Regulators close New York’s Signature Bank, citing systemic risk - Just saw some cyptobros on here..

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U.S. regulators on Sunday shut down New York-based Signature Bank in a bid to prevent the spreading banking crisis.

“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” Treasury, Federal Reserve, and FDIC said in a joint statement Sunday evening.

The banking regulators said depositors at Signature Bank will have full access to their deposits, a similar move to ensure depositors at the failed Silicon Valley Bank will get their money back.

“All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” the regulators said.

The regulators shuttered Silicon Valley Bank on Friday and seized its deposits in the largest U.S. banking failure since the 2008 financial crisis — and the second-largest ever. The dramatic moves come just days after the tech-focused institution reported that it was struggling, triggering a run on the bank’s deposits.

Signature is one of the main banks to the cryptocurrency industry. It had a market value of $4.4 billion as of Friday, according to FactSet. The stock had fallen nearly 40% this year after its crypto banking peer Silvergate Capital liquidated its bank.

As of Dec. 31, Signature had $110.4 billion in total assets and $88.6 billion in total deposits, according to a securities filing.

To stem the damage and stave off a bigger crisis, the Fed and Treasury created an emergency program to backstop deposits at both Signature Bank and Silicon Valley Bank using the Fed’s emergency lending authority.

While depositors will have access to their money, equity and bondholders at both banks are being wiped out, a senior Treasury official said.

 

[Pokemon Conquistador]

It also says something about the soul of the Center Leftist, who was defeated by identity politics completely and utterly. They have absolutely no immunity to it because they, in their heart of hearts, do value that kind of diversity over actual results. Combined with their pro-social, Beta temperament and they just get consumed by weirdos.

This guy can't see that his Leftism was the problem. Because it's no longer about protecting the rights of the individual, but about aggressive outgrouping, enabling race/sex-baiters who cry about victimhood, and getting 11 year olds to read about buttsex. All of that good stuff they did earlier about protecting free speech and the rights of workers was just the sugar-coating they put on the poison pill that they're trying to push today. To be fair, GOP Conservatism isn't much better, pretending to like small government when all they want to do is push wars for Israel, fundie Christianity, and fuck over the poor any chance they get.

 

[Daddy's Little Kitten]

Time to collect those bottle caps.

 

[Zbk3VmLfujjzjxBd43tL]

Seeing the state of the US now, I find it more likely the US will lose WWIII and get bailed out by China afterwards. People saying the US will win against a peer power is pure Burger Cope. We no longer have the ability or the spirit to nationalize our industries like in WWII. We see it with our difficultly to supply Ukraine. At $100 billion, Ukraine should be able to out-logistic the Russian army, regardless of corruption and the Military Industrial Complex should be able to meet this need. That they aren't says quite a bit about the efficacy of the MIC.

I disagree. The Ukraine is losing the war because their remaining soldiers at this point are incredibly inept and often just random conscripts blackbagged from the streets while the foreign mercenaries are unable to shoulder the balance. All the good equipment in the world won't help you if your soldiers are no good at using it. Russia's conscripts in contrast actually are trained in the gear they're using.

But Russia's weaknesses are apparent, and China's weaknesses will rapidly come to the forefront in a war against Taiwan. The only power that can conceivably defeat the US is Russia, and that's because Russia has the nuclear weapons to achieve a draw from mutually-assured destruction (China's nuclear arsenal isn't big enough). In a conventional war with China, the concensus from Western think tanks at least is that the US would win, but take very costly losses (7,000+ dead and 2 supercarriers sunk/total loss is considered optimistic) and be forced to devote many assets currently outside the theater just to have a shot. I think it's very possible China could win the peace by forcing the US to cut their losses.

I think it's more likely we'll see the weakness of the US against a target like Iran, where we'll expect a 2003-style curbstomp but lose FAR more troops/aircraft/ships than we thought possible.

 

[Kheapathic]

I think it's more likely we'll see the weakness of the US against a target like Iran, where we'll expect a 2003-style curbstomp but lose FAR more troops/aircraft/ships than we thought possible.

