Every single one of these banks is connected to crypto.
Google: “Bank name crypto”
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USDC stablecoin exposure
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Deja Vu.
Bank bailouts …again.
I feel it’s coming…
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It’s gonna be the 2000s again! Break out your rap-rock CDs, everyone!
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Well…. Limp Bizkit is trying to make a comeback
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Just a little perspective… I sent a stack of 25 modern to CGC for 9.8 prescreen and grading. They received the books the week when Feb ended and March began. This Friday, 3/10, the books were attempted to be delivered but I wasn’t home for the signature confirmation so I will have to wait until this Monday. But that shows you the turn around time. Anyone paying for fast track is an idiot. Also, I wouldn’t be surprised if they have to start laying off a bunch of the new graders they hired last year. Demand is definitely not at 2021 levels.
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Same quick turn around times…
Crazy thing here…Fed ex just left my shipment on the porch on a Sunday… Michigan winter and a case of CGC outside. Only reason I even knew is I saw the delivered email???
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Weird, I had to sign or they would not deliver.
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I had mechanical error recently that fedex attempted three times to deliver and it went back to cgc. I had to pay for the new shipping.
Seems like it’s a hit or miss with FedEx and dependent on your FedEx delivery person. CGC pays for signature delivery but on numerous instances I’ve also had the FedEx guy leave it on my porch without ringing a doorbell or anything.
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Without scrolling, my dashboard seems like it has more “Mechanical Errors” than Submissions.
I’m sure others have their fair share of “Mechanical Errors” on their dashboards, as well.
You would think a business would recognize systemic problems that hits their profitability. But apparently feathers, hair, scratches, blemishes, severe newtons, cracks and every other failure I’ve forgotten is just not very important in their QC final inspection. I mean they do have that, right? I mean, they … umm… must… right? 
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Another bank was shut down they had lots of crypto exposure
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Hopefully they implement strict Crypto regulations or outright ban it in the very near future.
It clearly is putting all of us at risk.
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Crypto didn’t cause SVB to fail.
The short version is SVB…
1. Favored a niche clientele rather than a diversified client base.
2. Bought interest-rate-sensitive bonds with its clients’ deposits.
3. Watched interest rates rise at the fastest pace in four decades.
4. Got hit with a wave of withdrawals as its clients’ businesses started to weaken.
5. Sold bonds for a loss so big that they couldn’t make depositors whole.
6. Tried to raise capital because they didn’t have a “lender of last resort.”
7. Told its clients to “not panic.”
8. Caused their clients to panic.
9. Ignited a bank run.
10. Failed
They had only about 7% in liquid short term reserves where as a larger more traditional bank like JPMorgan Chase will have around 49%. When you have a run like SVB had, they couldn’t handle it.
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I think you are missing
3.5. Big shareholders sold tons in February.
But other than that, good summary.
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That’s the narrative that they’re putting out there, but I believe crypto has much more to do with it.
It’s greed. They want 93% of customer assets invested and earning the bank cash, instead of 51%.
However, investments are not 100% profitable every year
Cyrpto. Is. Not. A. Good. Idea.
I’m not saying it is fully to blame here, but it is an issue.
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These are all niche-garbage-shit banks. How they even passed the mandated “stress tests” is beyond me. Along with the lawsuits against the senior individuals behind this, I am guessing we’ll also have an interesting commentary on how they met the fed’s mandatory reporting requirements and evaluations on risk updates and asset calculation methodologies. In short; More regulations, reporting and overviews on everyone b/c of these shit companies. It will certainly increase the cost on all of us…unless they just let them fail. Fingers crossed**
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Bitcoin up 20% off of Friday lows.
This is 100% a crypto bailout.