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bob dobbs is dead posted:wait, doesnt svb have a subsidiary in britain that was materially harmed by this poo poo but is still solvent? yes. no https://twitter.com/TechCrunch/status/1634595886352195588 lol
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Mar 11, 2023 21:43
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third domino baybee regional western banks next? or charles schwab?
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Mar 11, 2023 21:45
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cspam says ally bank is probably in trouble but i haven't seen an elaboration as to why still, i can't imagine most people impacted by that would have deposits exceeding $250k
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Mar 11, 2023 21:51
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raminasi posted:i start a new job at a startup on monday. the corporate card they've already issued me is from svb. thoughts and prayers pls im curious about this one actually. are companies who just have a credit line open with the bank any safer than companies that actually had money with them?
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Mar 11, 2023 21:58
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bob dobbs is dead posted:thiels statement was definitely true, even if the mere statement of it made itself a self fulfilling prophecy. its not like in britain where you can get sued for true poo poo sometimes Peter Thiel didn't make this dogshit greed factory overextend itself with risky assets tied to interest rate which have been on a rocket ship to the moon for over a year straight we've got teams of monkeys poring over client books to see who's got similar exposure and even slightly shaky solvency rep atm because this is PROBABLY just getting started although I really hope not thankfully as head of AML my rear end is clear but I know someone upstairs is gonna tilt right around 2am tonight and demand they see a full tape of say JP Morgan's money laundering sheets in a coke panic; I've been printing it since 6am as well as State Street, Pimco and the rest of the big 50 and I just wish I had started yesterday so I could just hand it all over and go DND until end of Monday's emergency fed mtg
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Mar 11, 2023 22:01
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treasuries are the least risky assets there are... or so thats the thought they had anyways, lol
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Mar 11, 2023 22:02
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Internaut! posted:thankfully as head of AML my rear end is clear that tends to happen eventually when you have uncontrollable diarrhea
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Mar 11, 2023 22:05
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bob dobbs is dead posted:treasuries are the least risky assets there are... i don't think it's necessarily that they're risky assets, they just bought them in an unbelievably stupid way and did nothing to mitigate when interest rates went up
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Mar 11, 2023 22:05
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yeah, im already seeing peeps thinking all over the place that they invested in startups. nah, they invested in 10 year treasuries at the wrong time, so theres plenty of contagion possibility
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Mar 11, 2023 22:07
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i mean, it's not like they're completely worthless, they can literally just wait it out and come out more than whole the thing that's stupid is going all-in on them
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Mar 11, 2023 22:11
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Beeftweeter posted:i mean, it's not like they're completely worthless, they can literally just wait it out and come out more than whole are you posting from the past wednesday the second run has already happened. and the third. now what
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Mar 11, 2023 22:12
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Beeftweeter posted:i don't think it's necessarily that they're risky assets, they just bought them in an unbelievably stupid way and did nothing to mitigate when interest rates went up it has really brought into focus that when people say that an asset is "risky" it's usually not interpreted to mean interest rate risk
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Mar 11, 2023 22:14
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I thought their mistake was they sold the treasuries early at a very bad time to do that and in doing so locked in losses. because they needed the cash to cover the actual bad bet they had made
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Mar 11, 2023 22:35
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When did they sell those ? They might not have had a choice, it seems Circle withdrew a whopping 5.4b last week. Crypto may have started the whole thing. https://twitter.com/jerallaire/status/1634650306234515460
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Mar 11, 2023 22:50
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Beeftweeter posted:cspam says ally bank is probably in trouble but i haven't seen an elaboration as to why theyre a subprime auto lender or something apparently
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Mar 11, 2023 22:50
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bob dobbs is dead posted:are you posting from the past wednesday like i said, it's monumentally stupid that they didn't diversify. this was completely predictable, petey boy just (apparently) set it in motion and as much as i hate to admit it cremnob was right. so was thiel
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Mar 11, 2023 22:51
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it is possible to hate both the player and the game sometimes
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Mar 11, 2023 22:52
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anime was right posted:theyre a subprime auto lender or something apparently they used to be GMAC, so lol if they didn't learn their lesson either
