mastershakeman posted:

So did that guy who bought sbv stock make the right call

anime was right posted:

if anyone has good content for the OP lmk

Hubbert posted:

black monday the 13th

what a day that will be tomorrow

quote:

https://twitter.com/gianlucac1/status/1634462447263252482

quote:

https://twitter.com/gianlucac1/status/1634462490468794378
https://twitter.com/gianlucac1/status/1634462494726008832

Mr Hootington posted:

Barney Frank himself was on Signature's board

Mr Hootington posted:

This was such a monumental mistake that will have unforeseen consequences.

BRAKE FOR MOOSE posted:

what would definitely trigger flight would be the fed just going lol and doing nothing, since it guarantees that anything above $250k is not safe, so you go to a bank where the world economy is hosed if it fails. I dunno why paying back depositors has the same effect if they do it by a "just this once, you silly goose" mechanism

euphronius posted:

I guess 6% inflation is the new floor

quote:

https://twitter.com/BillAckman/status/1635109889302315008

quote:

This was not a bailout. During the GFC, the gov’t injected taxpayer money in the form of preferred stock into banks. Bondholders were protected and shareholders were diluted to varying degrees. Taxpayer money was put at great risk. Many people who screwed up suffered minimal to no consequences. Those were bailouts.

Here, shareholders and bond holders have been wiped out. The @FDICgov insurance fund capitalized by premiums paid by banks will absorb any losses. The fund will recoup any losses by assessing more premiums on the banks.

Had the @FDICgov @USTreasury and @federalreserve not intervened today, we would have had a 1930s bank run continuing first thing Monday causing enormous economic damage and hardship to millions.

More banks will likely fail despite the intervention, but we now have a clear roadmap for how the gov’t will manage them.

Bank boards and managements have received a massive wake up call. Being a director or CEO of a bank that fails is no fun: years of litigation, regulatory investigations, personal liability, potential civil and criminal charges, and enormous reputational damage.

Our gov’t did the right thing. This was not a bailout in any form. The people who screwed up will bear the consequences. The investors who didn’t adequately oversee their banks will be zeroed out and the bondholders will suffer a similar fate.

Importantly, our gov’t has sent a message that depositors can trust the banking system. Without this confidence, we are left with three or possibly four too-big-to-fail banks where the taxpayer is explicitly on the hook, and our national system of community and regional banks is toast.

Our government did the right thing for the country. We are very fortunate it did so.

WrasslorMonkey posted:

Woah woah woah woah hold the gently caress on.

Hardee’s is Carl’s Jr?

Jon Irenicus posted:

Jim what are you doing

coelomate posted:

we doing affirmations to wish this into existence now?

dow futures arts down like 0.25%, I feel like we’re gonna be disappointed in todays blood

Mr Hootington posted:

2 year treasurers yield is down .52BPS.

shrike82 posted:

someone should benchmark an inverse skull.gif index

Mr Hootington posted:

skaboomizzy posted:

jim cramer just said Wells Fargo is in great shape

F

Eric Cantonese posted:

This seems pretty ridiculous as Schwab's business operations are apparently doing well and risk management seems good, but I'm not sure how it gets fixed without the pivot everyone is asking for. Have they been on the short seller target list for a while?

coelomate posted:

That quote is from his newsletter on Friday March 10th 2023

Mr Hootington posted:

People at my work are starting to talk and get antsy about this. I can overhear them saying ALL banks are having runs and are failing and people need to get their money out now.

Should be interesting to see if they do this.

Marx Headroom posted:

its pretty funny that something is happening, but reporting on it would make it worse