Boiler Room: The Official Stock Market Discussion

bnew

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Silicon Valley Bank's Manhattan branch calls COPS on investors trying to pull their cash out as Boston tech CEO with $10M in bank describes 'worst 18 hours of my life': Lender is SEIZED by regulators in largest US bank failure since Great Recession​

  • Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue Friday
  • SVB blocked them from entering and two cop cars arrived to secure the building
  • There was a run on the bank today as depositors - many of them tech workers - began pulling funds following a surprise announcement of a $1.8 billion loss
 
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ahomeplateslugger

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good lord. this is some nasty stuff.

i kept telling my friends that the market needs to come down more. there was way too much euphoria for way too long and now people are paying the piper. it wouldn't surprise me if the S&P goes back to its march lows and more companies file for bankruptcy or get bought out.
 

Serious

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@BlaxOps you know Dollar General is going kill it.
Fq4mjr3X0AoZokT
 

bnew

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Why would they keep that much money and/or money they can't afford to lose in a bank that isn't Too-Big-To-Fail (eg BofA, JPM, etc)? Doesn't make sense.
it was the 15th largest bank and JPM has billions in unrealized losses as well.
 
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