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Mar 11, 2023 22:53
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raminasi posted:it has really brought into focus that when people say that an asset is "risky" it's usually not interpreted to mean interest rate risk had a lot of back-and-forth on this in another thread 2 years ago, right around when SVB and Schwab were gorging on long bonds: pmchem posted:I realize bonds are generally viewed as more conservative than stocks and that this discussion is for a long-term horizon, but, just going with conventional wisdom of "bonds aren't risky" is REALLY not a great idea sometimes, like say in an inflationary environment after long bond yields plummeted to near zero. people just could not conceive of a world where rates continued to go up significantly for a long period of time, but i'm a bit flabbergasted that actual pro bankers made the same errors
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Mar 11, 2023 22:53
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Kafouille posted:When did they sell those ? They might not have had a choice, it seems Circle withdrew a whopping 5.4b last week. Crypto may have started the whole thing. it's possible i guess, but with their balance sheet $5.4 billion wouldn't have been enough to blow a hole in the whole thing. it's the cascading bank run that happened after that really hosed them over
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Mar 11, 2023 22:55
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The whole balance sheet yeah, but according to their 2022 balance sheet they had around 9b in available cash.
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Mar 11, 2023 22:57
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it being thiel, i would just assume he said it because someone from svb parked in his parking space
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Mar 11, 2023 22:57
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https://fedified.com/@DataDrivenMD/110002695457648699quote:Turns out #SVB's CEO was one of the guys whispering in the Fed's ear to manufacture a recession— and cost tech workers their jobs. Now, he's out as one of the executives at the San Francisco Fed Board. Further in thread 
Optimus_Rhyme fucked around with this message at 23:28 on Mar 11, 2023 |
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Mar 11, 2023 23:23
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https://twitter.com/danprimack/status/1634659865355321349 gotta make
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Mar 11, 2023 23:38
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 LMAO
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Mar 11, 2023 23:38
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oh come on a bad banker named gentile? these writers are terrible
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Mar 11, 2023 23:40
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lmao @ cremnob out here wellackchuallying for peter fuckin thiel
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Mar 11, 2023 23:53
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pmchem posted:had a lot of back-and-forth on this in another thread 2 years ago, right around when SVB and Schwab were gorging on long bonds: they didn't make an error, they just (probably correctly) assumed they wouldn't have to deal with any downsides of making the decision
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Mar 11, 2023 23:58
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Beeftweeter posted:https://twitter.com/danprimack/status/1634659865355321349 interesting
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Mar 12, 2023 00:00
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rotor posted:lmao @ cremnob out here wellackchuallying for peter fuckin thiel everyone is actually their avatar, right?
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Mar 12, 2023 00:21
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not really sure who cremob is though. did they used to post here?
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Mar 12, 2023 00:36
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Jonny 290 posted:not really sure who cremob is though. did they used to post here? mostly in the apple threads, yes, but also about marissa mayer rotor would probe him every time wwdc rolled around, it was one of the funniest 'pos running jokes
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Mar 12, 2023 00:39
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Beeftweeter posted:mostly in the apple threads, yes, but also about marissa mayer whoooosh
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Mar 12, 2023 00:40
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my bank is not owned! my bank is not not owned!!", i continue to insist as i slowly shrink and transform into a cremob
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Mar 12, 2023 00:43
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carry on then posted:whoooosh 
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Mar 12, 2023 00:45
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i appreciated it, i genuinely didn't know who they were simping for thiel puts them pretty deep on my shitlist immediately tho
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Mar 12, 2023 00:51
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you should have seen their apple thread posts
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Mar 12, 2023 01:17
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lmao explaining that actually Peter thiel is very smart and then ending the post with a kevin spacey clip. he’s still got it folks!
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Mar 12, 2023 01:27
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git apologist posted:i appreciated it, i genuinely didn't know who they were
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Mar 12, 2023 01:30
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they got a 100k hour probe back in 2016, which was apparently rescinded at some point
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Mar 12, 2023 01:35
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