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pmchem posted:Well, I'd like to see ol Donny Trump wriggle his way out of THIS jam! Pretty much, I'm pretty sure if he somehow seriously makes a run at the Presidency though he will get tossed out on his face, because he has years and years of ready written attack ads against him at this point. (He's absolutely going to split the Republican party in 2024 lol)
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Mar 10, 2023 04:49
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Hoping he goes to jail, but dang still absurd to step back and see that a former president is getting indicted for hush money to a porn star, and shrug and think yeah that sounds like him. It’s not even the lead story on all news sites.
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Mar 10, 2023 04:57
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This is the first of many prosecutions coming his way in the next few months. He may be able to dodge some or most of them, but I doubt all of them.
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Mar 10, 2023 05:02
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The funniest thing is if he runs from jail debs style and wins
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Mar 10, 2023 05:02
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Oh please please please
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Mar 10, 2023 06:09
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Wrong Theory posted:Between cartel and Sicario chat I really want to play GR Wildlands again. Baby makes three! A friend of mine talked me into playing that co-op with them not too long ago, and it was... alright? If nothing else, it did a good job of showing how (up to) four well-trained idiots could destabilize a cartel, given sufficient resources and helicopter call-ins.
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Mar 10, 2023 06:39
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Vincent Van Goatse posted:Oh please please please 
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Mar 10, 2023 06:56
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it'd be hella ironic if illegal drugs are so important to the world economy that repealing prohibition caused some new and deeper level of systemic collapse
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Mar 10, 2023 09:23
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I want to live in hope, OK?
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Mar 10, 2023 09:31
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So the walls are closing in and Trump is increasingly isolated right? Guess this will be the hardest six months of his presidency then. He'll never wriggle his way out of this jam.
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Mar 10, 2023 13:23
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bird food bathtub posted:So the walls are closing in and Trump is increasingly isolated right? Guess this will be the hardest six months of his presidency then. He'll never wriggle his way out of this jam. Oh well... nonetheless...
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Mar 10, 2023 13:28
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The New York case is the weirdest because it's the Stormy Daniels $130k payment case and the same DA passed on charges before. It's also a misdemeanor that could get trumped-up (ugh) into a felony if they somehow prove it was directly intended to be election-related. And it's kinda close to the statute of limitations. So it's really, really loving odd, like there's new evidence or something changed in the very recent past. Maybe because of the Trump Org civil conviction? There's way more meat on the Fulton County (GA) and Special Counsel cases so this one really does rate around a strawberry on the jam wriggling-o-meter. Maybe they got a crimes.txt email from someone? 
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Mar 10, 2023 13:30
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yeeeeesh https://twitter.com/Dave_Boucher1/status/1634207244421144576?t=057JNqYxvnLDV7dxmToY2g&s=19 and... yeesh? I don't really know, but gently caress that sounds pretty close. https://twitter.com/broderick/status/1634198508512194562?t=-bd1LccX8r63iraFEfEBbg&s=19
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Mar 10, 2023 16:06
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I was going to ask y'all just what the gently caress Silicon Valley Bank actually loving was, because everyone is speaking gibberish about it and none of it penetrates my brain. But lol they're gone now, officially a failed bank taken over by the FDIC: https://twitter.com/kgreifeld/status/1634234151783022606?t=H5yng8MG__44t8o02wPJhA&s=19 I think they were just a 17-branch bank that catered specifically to silicon valley venture capital tech bro speculation and now they're the first dead insured bank since the early pandemic. RIP whatever the gently caress that bank was!
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Mar 10, 2023 17:51
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facialimpediment posted:I was going to ask y'all just what the gently caress Silicon Valley Bank actually loving was, because everyone is speaking gibberish about it and none of it penetrates my brain. They invested a significant amount in Crypto. You can guess from there what happened. They got tied at the hip with Silvergate: https://www.cnbc.com/2023/03/10/crypto-bank-signature-slides-on-friday-amid-troubles-at-silicon-valley-bank-silvergate.html
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Mar 10, 2023 17:53
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It is - was - apparently America's 16th largest bank, so 17 branches or not this is going to be a ride.
