A one-time “bargain purchase gain” of $2.6 billion, “over $500 million” in net income accretion, lots of other goodies amounting to an IRR of “over 20%.”
FDIC Board Member McKernan laments “our country’s bailout culture that privatizes gains while socializing losses.”
Shares, after jumping 12% during the day in anticipation of something wonderful, plunged 22% after-hours, now within a hair of the low in March.
We laugh, but it’s a start. SVB Financial collapsed with investment-grade ratings.
Banks as stock-pump schemes in the era of consensual hallucination.
Oh dearie, those bonds.