Another problem with the USA's military is our personnel; not a single branch is making recruiting quotas and throwing everything at the board to try and get people to stay in. The Navy upped the enlistement age to 40 and have started to waive PT failures. It doesn't help that as our military becomes more womanized and diversified, the efficiency goes down. We can do SEAL / CIA hits, but direct action is gonna become more difficult as the enlisted become fewer and dumber. Also, with all our manufacturing being off shored and China recently getting Iran and Saudi to come to the table and talk; the last thing China will want is for the USA to start hostilities. When all our shit starts breaking and we don't have the parts to repair anything, well, there goes the war. And Saudi and China want good terms with Iran, as they just discovered the largest known lithium deposit.

 

[Jet Fuel Johnny]

Another problem with the USA's military is our personnel; not a single branch is making recruiting quotas and throwing everything at the board to try and get people to stay in. The Navy upped the enlistement age to 40 and have started to waive PT failures. It doesn't help that as our military becomes more womanized and diversified, the efficiency goes down. We can do SEAL / CIA hits, but direct action is gonna become more difficult as the enlisted become fewer and dumber. Also, with all our manufacturing being off shored and China recently getting Iran and Saudi to come to the table and talk; the last thing China will want is for the USA to start hostilities. When all our shit starts breaking and we don't have the parts to repair anything, well, there goes the war. And Saudi and China want good terms with Iran, as they just discovered the largest known lithium deposit.

Another thing is that the funds are allocated a lot different.

Tens of millions on gear, hardly any time at the national training centers, urban warfare courses, tank warfare courses.

That, and half the units are still doing asymmetrical warfare training.

Top that off with something like 60% of the MOS's that were around when I was in, that allowed the military to be entirely self-sufficient, have been replaced by civilian contractors, and you have another problem. Afghanistan in the last decade (and to some extent, Iraq), the troops there were more for security for overpaid contractors than war-fighters.

It used to be "everyone's infantry when the shit hits the fan" but we've gone to "civilian contractors are doing everything except pull the triggers, well, except when the State Department and the CIA can deploy PMC's, then the military just provides base security for everyone else."

 

[DumbDude43]

People saying the US will win against a peer power is pure Burger Cope.

but there is no peer power to the US. american power at sea and in the air outclasses the rest of the planet several times over, and this will not change in the foreseeable future.
could the US stage a successful invasion and occupation of the chinese mainland? no, absolutely not. but it doesn't have to do that to achieve victory in a conflict. the victory condition for america would be to use its navy, military bases, and allies in the region to create a naval blockade along the japan - korea - taiwan - philippines island chains, and close the straits of malacca to chinese shipping. the chinese navy is incapable of challenging the burger navy so far from the mainland, and cutting china off like that would put them in a state of crisis very fast due to fuel and food shortages.

 

[Whoopsie Daisy]

The only power that can conceivably defeat the US is Russia, and that's because Russia has the nuclear weapons to achieve a draw from mutually-assured destruction (China's nuclear arsenal isn't big enough). In a conventional war with China, the concensus from Western think tanks at least is that the US would win

China could win the war by not firing a bullet. Either they:

1) Blockade taiwan and nobody receives the electronics they need to keep their economy, technology and creature comforts working long term

and/or

2) China stop making American products. What would happen to the stock value of Nike, Disney, Apple et al if tomorrow they were told "no more products for you"? Sure, some product would see an enormous price-hike, with air-Jordans going 5, 6 times more lives than they do now.

In either or both of those scenarios, what would Apple do? Or Amazon? who rely on the vast amount of Chinesium to keep their company going. What would SME's do? Who rely on Chinesium to keep their costs low?

If China stopped the factories from producing American goods today, America would be a third world country by Xmas. I disagree that the counter argument of "China would lose out financially" holds water for a country that let 25% of its' population starve to death because they needed a leap forward.

 

[Pentex]

Why regulators seized Signature Bank in third-biggest bank failure in U.S. history​

On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC.

That run on deposits quickly led to the third-largest bank failure in U.S. history. Regulators announced late Sunday that Signature was being taken over to protect its depositors and the stability of the U.S. financial system.

The sudden move shocked executives of Signature Bank, a New York-based institution with deep ties to the real estate and legal industries, said board member and former U.S. Rep. Barney Frank. Signature had 40 branches, assets of $110.36 billion and deposits of $88.59 billion at the end of 2022, according to a regulatory filing.

“We had no indication of problems until we got a deposit run late Friday, which was purely contagion from SVB,” Frank told CNBC in a phone interview.

