Bank Run Watch 2023 after Silicon Valley Bank shutdown - Over 97% of SVB's assets were not FDIC insured

[chiobu]

FDIC Announcement: https://www.fdic.gov/news/press-releases/2023/pr23016.html
https://twitter.com/GRDecter/status/1634208652595699713 (Archive)
https://www.cnbc.com/2023/03/10/sil...ulators-fdic-to-protect-insured-deposits.html (Archive)

Spoiler: Original Article

This private information is unavailable to guests due to policies enforced by third-parties.

 

[The Luigi Player]

oh no... where will they get their money now?

Blackrock!

 

[Sniperwoof]

Oyyyyyyyyyyyyyyyyyyyy veeeeeeeeeeeeyyyyyyyy!

This is the worst shiggoleh ever.

 

[AnotherPleb]

I'm not about to shed a fucking tear for techbros in california.

 

[Fatboi Gus]

Lol. Lmfao even.

Learn to weld you worthless soy-fueled bugmen!

 

[RodgerDodger]

The first pebble begins its roll down the mountain. It will be interesting to watch for the splash damage and contagion from this.

 

[TerminalTryHard]

Better than fucking viagra.

 

[AnotherPleb]

Better than fucking viagra.

Make sure to see your doctor after four hours.

 

[Cabbage Farmer]

Uh oh spaghettios, but unironically

 

[tehpope]

https://en.wikipedia.org/wiki/List_of_largest_U.S._bank_failures

Second largest bank failure in US history. Whoops.

 

[Breadbassket]

Nothing to see here. Please disperse. Do not think about rushing to the bank and withdrawing all your money before anyone else does.

 

[Absolutego]

Kind of thematically fitting for the 2010's that the bank run heralding this crash is some Silicon Valley venture capital bank invisible to the average citizen.
Like how Washington Mutual was best known as that bank that kept advertising how they wouldn't turn down customers (and had a bunch of other free perks), before the consequences of approving unwise loans for, say, buying houses manifested.

 

[Aidan]

https://en.wikipedia.org/wiki/List_of_largest_U.S._bank_failures

Second largest bank failure in US history. Whoops.

It's fine, don't worry about it, take a nap.

 

[IAmNotAlpharius]

I’m hoping that Silicon Valley continues to get kicked in the teeth. This recession seems to be hitting them specifically.

 

[tehpope]

https://twitter.com/WatcherGuru/status/1634263195706863618

 

[Meat Target]

I wouldn't celebrate too much, even if it's happening to the Laptop Caste. All this means is that the depositors are getting a bailout. You and I will be paying for it.

 

[Jimjamflimflam]

Any business/money people can tell me how concern I should be about my own investments (401k) if as far as I know it had no connections to this bank?

 

[Breadbassket]

Article Link
Archive

Spoiler: Article

This private information is unavailable to guests due to policies enforced by third-parties.

 

[Breadbassket]

Any business/money people can tell me how concern I should be about my own investments (401k) if as far as I know it had no connections to this bank?

I'd be somewhat wary at the very least. There may be some ripple effects though I think due to location of Silicon Valley Bank their cash may of been placed heavily into technology companies at the very least. They did have $209 billion in assets though and that is nothing to scoff at. On the bright side if the failure does somehow effect you I think there is a nonzero chance they may get a government bailout due to the sheer magnitude of the issue.

This article is already old due to the events of today as the Silicon Valley Bank has been taken over by the Federal Deposit Insurance Company but it explains well what led up to the failure and could provide a guide for recognizing signs in other banks that may face similar issues in the near future.

 

[tehpope]

Any business/money people can tell me how concern I should be about my own investments (401k) if as far as I know it had no connections to this bank?

If you're not near retirement age, under 50, it'll probably recover enough before you retire.

If you're nearing 65, talk to a professional. Or ask the bogleheads forum or subreddit.