to what is and isn't a security, I wonder if something like this could be evidence to establish a precedent and fuel future prosecutions. "Your honor, this particular pack of idiots in 2022 treated these things as though they were securities, and look how many people they ended up screwing over..."
|
|
#
?
Mar 3, 2023 03:19
|
|
|
drk posted:stock traders, is this good good if you shorted it yesterday!!
|
|
#
?
Mar 3, 2023 03:26
|
|
|
istewart posted:I skimmed the 10-Q but couldn't quite figure out specifically what the "impaired securities" were - securitized loans to crypto exchanges? Or is the "impairment" a result of having to dump plain-vanilla stuff like bonds and mortgages to meet cash withdrawals? It doesn't seem like they were holding any shitcoins directly on their balance sheet, but maybe that's something they wouldn't publish in a mandatory report to the SEC? Even though that definitely seems like it would be legally questionable, to say the least. Matt Levine has a long and predictably good take in his latest newletter. Too long to put here, but here's probably the most relevant bit quote:But Silvergate is having a real run on the bank! It has lost money, not by making dumb Bitcoin loans — the Bitcoin loans are fine — but by doing the normal business of banking, borrowing short (taking deposits from crypto firms) to lend long (buying Treasuries and munis). Silvergate’s assets are real boring normal stuff, and if its depositors had kept their money at Silvergate, its bonds would have matured with plenty of money to pay them back. Instead, the depositors demanded their money back all at once, and Silvergate had to dump its long-term assets at big losses to repay them.
|
|
#
?
Mar 3, 2023 03:35
|
|
|
Situation Normal, Funds All Safe
|
|
#
?
Mar 3, 2023 06:00
|
|
|
Emptying my bank accounts and stashing money under my solid gun mattress out of an abundance of caution
|
|
#
?
Mar 3, 2023 06:30
|
|
|
Don't banks tend to have underwriting arrangements with other banks to avoid bank-run-triggered collapses?
|
|
#
?
Mar 3, 2023 07:11
|
|
|
Watching bitcoin drop like a rock yesterday around 5 pm was fun. I wonder if it had anything to do with slivergate
|
|
#
?
Mar 3, 2023 16:55
|
|
|
Ups_rail posted:Watching bitcoin drop like a rock yesterday around 5 pm was fun. Nothing has ever anything to do with anything related to bitcoin. The number goes up and down randomly for no discernible reason. When it happens at the same time as something you would expect to affect a real currency, it's pure coincidence.
|
|
#
?
Mar 3, 2023 17:18
|
|
|
A mean lady wrote a mean letter to CZ more or less accusing Binance and CZ personally of doing various crimesa US senator posted:In the few years since its founding, Binance has laundered billions in crypto, moving at least $10 billion to criminals and sanctions evaders. This is no accident. It appears that money laundering is central to Binance’s business strategy – so much so that Mr. Zhao himself has directed his so-called ‘compliance’ team to substantially weaken the platform’s anti-money laundering controls, or do away with them completely. Binance staff, including its Chief Compliance Officer and former Global Money Laundering Reporting Officer, expressed concern about the company’s “weak” know-your-customer (KYC) checks. Mr. Zhao ignored these worries. In fact, the company’s Chief Compliance Officer advised colleagues that Mr. Zhao wanted “no kyc,” and for “users to be able to trade within 10 minutes of signing up,” presumably bypassing the collection of identifying information. In messages sent via encrypted messaging service Telegram, the Chief Compliance Officer wrote, “Reduce KYC. Raise Limits. BEST COMBO.” https://www.warren.senate.gov/imo/media/doc/2023.03.01%20Letter%20to%20Binance%20and%20Binance.US%20re%20Compliance%20and%20Risk.pdf
|
|
#
?
Mar 3, 2023 19:35
|
|
|
drk posted:A mean lady wrote a mean letter to CZ more or less accusing Binance and CZ personally of doing various crimes will fiatailure jealousy never cease
|
|
#
?
Mar 3, 2023 19:51
|
|
|
Prelminary Analysis of Shortfalls at FTX.com https://www.scribd.com/book/629154802 $9 billion is missing
|
|
#
?
Mar 3, 2023 20:10
|
|
|
lmao just an unfathomable amount of money entrusted to morons capitalism.txt
|
|
#
?
Mar 3, 2023 20:24
|
|
|
|
| # ? May 30, 2024 00:41 |
|
|
spf's crimes can only go up uP UP!
|
|
#
?
Mar 3, 2023 20:24
|
|