Fintech startup Brex got billions of dollars in Silicon Valley Bank deposits Thursday, source says

CNBC ^ | 3/10/23

[srmanuel]

I can see we have more than one person who takes it upon themselves to scan FR relentlessly, sort of like a caped crusader, looking for things to complain about

[Night Hides Not]

Nah, we’re there to look out for those who don’t know what they’re talking about. Yeah, I can be pretty snippy, too.

FWIW, I worked for the FDIC during the last bank crisis. We shut down 500 banks, and ALL INSURED DEPOSITS were covered.

[srmanuel]

I stand by my recent comment, I don’t care who you worked for, but scanning FR looking for OPINIONS that you don’t like and correcting them as if they were posted as facts adds a lot to FR and we appreciate it.

[srmanuel]

I spent most of my working career as an IT Contractor, one day while swapping stories a buddy told me in his last job, he was at a customer site looking to extend his contract and got a call to return to his office immediately, when he got back to the office, the company had shut down and the doors were locked, he was allowed to enter by security guards who accompanied him to his desk to clean out his personal belongings and then escorted out.

That was cold.

[Vermont Lt]

I can see we have village idiots as well.

[NetAddicted]

Yes, Vermont Lt is an FR AH.

[srmanuel]

I can see my assessment of you is shared by others getting hated on a message board is quite the feat congratulations

[srmanuel]

They’re trying me of things on FR I disagree with but I don’t make it my mission to call them by trying to insult the poster unless attacked first.

It’s a MESSAGE BOARD where strong opinions are shared getting your panties in a wad over a single post is foolish, let it go and respond to another post

Unfortunately as we can see others don’t do that

[NetAddicted]

This AH continually insults me. I’m sick of it. I’ve put up with it, but no more.

[srmanuel]

The biggest thing on FR that bothers me, you make a post thinking it’s no big deal, you’re not trying to be intentionally controversial, then out of nowhere, you are called stupid, crap, or worse.

If I did that, I would spend about 75% of my time on FR personally insulting people. It adds nothing to the debate, but it’s a fact on FR, so I skip what I don’t like and move on to something that interests me.

[SunkenCiv]

• Billionaire investor Bill Ackman calls on the US government to consider a bailout of Silicon Valley Bank if private investors won't step up [03/10/2023]
• Tech CEO With at Least $10M in Silicon Valley Bank: 'Worst 18 Hours of my Life' [03/10/2023]
• Billionaire Hedge Fund Investor and Democratic Donor Bill Ackman Calls On the US Government to Consider a Bailout of Silicon Valley Bank [03/10/2023]

  ---

• Silicon Valley Bank is shut down by regulators, FDIC to protect insured deposits [03/10/2023]
• More than 85% of Silicon Valley's Bank's Deposits Were Not Insured. Here's What That Means for Customers [03/10/2023]

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• Student Debt Forgiveness Won't Cure Higher Education's Disease: American academia is a sham suffering from disastrously flawed structures and incentive systems [03/10/2023]
• NYC Mayor Eric Adams Wants New Yorkers to Pay for Migrants to Go to College [03/10/2023]
• Study: Remote Work Encourages Marriage, Family Expansion [03/10/2023]
• Jaded with education, more Americans are skipping college [03/10/2023]

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• VIDEO: Jim Cramer "Nailed It" on Silicon Valley Bank [03/10/2023]
• WATCH: OOPS! CNBC's Cramer Called SVB Stock a Winner Before 'Biggest Bank Failure' Since 2008 [03/10/2023]

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• Roku says 26% of its cash reserves are stuck in Silicon Valley Bank [03/10/2023]
• A Bank Failure Jolts Markets, Leaving Stocks Down Sharply [03/10/2023]

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• Silicon Valley Bank Collapse: Not Every Bank Failure Necessarily Means Disaster [03/10/2023]
• Widespread Panic Hits the Banks as Fears of a Systemic Liquidity Crisis Cause a Massive Bank Run [03/10/2023]
• Wells Fargo Customers Complain About Missing Deposits, Fresh off the Silicon Valley Bank Collapse [03/10/2023]
• First Republic, Signature Bank, Other Regional Bank Stocks Halted Amid Selloff [03/10/2023]
• Why SVB's Bad News Clobbered Bank Stocks Like JPMorgan and Wells Fargo [03/10/2023]

  ---

• Silicon Valley Bank is a particularly scary failure. Here's why. [03/10/2023]
• Silicon Valley Bank Is In Trouble But The System Isn't Broken [03/10/2023]
• Silicon Valley Bank has collapsed. Here's what we know. [03/10/2023]
• Regulators close Silicon Valley Bank after bank fails to raise new capital [03/10/2023]
• Credit Suisse delays annual report after 'late call' from the SEC [03/10/2023]
• Silicon Valley Bank is shut down by regulators in biggest bank failure since Global Financial Crisis [03/10/2023]
• Silicon Valley Bank meltdown sparks contagion fears: 'We found our Enron' [03/10/2023]

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• Fed Terminal Rate Falls To 5.475% On Only 311k Jobs Added After 504k Jobs Added In January (Silicon Valley Bank Seized By Regulators) [03/10/2023]

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• Janet Yellen Admits 90 Percent of IRS Audits Will Slap Small Business and Families, Not Billionaires [03/10/2023]
• Biden says 'wacko liberal guy' Ronald Reagan had a higher corporate tax rate than the US has right now [03/10/2023]
• Conservatives lay out debt limit demands as House Republicans split on strategy [03/10/2023]

[TribalPrincess2U]

Thank you.

[SunkenCiv]

My pleasure.

[linMcHlp]

There are so many FDIC links at fdic.gov, but the following is supposed to be the most comprehensive and up-to-date FDIC info source that will likely be found online, for most of us concerned about FDIC insurance coverage:

https://www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits/

The downloadable “High Resolution PDF” file is also comprehensive - but it has, near the top of its first page, an alert that includes a link . . . that actually leads to the link I used, immediately above.

The link’s info has a lot of info, and so does the PDF file. Each source has several illustrations and examples.

I used TinyURL.com to create a shorter version of the FDIC link to the FDIC “High Resolution PDF” file - so that smaller Internet browser windows are not overwhelmed:

https://tinyurl.com/2ndt8kn5

[srmanuel]

A couple of things worry me about SVB now that the dust is starting to settle.

FDIC accounts are insured up to $250,000, many of the accounts SVB have far more than $250,000 in them, we now hear accounts are going to be made whole even the parts over $250,000. I’ve heard estimates that amounts to over 160 billion at SVB alone.

WE also hear government officials saying this is not a bailout, IMO clearly it is a bailout. In the span of 2-3 days the $250,000 insured amount has gone away now it’s unlimited, in the case of SVB it could be 160 billion, what happens if some day it’s Bank of America or some other money center bank, when the amount is hundreds of billions or trillions that gets made up or 5-10 smaller banks all go under and the amount need to make everyone whole is off the charts.

[WildHighlander57]

Many thanks!!!