While Silicon Valley Bank execs may have failed to hedge against interest rate risk, they did signal $73.45 million in virtue donating to Black Lives Matter and related entities, according to a database maintained by the Claremont Institute which lists nearly $83 billion in donations to the Marxist organization.
Meanwhile, New York-based Signature Bank gave a total of $850,000 to the organization.
Both woke banks had touted their efforts to improve diversity among their staff – with SVB pledging in the summer of 2020 to increase its commitment to “diversity, equity and inclusion.’
During the pandemic, CEO Greg Becker announced an employee matching program for donations which focused on “pandemic-response, social justice, sustainability and supporting women, black and Latinx emerging talent and other underrepresented groups,” the Daily Mail reports.
HSBC chief executive Noel Quinn announced the acquisition of the Silicon Valley Bank UK unit for £1.
If you’re curious to delve deeper into the topic, read more about it here.
- Shares of Credit Suisse surged higher Thursday, rebounding from a fresh all-time low after the beleaguered lender received central bank support to shore up its finances.
- The abrupt loss of confidence in Credit Suisse, which comes as fears about the health of the banking system spread from the U.S. to Europe, has prompted some to question the “true” worth of Credit Suisse’s share price.
- “The weakest links are cracking and that’s just happening, and that was entirely predictable — and this will not be the last one,” Beat Wittmann, chairman of Switzerland’s Porta Advisors, told CNBC’s “Squawk Box Europe” on Thursday.
Anyone who thinks the Banking situation is stabilizing should know that the Federal Reserve Bank has lent $150 Billion to banks THIS WEEK ALONE!
The chart above shows this week’s lending, and compares it to the “Great Financial Crisis” of 2008. It becomes instantly clear that this year, things are very much WORSE for banks than in the year 2008.
Data published by the Fed showed $152.85 billion in borrowing from the discount window — the traditional liquidity backstop for banks — in the week ended March 15, a record high, up from $4.58 billion the previous week. The prior all-time high was $111 billion reached during the 2008 financial crisis.
HAL TURNER OPINION
What this tells me is that all the legislation and rule changes done after the Great Financial Crisis . . . . didn’t fix a thing. The banks seem to have gone out and done the same mismanagement and risky business they did back then, which caused that crisis.
The fact that the federal reserve has already lent more than fifty billion dollars MORE than they did at the peak of the great financial crisis, shows the banks are in worse shape now than they were in 2008. After all, they wouldn’t be borrowing this money if they didn’t NEED it!
It seems to me that the general public ought to carefully re-assess whether or not it is practical to continue thinking the banks “will be there.” It now seems (to me) that it is well within the realm of possibility, that one day soon, we could wake up to the Headline “Banks Ordered Closed for Two Weeks; ATM’s, Credit and Debit Cards ALL Shut Down” until this new bank crisis is resolved.
I am hearing that Bank of America is going to buy the failed Signature Bank this coming Monday.
I tell you this because British Bank HSBC bought the British division of failed Silicon Valley Bank and today, HSBC stock plummeted about 4.16%
What does that tell you about Bank of America stock for next week?
Yesterday, eleven banks announced that, between them, they would be voluntarily depositing a total of $30 BILLION into First Republic Bank, whose stock has been hammered of late. Despite yesterday’s announcement, today the stock of First Republic dropped another twenty five percent today alone.
This banking situation does not appear to be getting any better. It actually appears to be getting worse.
The Spot Price of Gold Bullion jumped $64.30 per ounce today (+3.34%), reaching a cost of $1987.30 per ounce during regular market-day trading. Once the market closed, Gold continued to rise, reaching $1993.70. as of 5:42 PM eastern US Time (+3.68%).
This is taking place because people are pulling cash out of Banks and out of Stock Markets, and rushing to WHAT THEY ***THINK*** is the “safety” of Gold. In fact, what most of them are doing is buying “Paper” Gold . . . . allowing someone ELSE to hold the actual metal for them. If things in the financial markets continue NEXT WEEK, as they’ve been going this week, all those “Paper” Gold holders . . . . may find out the hard way, they have nothing. Only people who took actual delivery and have the gold in their own hands, are safe.
According to a new study reported by the Wall Street Journal, one-hundred eighty-six (186) additional banks have the same issues that faced Silicon Valley Bank before it collapsed.
Given that this is now being publicly reported – albeit DELIBERATELY after the markets closed on Friday — this weekend could result in an actual “Black Monday” when markets re-open on the 20th. (We will all have to watch pre-market conditions when futures trading opens up Sunday night.)
Given all the government activity last weekend, as Silicon Valley Bank and then Signature Bank collapsed, it is entirely feasible that government action may also take place this weekend.
What will YOU do if the government orders a “Bank Holiday” next week, and none of the banks can open? What will YOU do if all the ATM’s, credit, and debit cards are OFFLINE for a Bank Holiday? That could mean every store would be CASH ONLY; No credit, Debit, or even EBT cards! How will you eat? How will you put fuel in your car?
You had better prepare while you still have a slim window to do so: This weekend.