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Discussion in 'The Mainboard' started by Joe Louis, Jul 12, 2010.
Jerome’s first big casualty?
Extremely uninformed opinion and question…
What caused that bank to fail? Is it anything that could happen to online banks doing high yield savings accounts?
Could you imagine doing the exact opposite of what Cramer said the past years?
Fuck yeah! That’s an awesome number, was just passing along what I heard.
Invest opposite of Cramer. Sports bet the opposite of Tray Clavis. Never work a day in your life.
brolift once told me that $1 was the floor for ripple so i get it
Yikes. Should I worry about have 6 figures in cash on Robinhood?
More than 250k? If no you're fine
Not that much but still seems like a pain in the ass if shit really hits the fan
1. Companies deposited a fuck ton of money into SVB during Covid boom.
2. SVB placed that money in 10yr securities with 1.6% annualized return
3. Companies burned through their cash and want/need their money
4. SVB has to take losses selling those securities before maturity since the 10yr is at 4% now.
Blows my mind how a bank can have such poor risk management. There has to be someone monitoring duration and interest rate risk, no?
I’d get out of Robinhood just cause it’s shit but you shouldn’t have to worry about your money it’s fdic insured
When I made the arguement tech was frothy and interest rates would it it hard I did not expect a Silicon Valley bank to go down.
I’ll be curious who is caught up in this
My reason for asking is I have cash at Comenity/Bread Savings for their sweet sweet 4.162% currently. That is close to one of the highest rates offered I believe. They are FDIC Insured but was just wondering if something similar would happen to these online places with high interest rates.
Probably a wild mix. I got an email from Kalshi that they moved user deposits out of SVB.
No one here has over $250k in cash y’all chill.
I do wonder if this will spook enough people to flock to the big banks causing smaller ones to fail (sofi)
4.15% and a pretty app sells me
I work for a big bank and we have seen increased deposits the last couple of days. I don’t know about making any banks fail but I think you’re right about it making people question some of the smaller local and regional banks
Is there any publicized info about banks’ investments and where they’re held or getting their ROI from? It’s easy to see their reported assets and revenue but a deeper dive is probably also worth knowing
The online only banks have higher rates due to little overhead
www.ibanknet.com is a good place to start
Yeah. Easy enough to not pick up or say no thanks one a year. It's been worth it for the features it has.
Look at Mr. High Net Worth over here.
Yep I’ve used them since like 2017, been pretty content looking at the pretty lines and colors.
Some of you may be interesting in the SJIM (short Jim) ETF. An inverse Cramer ETF.
Maybe I’m missing something but they aren’t insolvent they just made a bad bet that’ll cost em like 2-3B. Seems like all these folks should get 97c on their dollar? They’ll have to liquidate those securities and their customers will take the hit, right?
they will fix it
Correct. A somewhat simple mismatch of duration with risk profile.
anybody seen anything about who had short positions on this? Someone made fuck you money in the last 48 hours on this. Not that I’m sophisticated enough or have enough time to track this, but a top 20 bank that had this kind of public facing exposure has to have been an obvious target for some short funds.
Watching David sacks freak out about this is amusing.
my brother has been in tech for over 20 years at this point and has been loving the libertarian tech bro meltdowns and just shedding their ideology when they're at risk. Sacks tweets have been getting sent to me regularly as he met him a few times and says he talks like a psycho cult leader.
Good related visual I saw
Seen some Seeking Alpha articles that were calling this a few months ago, saw someone on Reddit turned $7.5k options into ~$2mm
JPM’s option collar is 3638 and I think 4065 on 3/31, will be interesting to see if we get close to either by then.
Feels like the most important week in Macro in a while, lots of data this week on inflation combined with an outside factor that has parts of the market pricing the Fed pausing/cutting.
All this precede the Fed meeting next week.
I'll be picking up USB next week, currently sitting at $40 and change.
I don’t think this weekend changes anything, the data this week will be more important.
I’m more interested to see how the bond market reacts come Monday, it had an aggressive move on Friday wonder if that unwinds.
USB is very good at selling the dogshit on their books to their “super high net worth elite” clients
FUCK YOU JAMIE
People forget he was involved with Epstein’s financial shenanigans