Problems for U.S. banks with exposure to the frothiest asset classes of the Covid pandemic — crypto and tech startups — boiled over last week with the wind down of crypto-centric Silvergate Bank. While that firm’s demise had been long expected, it helped ignite a panic about banks with high levels of uninsured deposits. Venture capital investors and founders drained their Silicon Valley Bank
accounts Thursday, leading to its seizure by midday Friday.

Worries spread
That led to pressure on Signature, First Republic and other names late last week on fears that uninsured deposits could be locked up or lose value, either of which could be fatal to startups.

Signature Bank was founded in 2001 as a more business-friendly alternative to the big banks. It expanded to the West Coast and then opened itself to the crypto industry in 2018, which helped turbocharge deposit growth in recent years. The bank created a 24/7 payments network for crypto clients and had $16.5 billion in deposits from digital-asset-related customers.

Shares of Signature Bank have been under pressure.
But as waves of concern spread late last week, Signature customers moved deposits to bigger banks including JPMorgan Chase and Citigroup, Frank said.

According to Frank, Signature executives explored “all avenues” to shore up its situation, including finding more capital and gauging interest from potential acquirers. The deposit exodus had slowed by Sunday, he said, and executives believed they had stabilized the situation.

Instead, Signature’s top managers have been summarily removed and the bank was shuttered Sunday. Regulators are now conducting a sales process for the bank, while guaranteeing that customers will have access to deposits and service will continue uninterrupted.

Poster child
The move raised some eyebrows among observers. In the same Sunday announcement that identified SVB and Signature Bank as risks to financial stability, regulators announced new facilities to shore up confidence in the country’s other banks.

Another bank that had been under pressure in recent days, First Republic declared that it had more than $70 billion in untapped funding from the Federal Reserve and JPMorgan Chase.

For his part, Frank, who helped draft the landmark Dodd-Frank Act after the 2008 financial crisis, said there was “no real objective reason” that Signature had to be seized.

“I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” Frank said. “We became the poster boy because there was no insolvency based on the fundamentals.”

Why regulators seized Signature Bank in third-biggest bank failure in U.S. history

The swift move shocked executives of Signature Bank, said board member and former congressman Barney Frank.

www.cnbc.com

Signature Bank: Third-biggest bank failure in U.S. history

archived 13 Mar 2023 17:35:49 UTC

archive.ph

 

[HodgePodgeRogerDodger]

China could win the war by not firing a bullet. Either they:

1) Blockade taiwan and nobody receives the electronics they need to keep their economy, technology and creature comforts working long term

and/or

2) China stop making American products. What would happen to the stock value of Nike, Disney, Apple et al if tomorrow they were told "no more products for you"? Sure, some product would see an enormous price-hike, with air-Jordans going 5, 6 times more lives than they do now.

In either or both of those scenarios, what would Apple do? Or Amazon? who rely on the vast amount of Chinesium to keep their company going. What would SME's do? Who rely on Chinesium to keep their costs low?

If China stopped the factories from producing American goods today, America would be a third world country by Xmas. I disagree that the counter argument of "China would lose out financially" holds water for a country that let 25% of its' population starve to death because they needed a leap forward.

The US and China are basically Siamese Twins. Going to war is like trying to rip off the other one from the shared spine.

The only ones who benefits from the US and China going to war is probably Russia, they Ukraine war has given them a leg up on being their own provider for shit.

 

[Whoopsie Daisy]

The US and China are basically Siamese Twins. Going to war is like trying to rip off the other one from the shared spine.

The only ones who benefits from the US and China going to war is probably Russia, they Ukraine war has given them a leg up on being their own provider for shit.

I know what you are saying but not too long ago China just laughed as 30 million+ of their own people starved. If doing that again meant the end of the US (during a war with the US) I think they would do it without a second thought.

Maybe I am wrong, but I believe China would even MAD, knowing they have the landmass to evade most nukes, even if it meant killing 70% of their own population.

 

[HodgePodgeRogerDodger]

I know what you are saying but not too long ago China just laughed as 30 million+ of their own people starved. If doing that again meant the end of the US (during a war with the US) I think they would do it without a second thought.

Maybe I am wrong, but I believe China would even MAD, knowing they have the landmass to evade most nukes, even if it meant killing 70% of their own population.

