Looks like the fallout from SVB failing is spreading as fed announced Signature Bank (New York) has been closed by state bank charter authority. Those depositors to be made whole. For context, signature is another top 20 bank with $120bn in assets.
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It’s not a bailout - but no one loses any money….. lmao the clowns bailed themselves out. Nancy pelosi, Romney, they literally are backstopping their own portfolio it makes me want to vomit the corruption
Huh its the Fed making the decision
Nah Fed is backstopping. This isn't doomsday anymore.
A good day for the big banks though, getting more capitalized at expense of smaller banks given most deposits are leikly going to the big banks.
If the Fed didn’t backstop I’d agree with you but with backstops being put in place this will prevent the rush to the big 6.
Yeah, it may limit it but I'd still think many will try to go to a "safer" bank. We shall see. Futures market just opened and its up given the Fed intervention so a good sign for sure.
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