Some financial industry executives and investors were growing increasingly concerned on Saturday that the collapse of Silicon Valley Bank could have a domino effect on other U.S. regional banks if regulators did not find a buyer over the weekend to protect uninsured deposits.
With $209 billion in assets, the Santa Clara, California based lender was the 16th largest U.S. bank, making the list of potential buyers who could pull off a deal over a weekend relatively short, they said on condition of anonymity because the situation is in flux.allow regulators to backstop more depositsRegulators discussed the new special vehicle in conversations with banking executives and hoped such a measure would reassure depositors and help contain any panic, the report said.
“The good news is it is unlikely an SVB-style bankruptcy will extend to the large banks,” risk and financial advisory firm Kroll said in a research note. “These withdrawals will drain liquidity from community, regional and other banks and begin the destruction of these important institutions,” Ackman warned.
Signature Bank dropped about 23 per cent, while San Francisco-based First Republic Bank fell 15 per cent. Western Alliance Bancorp tumbled 21 per cent and PacWest Bancorp dropped 38 per cent after those stocks were halted several times due to volatility. Charles Schwab Corp slumped more than 11 per cent.
Banks are not Institutions, just greedy little money lenders. The Industry does not “fret” in real money. We cannot have a falling out with our money lenders. They are the neighbourhood hoods.
elonmusk here you go
Great article in today’s New York Post on SVB executives primarily concerned with WOKE policies and took their eyes off shareholder value. We risk the same here with ESG practices. Some US banks are being sued by pension plans subsequently.
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