China has literally been having their own 2008 for about 4+ years now and their military is made up of only children in a society that see’s your child as your retirement fund.

They have major societal problems as much as the US does.

 

[Whoopsie Daisy]

China has literally been having their own 2008 for about 4+ years now and their military is made up of only children in a society that see’s your child as your retirement fund.

They have major societal problems as much as the US does.

You're right, there is more to it than just the numbers. I just wouldn't put it past the Chinese to saw their own arm off so they could use it to slap their enemies from a longer range.

 

[HodgePodgeRogerDodger]

You're right, there is more to it than just the numbers. I just wouldn't put it past the Chinese to saw their own arm off so they could use it to slap their enemies from a longer range.

I mean the US and China both have entitled retards at the helm. Biden is the Silent Gen Baby Boomer who has no values and sold out the country. Xi is a dangerous retard who’s father got ousted by other commies.

Under smarter people they’d probably laugh off war and focus on internal problems.

 

[Male Idiot]

China could win the war by not firing a bullet. Either they:

1) Blockade taiwan and nobody receives the electronics they need to keep their economy, technology and creature comforts working long term

and/or

2) China stop making American products. What would happen to the stock value of Nike, Disney, Apple et al if tomorrow they were told "no more products for you"? Sure, some product would see an enormous price-hike, with air-Jordans going 5, 6 times more lives than they do now.

In either or both of those scenarios, what would Apple do? Or Amazon? who rely on the vast amount of Chinesium to keep their company going. What would SME's do? Who rely on Chinesium to keep their costs low?

If China stopped the factories from producing American goods today, America would be a third world country by Xmas. I disagree that the counter argument of "China would lose out financially" holds water for a country that let 25% of its' population starve to death because they needed a leap forward.

Forget about that, isn't China and India making -most- of the insulin the US uses? Beetus being the US's achilles heel would be hilarious, I got to admit.

 

[Whoopsie Daisy]

Forget about that, isn't China and India making -most- of the insulin the US uses? Beetus being the US's achilles heel would be hilarious, I got to admit.

That's a good point. A lot of medicine is patented in the west and made in chinkenese and pajeetium factories. Imagine no meds going to the US for a month, including all the opiates. How would the wine mums and crackies survive?

 

[Kheapathic]

It used to be "everyone's infantry when the shit hits the fan" but we've gone to "civilian contractors are doing everything except pull the triggers, well, except when the State Department and the CIA can deploy PMC's, then the military just provides base security for everyone else."

Using PMCs was the dumbest fucking move in Iraq. The US Military gets the mission of "Hearts and Minds," while the PMCs would intentionally go out, cause trouble, get into fights, and kill anyone and everyone. Talk about literally shooting yourself in the foot if you honestly believed the whole hearts and minds shit; otherwise you're just burning money because you can, and making the foreigners (whose nation you invaded) hate you more.

 

[frozen_runner]

Can someone explain to me why these (((bankers))) weren't dragged out of their mansions and into the streets back in 2008?

Politicians legally indemnified them from the consequences of their actions.

Funny how the OWS retards couldn't bear to direct any anger at Black Jesus or any other Democrat who created the situation in the first place Keep railing at "capitalism" you fucking geniuses.

 

[Angry Alt Right Nerd]

Can someone explain to me why these (((bankers))) weren't dragged out of their mansions and into the streets back in 2008?

The modern American waits for permission from the rich before overthrowing them.

 

[CuzinEd]

Here is some mood music.

Eat The Rich by Aerosmith.

If you don't like Aerosmith there is always Eat The Rich by Motorhead.

I actually like both.

Hopefully the government doesn't fuck up the recovery so badly (by doing literally anything other than just letting it run its course, which sadly all odds say won't happen) that another WW2 will be needed to save the economy...I don't think we would survive WW3.

There isn't going to be a WWIII. There is no one left to fight. No one left is a threat. Not a big enough threat to fight WW3 over.

I'm seeing another Global Financial Crisis, where (((they))) get bailed out by the money printer that goes brrrrr.

Russia-Ukraine is probably the warmup act. Whether WWIII would be enough to turn the economy around is debatable; most of the skills and infrastructure needed to support wide scale manufacturing have been offshored to those with whom America is most likely to have beef in the event of WWIII.

