Free Money = Toxic Money: First Republic Bank and Western Alliance Bank Make it into my Pantheon of Imploded Stocks by Wolf Richter • Mar 13, 2023 • 302 Comments Banks as stock-pump schemes in the era of consensual hallucination.
Silicon Valley Bank’s Uninsured Depositors Bailed Out. Crypto Signature Bank Shut Down, All Depositors Bailed Out. Senior Execs Fired. All Shareholders, Some Bondholders Bailed In by Wolf Richter • Mar 12, 2023 • 581 Comments Treasury/Fed/FDIC issue joint statement with Tough Love for investors in failed banks.
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.
