SVB Financial had Investment-Grade Credit Ratings (Moody’s, S&P) up to Collapse. Got Slashed in One Fell Swoop to Default by Wolf Richter • Mar 11, 2023 • 325 Comments Not learned a thing since the Financial Crisis. Relying on ratings, preferred stock holders found themselves bailed in, bondholders got crushed.
RIP Silicon Valley Bank: Shut Down by California Regulator, Taken Over by FDIC, Shareholders Bailed In, Insured Depositors to Get their Cash by Monday by Wolf Richter • Mar 10, 2023 • 379 Comments The bank survived the Dotcom Bust. But this bust is far bigger because the Free-Money bubble was far bigger. FDIC may not have a loss on this deal.
Bank Stocks Got Wacked: Between a Rock and a Hard Place as Banks Run Out Free Money by Wolf Richter • Mar 9, 2023 • 187 Comments Oh dearie, those bonds.
SVB Financial/Silicon Valley Bank Shares Collapse 55% Today, 84% from Consensual Hallucination Peak, as it Shores Up Balance Sheet & Liquidity to Face the Future by Wolf Richter • Mar 9, 2023 • 255 Comments SVB is massively involved in all segments of the startup scene that is now facing a mass extinction event.
Crypto Bank Silvergate to Shut Down and Liquidate, after FDIC Examiners Show up. Shares Collapse Entirely by Wolf Richter • Mar 8, 2023 • 160 Comments In 16 months from $239 at peak crypto consensual hallucination to $2.76, including the 44% plunge afterhours.
Layoffs & Discharges Jump amid Tech & Social Media Cutbacks. Overall Labor Market Still Tight with some Signs of Loosening by Wolf Richter • Mar 8, 2023 • 133 Comments More people having second thoughts before quitting?
ECB Balance Sheet Drops by €1 Trillion from Peak: QT Milestone by Wolf Richter • Mar 7, 2023 • 92 Comments Step 1 of QT is operating at full speed. Step 2 of QT is just starting.
Used-Vehicle Auction Prices Jump for Third Month, after Last Year’s Plunge. More Trouble Brewing for “Core” CPI by Wolf Richter • Mar 7, 2023 • 82 Comments Retail supply of used cars and trucks dropped for second month in a row. Dealers bid up prices to replenish their inventories.
Global Supply Chain Pressure Index Drops Below Average for First Time since Aug. 2019, after Horrendous Spikes by Wolf Richter • Mar 6, 2023 • 112 Comments Inflation in goods normalized, but has exploded in services where there are no supply chain issues.
I Just Filled Out the Census Bureau Survey that Wolf Street Corp Got for the “2022 Economic Census”: Here’s what it was Like by Wolf Richter • Mar 6, 2023 • 87 Comments Completing the survey is “required by law.” Four million businesses with employees received it, including Wolf Street Corp.
