Bank failures have started

[Circe]

People here keep on saying that this is a rich person/tech world issue. Just found out how personal it can get.
My Kids [adults with kids of their own] are over for lunch where my oldest had issues getting paid at his HVAC job. Seems that the company he works for uses a payroll service that just so happened to use this bank. The owner of this local Arkansas company at least had some personal funds that he used to be able to pay his employees but there isn't a way that he can continue to that. All of the funds are out of reach until the FDIC can get around to releasing the funds. Not sure if they had more than the FDIC covers but the HVAC world is an expensive business since they have to have a variety of HVAC equipment to be able take care of their customers.
Again, not just a rich people/tech world issue and it effects people across the US, even in a small NW Ark world.

Yes, I read that this is a big problem because a pretty major payroll-paying firm served a lot of tech start-ups doing their payrolls for them and so when the bank suddenly collapsed, all their payment monies went with it and they can't do payroll on quite a few companies. One of them had a thousand employees. I felt a chill when I read that.

Good luck to your son!

 

[percysunshine]

The fact that Trump is responsible for 25% of all the debt accumulated under every single president is a FACT.

You can whine about people pointing it out, but that's all you're doing.

Presidents don't accumulate debt. Congress does. Both Repub and Dem.

Try again synth.

 

[Missourian]

From the Bloomberg article it looks like Thiel noticed something hinkey and bailed.

"But the firm learned that its limited partners were encountering issues using SVB services as they tried to transfer the funds — they weren’t immediately going through as expected, the person said.


Quickly, Founders Fund asked its investors to transfer the money to other banks instead. The fund acted to ensure that startup funding deals that were slated to close in the coming days were not delayed, the person said."

 

[Missourian]

"Silicon Valley Bank employees received their annual bonuses shortly before the bank was seized Friday, NBC News reported late Saturday.

The bank traditionally hands out bonuses for the prior year’s work on the second Friday in March, and the payments had been in the works for days, sources familiar with the matter told CNBC.

It’s unclear how much cash was distributed, but NBC said the bonuses likely ranged from $14,000 each for associates to $140,000 apiece for managing directors, based on figures posted on the Glassdoor website."

Government won’t bail out Silicon Valley Bank, which paid workers bonuses hours before collapse

Yellen, appearing on CBS’ “Face the Nation,” said the government wouldn’t rescue the nation’s 16th-largest bank, as was done for hundreds of institutions during the fi…

nypost.com

Talk about unfortunate timing from a public relations perspective.

 

[Dirk the Daring]

Adding $9 trillion to the debt won't affect inflation?

It's funny you keep stopping at Trump. Do you really think that the $8.6 trillion that Obama spent had no affect on today's inflation? Or the $5.85 trillion that Bush added? Today's inflation problem has many fathers unfortunately. Just thought it was important to point that out since you're singularly focused on one person. But we all know why of course.

 

[Dirk the Daring]

The fact that Trump is responsible for 25% of all the debt accumulated under every single president is a FACT.

You can whine about people pointing it out, but that's all you're doing.

Well, in fact, Congress was. What percentage of the national debt was Nancy Pelosi responsible for in her two terms as speaker of the house? Any clue? No, of course not...

 

[amethyst]

I hadn't heard that!! If there is any truth to their limiting withdrawals, like tomorrow when banks open, yeah, trouble coming.

hal Turner told his paid subscribers that something big will happen in 3 days. based on the open comments, it looks like big banks will fail. one subscriber
said PNC limited his withdrawals to $4,000. another stated that their bank was closed for maintenance.

 

[amethyst]

the fdic seized Signature Bank today. you can read it at the wsj.

 

[miketx]

The fact that Trump is responsible for 25% of all the debt accumulated under every single president is a FACT.

You can whine about people pointing it out, but that's all you're doing.

That's true, but he would not have had to spend that money if he didn't have to fix all the things filthy leftist SCUM democrats ruined. Fact.

 

[amethyst]

"Emergency All-Senators Briefing" Underway from White House - Banking Crisis Grows

The Biden regime is holding an all-senators briefing now after Feds announced rescue plan for Silicon Valley Bank, according to sources inside...

halturnerradioshow.com

 

[Circe]

hal Turner told his paid subscribers that something big will happen in 3 days. based on the open comments, it looks like big banks will fail. one subscriber
said PNC limited his withdrawals to $4,000. another stated that their bank was closed for maintenance.

Closed for maintenance --- I like that one a lot. They get points for creativity.

 

[RhodyPatriot]

Silicon Valley Bank

The 16th largest bank in the country with more expected to fail.

This is not good news.

Feds Shut Down New York's Signature Bank, Citing 'Systemic Risk'

The move to shutter the second bank is seen in the financial world as a race to contain the fallout from SVB's collapse.

redstate.com

 

[RhodyPatriot]

 

[RhodyPatriot]

 

[Lakhota]

 

[RhodyPatriot]

Yeah. It had nothing to do with the Diversity/Equity/Inclusion fixation, or the neglect of mathematics and objectivity in favor of irrational Leftist political metrics.

It was all Orange Man Bad's fault. What a convenient coincidence!

Congrats: Dumbest fucking post ever.

 

[Devils_Advocate]

Repeat to yourself it's just a meme, I should really just relax.....

Yeah, and repeat to yourself that you failed as usual.

 

[Oddball]

Yeah, and repeat to yourself that you failed as usual.

Pull the tree out of your ass.

 

[Missourian]

FDIC will bail out uninsured depositors at SVB...

MSN

 

[RhodyPatriot]

FDIC will bail out uninsured depositors at SVB...

MSN

Bernie Sanders is on the case.

Cue up the James Bond muzak.