quote:

State regulators closed New York-based Signature Bank on Sunday, just two days after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and stranded billions of dollars of deposits.
[Stay ahead of the market]

The U.S. Treasury Department and other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will be made whole, and "no losses will be borne by the taxpayer." The Signature failure is the third-largest in U.S. banking history.

New York banking regulators appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of the bank's assets. Signature Bank reported deposit balances totaling $89.17 billion as of March 8. As of Dec. 31, it had approximately $110.36 billion in assets, according to New York state's Department of Financial Services.

Representatives for Signature Bank did not immediately respond to a request for comment.

The FDIC on Sunday established a "bridge" successor bank to Signature, which will enable customers to access their funds on Monday. Signature Bank's depositors and borrowers will automatically become customers of the bridge bank, the FDIC said.

The regulator named former Fifth Third Bancorp Chief Executive Greg Carmichael as CEO of the bridge bank.

Signature's failure followed Silicon Valley Bank's Friday shutdown, the largest failure since Washington Mutual went bust in 2008 during the financial crisis. Washington Mutual still ranks as the largest bank failure in U.S. history.

U.S. officials on Sunday said Silicon Valley Bank customers will have access to their deposits starting on Monday. The federal government also announced actions to shore up deposits and stem any broader financial fallout from the collapse of the tech startup-focused lender.

Signature Bank, a commercial bank with private client offices in New York, Connecticut, California, Nevada and North Carolina, had nine national business lines including commercial real estate and digital asset banking.

As of September, almost a quarter of Signature’s deposits came from the cryptocurrency sector, but the bank announced in December that it would shrink its crypto-related deposits by $8 billion.

Signature Bank announced in February that its chief executive officer, Joseph DePaolo, would transition into a senior adviser role in 2023 and would be succeeded by the bank’s chief operating officer, Eric Howell. DePaolo has served as president and CEO since Signature's inception in 2001.

The bank had had a long-standing relationship with former President Donald Trump and his family, providing Trump and his business with checking accounts and financing several of the family's ventures. Signature Bank cut ties with Trump in 2021 following the deadly Jan. 6 riots on Capitol Hill and urged Trump to resign.

In a statement, New York Governor Kathy Hochul said she hoped the U.S. government's actions on Sunday would provide "increased confidence in the stability of our banking system."

"Many depositors at these banks are small businesses, including those driving the innovation economy, and their success is key to New York's robust economy," she said.

Officials on Sunday said shareholders and certain unsecured debtholders of Signature Bank, as well as those of Silicon Valley Bank, would not be protected, and that senior management of both banks has been removed.

Any losses to the FDIC's Deposit Insurance Fund used to support uninsured depositors will be recovered by a special assessment on banks, as required by law, officials said.

fits my needs posted:

euphronius posted:

France isn’t giving every kid a 30$ lunch

Slow News Day posted:

Maybe that's bad news for people in this thread who constantly scream for blood, but it's good news for literally everyone else.

silicone thrills posted:

As an art school graduate, honestly in high school I spent the entire time working towards a portfolio that would get me a scholarship and it did (still had to pay a lot) but it was definitely coherent and good. I had a real goal to work towards instead of just floundering and just swimming with the current

I absolutely think everyone should get a balanced set of classes though. like i wouldn't say going all through to calculus was useful to me but algebra 1 and geometry? yes.

anime was right posted:

company moved our banking info from svb to

get this

you will not loving believe it

credit suisse

DancingShade posted:

Let me guess: it's a rant about the wing bolt nuts on the p52b ACTUALLY being the same pattern as on the p51d immersion ruined burn this fraud painting.

i am harry posted:

a fat guy in glasses in the back seat going "WooOOAAAAAHH"

Frosted Flake posted:

Deadly Ham Sandwich posted:

For big laughs, TikTok should buy another US social media company. FourSquare? Pinterest?

Cpt_Obvious posted:

Vice out there giving away ALL our secrets.

Mirthless posted:

As far as I can tell the primary driver of AI generative art investment is businesses wanting to replace corporate art departments. Nobody is going to pay for this kind of art ever again once the technology gets to the appropriate baseline. It's bascially there now. I just dont see the point in hiring people to draw diverse throwaway cartoons of people eating salad when the AI can do an equally good job

Anything that requires actual creativity and thought will still be real hard for the AI to do, but poo poo like this? Literally what these things were made for

Oglethorpe posted:

how long until someone comes in with an AI generated tattoo they want on them without noticing the 6 fingers

Koirhor posted:

vileratesque

Koirhor posted:

https://m.youtube.com/watch?v=Cn3MHTokaSQ

just want to share more tips and tricks for the coming years

BULBASAUR posted:

a recent favorite I took for granted living here: the alcohol and biotech advertisement looped on repeat inside grocery stores

Pittsburgh Fentanyl Cloud posted:

I'm doing double principle payments on my mortgage to pay it off by 2026 and I got poo poo on in this very thread by someone for doing that instead of putting the extra $700/mo into "investments"

19 o'clock posted:

getting murdered even after an easy $90k down payment on a mortgage that eats 40% of my monthly gross income




edit: non-paywall source https://archive.ph/Sbvpx

Xaris posted:

e: i suppose stated another way: there's a weird artificial floor on used car prices of like ~7k-10k no matter how old or dogshit beat up they are

super sweet best pal posted:

Wait, is this a different thing than the one last week? LMAO if so.

shrike82 posted:

https://twitter.com/Reuters/status/1637885578392772617?s=20

Father Wendigo posted:

Enterprising Californians beat Gavin Newsome to solving the homeless crisis by using one simple trick!

https://twitter.com/OnlyBangersEth/status/1637585710285717504?t=zf_tjTtzCXrqkAdhF-_LqA&s=19

Xaris posted:

which is worse: citi, capitalone, or chase

George H.W. oval office posted:

It's very cool the apartment I live in is a "luxury apartment" that doesn't even have a real vent exhaust over the stove and instead just blows straight up onto the cabinets and to the ceiling. Greasy cabinets and a grease stain on the ceiling. $2200\mo for this poo poo lol.

MonsieurChoc posted:

I'm not even joking about someone buying the London Bridge and moving it to Arizona.

https://en.wikipedia.org/wiki/London_Bridge_(Lake_Havasu_City)

FlapYoJacks posted:

I’m sick to my stomach knowing I owe that parasite money. What the gently caress is the point of established case law, quoted not by me but by lawyers in the complaint, if a judge is just going to ignore all of it?

Cuttlefush posted:

is it all from fortnite

triple sulk posted:

https://twitter.com/CoinDesk/status/1638906077919191041

lmao

Mirthless posted:

Homemade bread is so good but significantly more time consuming than cookies.

skooma512 posted:

Everytime I try to make bread the dough is very sticky, takes forever to clean up after, and never seems to form the correct structure no matter how much I work it.

I suspect it's because I need an entire day to do it correctly and I get maybe one of those a week.

Even use the hydration ratios that are easier to work with, but kneading it takes 15 minutes and the dough never changes and mostly just sticks to my hands and the boards and everything else

BrotherJayne posted:

Dudes rock

Mr Hootington posted:

https://twitter.com/CarlZha/status/1639228233064538112?t=85v6aMBZkduVAVQ_QPuE_A&s=19

Duestch bank is getting pummeled

Nothus posted:

Meanwhile

https://twitter.com/AP/status/1639195632710590466?s=20

skooma512 posted:

I thought it would overferment.