I don't know what rock you have been living under but Russian is losing in Ukraine. It's in no condition to fight a global conflict against anyone.

Yes banks can fail and you will be the one paying the price.
Reminder to get some Monero. Be your own bank.
Ver archivo adjunto 4763233

Yes fake internet money will save us.

Yo, @mlanguishi fix the OP.

You got it right with the thread title, link, and archive; but you should copy/paste the whole of the article.


I don't think we have the capacity to manage a WW3, let alone survive it. Just looking at how we depleted a number of stockpiles for Ukraine, some of our newest tech still isn't working and have been perpetual money sinks, glorified women in positions who immediately crash said tech, every branch trying to find way to fill slots for bodies to include bumping the age of enlistment up to 40 and the Navy straight wiping a failed PT/height weight off the books to keep you. Then throw in how much of our actual manufacturing is overseas, and a number of it is in China, who is on much better terms with Russia.

We literally cannot wage a proper war; we can do instructors and advisors, and do SEAL / CIA hit squads, maybe with an airstrike or two, but we cannot wage a proper fucking war. At least not a prolonged one.

Seeing the state of the US now, I find it more likely the US will lose WWIII and get bailed out by China afterwards. People saying the US will win against a peer power is pure Burger Cope. We no longer have the ability or the spirit to nationalize our industries like in WWII. We see it with our difficultly to supply Ukraine. At $100 billion, Ukraine should be able to out-logistic the Russian army, regardless of corruption and the Military Industrial Complex should be able to meet this need. That they aren't says quite a bit about the efficacy of the MIC.

It also says something about the soul of the Center Leftist, who was defeated by identity politics completely and utterly. They have absolutely no immunity to it because they, in their heart of hearts, do value that kind of diversity over actual results. Combined with their pro-social, Beta temperament and they just get consumed by weirdos.

There isn't going to be a WWIII. During WWII the US had a weakened military before the war. After WW1 the US military was basically gutted. Most of America was isolationist and didn't want anything to do with anymore European wars. So the military was weakened. The Europeans had weak militaries as well. The only people building up their military forces were the Germans. They were building up after WW1 and the Treaty of Versailles had torn the German military down. We have the exact opposite situation today.

No one around the world has the military capabilities to fight a global conflict except the US. The Russians can't even take Ukraine. They are losing. The Russian military is complete garbage. Russia isn't even a superpower anymore it's a regional power at best and at the worst its a minor regional power. The same goes for China. Their military is also garbage and their navy is still considered a brown water navy. It's going to be hard to fight WW3 with garbage tier military and a brown water navy. It's not going to happen. Even if there was a WW3 scenario the US would easily win with a combination of being capable and the other sides being garbage tier.

No one is going to use any Nukes because they know if they do they will get nuked back.

There was someone on here that made a post a few months ago that I still remember that said we live in a timeline where all the baddies are trash. That about sums it up.

 

[Zbk3VmLfujjzjxBd43tL]

I don't know what rock you have been living under but Russian is losing in Ukraine. It's in no condition to fight a global conflict against anyone.

What rock have you been living under LMAO? If the Ukraine is winning, why are they blackbagging people off the street and calling up some dude with no arms? Stop reading the NATO propaganda, that's why the media narrative is slowly changing to the stance of being neutral on the conflict since the piggers are dying more and more by the day, NATO armament stores running empty, and funding Z€£€n$ki and his merry band of Neo-Nazis not so popular anymore.

No one around the world has the military capabilities to fight a global conflict except the US. The Russians can't even take Ukraine. They are losing. The Russian military is complete garbage. Russia isn't even a superpower anymore it's a regional power at best and at the worst its a minor regional power. The same goes for China. Their military is also garbage and their navy is still considered a brown water navy. It's going to be hard to fight WW3 with garbage tier military and a brown water navy. It's not going to happen. Even if there was a WW3 scenario the US would easily win with a combination of being capable and the other sides being garbage tier.

LMAO that's not even NATO propaganda since NATO considers China to be the #1 threat and their navy one step below a blue-water navy (i.e. easily capable of making a fight for Taiwan, which all simulations say Taiwan loses or the US takes heavy losses in defending Taiwan). Oh and Russia has thousands of nukes, meaning it's an even draw against the US with mutual destruction.