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Mar 10, 2023 17:59
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CommieGIR posted:They invested a significant amount in Crypto. You can guess from there what happened. They got tied at the hip with Silvergate: loving cryptocurrency, I swear it's the sovereign citizens of the financial world. It never matters how many brick walls of reality that poo poo slams in to, it just keeps right on trucking. "It can't be that stupid you must be explaining it wrong" indeed.
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Mar 10, 2023 18:05
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facialimpediment posted:I was going to ask y'all just what the gently caress Silicon Valley Bank actually loving was, because everyone is speaking gibberish about it and none of it penetrates my brain. They catered to startups, providing early stage funding, but also advice and connections. Close to venture capital. When I talked to them their people made it sound like they were a step closer to more traditional banks and thus a step more conservative in their investments than traditional venture cap. They also had an investment arm in wine in Napa and a presence in Isreal to catch Israeli startups among other places. lightpole fucked around with this message at 18:10 on Mar 10, 2023 |
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Mar 10, 2023 18:05
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Squiggle posted:It is - was - apparently America's 16th largest bank, so 17 branches or not this is going to be a ride. Finally found some numbers in relation to the potential losses and loving lol on a stick: https://twitter.com/business/status/1634211584657571843?t=E2FA1NdGyzW5MQCZ6UlMpA&s=19 Shocking development that the bank went kablooey when all the startups decided to call a bank run and pulled whatever the gently caress they could still access.
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Mar 10, 2023 18:09
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facialimpediment posted:I was going to ask y'all just what the gently caress Silicon Valley Bank actually loving was, because everyone is speaking gibberish about it and none of it penetrates my brain. They were doing pretty normal boring bank poo poo but for whatever reason almost all their depositors were SV startup companies, it's the bank all the startups used for their business banking accounts and they all piled into the exit at the same time.
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Mar 10, 2023 18:43
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"Charges filed against Trump in overdue parking fines investigation"
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Mar 10, 2023 19:29
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shame on an IGA posted:They were doing pretty normal boring bank poo poo but for whatever reason almost all their depositors were SV startup companies, it's the bank all the startups used for their business banking accounts and they all piled into the exit at the same time. Looks like boring bank poo poo at a hilariously bad time: https://twitter.com/mbdailyshow/status/1634225065129660421?t=CuKH0B0urjNQmAhHwqoB4A&s=19 VCs stopped getting funding when interest rates went up, so the bank didn't get consistent deposits to make up for the $80B they tied up at a now-poo poo rate. So, the bank started selling those at a loss to free up money, but still didn't get enough to get eaten by the run.
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Mar 10, 2023 19:46
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I realize this article doesn't say anything new, but seeing it all nicely compiled together was pretty  https://www.bbc.com/news/world-us-canada-61084161
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Mar 10, 2023 20:18
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The SVB thing is having some chain reaction effects already as the scramble to re-finance hits up every other bank. My wife is trying to sell her company right now, and even though she wasn't with SVB (they were dicks to her on the last startup she ran), the chaos is holding stuff up for every other bank, too.
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Mar 10, 2023 20:26
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facialimpediment posted:Looks like boring bank poo poo at a hilariously bad time:
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Mar 10, 2023 20:29
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https://twitter.com/RepSwalwell/status/1634258231718494208?t=P--qnCfgsUneNf2qjbjweA&s=19 Get hosed with this idea. They get $250k that FDIC guarantees and not a penny more from the Feds
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Mar 10, 2023 20:53
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Kaiser Schnitzel posted:There’s a pretty good chance this will become a larger and more common problem as interest rates keep rising. Deposits are suddenly expensive for banks and yeah, banks bought a lot of different securities (including very safe treasury bonds) that pay crap now. They may have to sell those at a loss to pay depositors’ interest. Businesses are still fairly flush with cash from the pandemic and don’t need to borrow money, new mortgages are slowing and likely to continue to slow with higher interest rates so banks’ interest income isn’t great either. Even conservative, well-managed banks might be in a for a rough time. dunno, this is why regulations are so strict on GSIB's and most other regional banks don't have the same panicky social media client base as SVB. the biggest bank of them all, JP Morgan Chase, is green today
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Mar 10, 2023 21:07
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the scale of withdrawals from SVB must have been enormous, they only took an 8.5% loss on the last round of bonds they sold and that was enough to kill the bank
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Mar 10, 2023 21:11
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Companies need a place to put their money, thus SVB. You would be liquidating a lot of companies letting this stand overnight. The 250k limit is just FDIC max since most normal people would be covered. Companies would be ripping their money out of there.
