Financial Institutions

[Foxx]

7 hours ago, Foxx said:

Surprised this wasn't a thing before now.

 

 

Time to sell

 

[Foxx]

Schwab CDS exploding

 

[Foxx]

Officially sold

 

[Foxx]

On 3/24/2023 at 8:29 AM, Foxx said:

CRE, the next time bomb?

 

 

Maturing CRE debt

 

[Nouseforaname]

[Foxx]

Quick, act surprised.

 

[Ann]

5 minutes ago, Foxx said:

Quick, act surprised.

 

How? Switzerland caved to the US IRS years ago. I know because we have assets in Switzerland we need to disclose yearly, and they must match what Switzerland send to the IRS.
 

[Foxx]

34 minutes ago, Ann said:

How? Switzerland caved to the US IRS years ago. I know because we have assets in Switzerland we need to disclose yearly, and they must match what Switzerland send to the IRS.
 

Don't take it as a jibe but... more than likely, you are small potatoes. It's all about who you know and who you blow.

[Foxx]

This is both good and bad at the same time. Read the article.

 

FDIC Faces $23 Billion in Costs From Bank Failures. It Wants Big Banks to Pay

Quote

... Behind the scenes, officials are looking to limit the strain on community lenders by shifting an outsize portion of the expense toward much larger institutions, according to people with knowledge of the discussions. That would add to what already may be multibillion-dollar tabs, apiece, for the likes of JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. ...

 

... Talks for setting the size and timing of the assessment are in early stages. Leaning heavily on big banks is seen as the most politically palatable solution, some of the people said, asking not to be named describing private deliberations. ...

The question of how to spread the cost of SVB’s and Signature’s failures is already a hot topic in Washington, where lawmakers have pressed FDIC Chairman Martin Gruenberg, Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell over who will shoulder the burden — especially after an unusual decision to backstop all of those banks’ deposits. The extraordinary measure saved legions of tech startups and wealthy customers whose balances far exceeded the FDIC’s typical $250,000 limit on coverage. ...

 

 

... When the FDIC’s main fund suffers a blow, the agency can impose a special assessment to speed up the process of refilling its coffers — and it can tailor how it sets those rates. ...

 

They really have no choice here. In this economic climate, they can't put Joe and Betty Six-Pack on the hook directly and they know it. They also can't restart QE with inflation out of control (which they would have to do to back stop all depositors). 

The downside is that the mega banks are not going to be denied, they are going to get their pound of flesh one way or another. If they have to feed .gov to keep them at bay (merely for sake of appearances), Joe and Betty Six-Pack are still going to pay in the end.

You just have to love fractional reserve banking...
 

[Nouseforaname]

2 hours ago, Foxx said:

Don't take it as a jibe but... more than likely, you are small potatoes. It's all about who you know and who you blow.

The same thought crossed my mind.

[Foxx]

Regional bank stocks are slipping back to post SVB lows. Tomorrow should be interesting to watch what happens.

[Foxx]

 

 

[Jabba The Hutt]

On 3/29/2023 at 5:24 PM, Foxx said:

Don't take it as a jibe but... more than likely, you are small potatoes. It's all about who you know and who you blow.

Point me in the right direction please

[Koko]

38 minutes ago, Jabba The Hutt said:

Point me in the right direction please

 

Our illustrious Vice President can give you some tips and tricks.

[Jabba The Hutt]

55 minutes ago, Koko said:

 

Our illustrious Vice President can give you some tips and tricks.

Please, that bitch is an amateur...

[Foxx]

I just don't think this is going to end well. There is an anger brewing in the common man that is becoming more and more palpable everyday.

 

Furious Credit Suisse investors say bank’s board should be ‘put behind bars’

Quote

... Shareholders used most of the nearly five-hour annual general meeting in Zurich – the last in the 167-year-old bank’s history – to voice fury over poor management, hitting out at excessive pay for “incompetent and greedy” bankers who they said took too many risks and endangered Switzerland’s economic prosperity.

 

Board members were also criticised for being too quick to agree to its takeover by UBS last month and striking a bad deal for investors, although bosses said the only alternative was bankruptcy. “This is a dishonourable day for Switzerland,” one investor said. “I believe we have basically lost trust in the Swiss financial sector.”

 

Another lamented the collapse of its shares, which he said were now worth no more than a “sack of walnuts”, and offered some shells as a gift to the chair, Axel Lehmann. Another said it meant livelihoods of pensioners who relied on Credit Suisse stock had “gone up in smoke”, and warned that people “might even think of killing themselves because they no longer have any money left”.

 

He said the board needed to be held responsible for the many scandals that plagued the bank, including tax evasion and fraud. “These people should be taken to court, should be put behind bars, and should no longer be allowed to practise their profession,” the shareholder said. ...

 

[Foxx]

Bonus Payments

 

[Ann]

They are trying:
 

 

[Foxx]

Promising

 

[Jabba The Hutt]

On 4/5/2023 at 6:54 PM, Ann said:

They are trying:
 

 

Anybody else switching to Democrat to vote in primary for him over Biden if he runs?