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NYFDS didn't organize the Silicon Valley Bank run on Slack, or make them go too far out on a limb with duration risk in the first place. They also didn't cause
by VagueMag 4y ago
NYFDS didn't organize the Silicon Valley Bank run on Slack, or make them go too far out on a limb with duration risk in the first place.
They also didn't cause Signature to suffer a run so severe they couldn't even say for sure what the size was of their deficit at the Fed: https://www.fdic.gov/news/speeches/2023/spmar2723.pdf https://www.fdic.gov/news/speeches/2023/spmar2723.pdf
- hanniabu 4y ago[flagged]
- eli 4y agomaybe don’t believe everything you read on twitter
- mikeyouse 4y agoJust the laziest conspiracy theory too. Signature had nearly 90% uninsured deposits and 20% of their deposit base was from crypto or other "digital asset" companies. It was set up for a bank run. They lost 20% of their deposits in a matter of hours on the Friday of the SVB collapse which left them with a negative balance at the Fed. When the Fed and FDIC asked them how many withdrawals were queued up for Monday morning and how much money they needed to borrow from the Fed window to stay solvent, the bank couldn't tell them because their systems weren't capable of doing so. Absolute clown show.
- deleted 4y ago[deleted]