The question then becomes, when the government says no way, how long until First Republic Bank follows? They are another bank that caters to high net worth Silicon Valley tech investors. You can almost guarantee a run if they let SVB fail. Their stock plummeted 51% before trading was halted. It was funny watching Cramer on CNBC try and beg everyone to believe that the SVB failure was unique. Wonder what FRB is going to do on Monday.
I don't know but I also heard that Wells Fargo customers accounts were emptied. Haven't heard anything else about this as SVB has been the hot topic. However, watch the domino effect as there will be others. They are trying to do away with our dollar and insert crypto. Take your money out now is my advice. If your checks are 'direct deposit' cash out your money ASAP. That way you will only lose your last check when the time comes for your bank to fail. This is my opinion. Wish I had some hope to give you, but this is what I see is coming.
SVB acquired Boston Private about two years ago which also catered to HNW. Their options were becoming limited.
I know a couple of SVB employees. I reached out to one last night to ask her how she was doing. (She was originally with Boston Private.) She said it is scary. They are not telling the employees anything right now. My guess is the odds are pretty good she won't have a job next week.
The question then becomes, when the government says no way, how long until First Republic Bank follows? They are another bank that caters to high net worth Silicon Valley tech investors. You can almost guarantee a run if they let SVB fail. Their stock plummeted 51% before trading was halted. It was funny watching Cramer on CNBC try and beg everyone to believe that the SVB failure was unique. Wonder what FRB is going to do on Monday.
I don't know but I also heard that Wells Fargo customers accounts were emptied. Haven't heard anything else about this as SVB has been the hot topic. However, watch the domino effect as there will be others. They are trying to do away with our dollar and insert crypto. Take your money out now is my advice. If your checks are 'direct deposit' cash out your money ASAP. That way you will only lose your last check when the time comes for your bank to fail. This is my opinion. Wish I had some hope to give you, but this is what I see is coming.
SVB acquired Boston Private about two years ago which also catered to HNW. Their options were becoming limited.
I know a couple of SVB employees. I reached out to one last night to ask her how she was doing. (She was originally with Boston Private.) She said it is scary. They are not telling the employees anything right now. My guess is the odds are pretty good she won't have a job next week.