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Mar 10, 2023 21:20
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a lot of the >$250k uninsured amounts will be covered as the bank's assets get liquidated
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Mar 10, 2023 21:30
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pmchem posted:a lot of the >$250k uninsured amounts will be covered as the bank's assets get liquidated True but this is a slow process, companies, especially startups, can't wait and need access funds.
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Mar 10, 2023 21:43
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https://twitter.com/CoinDesk/status/1634277243487768579?t=6laAbw-OmczYgFCr2_sXgA&s=19 lol that another exchange-like homogenate is getting hosed by the bank failure, instead of actively contributing to the failure though a lot of that tied up venture capital was probably crypto-adjacent
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Mar 10, 2023 21:53
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The fact that FDIC took direct receivership and couldn't wait until after close of business Friday means it must have been dire, they usually fail banks over the weekend so another bank can buy their stuff up without disrupting stuff as badly. Absolutely hilarious.
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Mar 11, 2023 00:13
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Garry Tan Ycombinator CEO on CNBC live: * 1/3 of YC's 3,000 startups (so 1k companies) unlikely to make payroll * founders asking if they need to furlough employees * Rippling not sending money, it's bad! * If SVB is your only bank, it's an existential risk, that starts Monday https://twitter.com/crupicrupicrupi/status/1634321772592939009?s=20 Kesper North fucked around with this message at 00:19 on Mar 11, 2023 |
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Mar 11, 2023 00:17
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Midjack posted:The fact that FDIC took direct receivership and couldn't wait until after close of business Friday means it must have been dire, they usually fail banks over the weekend so another bank can buy their stuff up without disrupting stuff as badly. Absolutely hilarious. I wouldn't be surprised if the bank alerted them of a pending issue that initiated the response.
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Mar 11, 2023 00:22
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CommieGIR posted:I wouldn't be surprised if the bank alerted them of a pending issue that initiated the response. FDIC people were apparently at the bank yesterday, so that's probably when most of the emergency planning was done. But one thing I really don't know about - can big businesses even have guarantees on their funding when banks fail? Like obviously the FDIC covers the $250k, but is the business backstop for accounts above that simply that some other bank would jump in and buy the failed bank? Incidentally, another factor into why this all happened - Trump, Republicans, and SVB's CEO killed off Dodd-Frank for regional banks! https://twitter.com/joshtpm/status/1634330899171901440?t=8CqfLuHezfKwMoBS-f-pfw&s=19
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Mar 11, 2023 00:47
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the backstop for most businesses is spreading it around to more than one bank and using banks that are huge and have a diverse customer base that won't all get crunched at the same time. There needs to be a hard look at why all the startups were using the same bank, and nobody else was using that bank. was it just inertia because all the VCs that fund them used them so internal account transfers were faster/cheaper than interbank or what's the deal there, seriously. From some analyses earlier in the year by that twitter guy that called this in Jan. it looks like the banks assets aren't terrible but they had a bunch of money flow in all at once, and bought assets all at once, which happened to be the top of the market. Once it's all parted out I'd guess the unsecured deposits get ~85-90% back
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Mar 11, 2023 01:04
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The reason all the fart app startups used SVB is because they didn't ask too many questions like "do you think your business can actually make money?"
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Mar 11, 2023 01:30
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I can't stop laughing at how awkward this entire exchange is https://twitter.com/atrupar/status/1634234996843003921
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Mar 11, 2023 03:05
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he shoulda just posted through it, his cowardice will cost him way more. It's all very, very funny though
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Mar 11, 2023 03:07
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