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Silicon Valley Bank has failed

Lots of rumors about govt orchestrated sale this weekend. Apparently PE funds are the lead per what I’ve heard (my sources don’t know shit though).

That I could see, and I have no problem with that.... this is big fkn bank. But there isn't going to be govt money.

They actually have plenty of liquid assets, so the hole likely isn't that large.
 
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Elizabeth Warren will be getting a lot of face time now.


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Will turn 49 this year. With the kids, probably 12 more years. Very similar.

The best thing that could happen to you is a big market fall. 12 years is only the start... your investment horizon isn't 12 years. It's 12+ your 30+ you hope to live after.

You are investing for the next 30-40 years. Not 12. You NEED stocks to get cheap while you are in your peak earning years. The absolute worst thing for you is stocks stay expensive for the next decade while you are earning (probably max earning years) and saving.. only for them to drop in 2035. You want them to drop NOW.

The scary part is when you are retired and don't have earning power to reload.

The BIG disclaimer is... that all counts upon you not losing your job in a real serious economic downturn. If your job is closely tied to the ups and downs of the economy, then you just want a stock market dive, not an economic one... they are sometimes the same, but not always
 
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Back to my post a few posts ago, is it per institution or per location? If Goat's Bar and Grill #304 in Indy and Goat's Bar and Grill #455 in Atlanta both bank at their local Chase branch, are they both covered independently? Or is it combined because it's the same company banking with the same bank?
Depends on how you set up the account I would think.
 
I turn 62 in three weeks. STFU.
I am in a similar boat. I know a lot of people screwed over by 2008, their retirement account took a beating and their company downsized.

The market did recover in 2 years. As long as it doesn't go longer than that, and assuming no downsizing, I will be ok. I will miss the money not gained in the 2 years, but the Dow is already down like 15% from highest. I am hopeful we are closer to the basement than 2008.
 
I am in a similar boat. I know a lot of people screwed over by 2008, their retirement account took a beating and their company downsized.

The market did recover in 2 years. As long as it doesn't go longer than that, and assuming no downsizing, I will be ok. I will miss the money not gained in the 2 years, but the Dow is already down like 15% from highest. I am hopeful we are closer to the basement than 2008.

My problem is that I was planning to retire THIS YEAR. Major market instability puts that into question. And I've already mentally checked out at work. I just turned in my "goals and objectives for 2023" with the idea that I'd not be around to answer for them. Do you know how hard it would be to come back from this level of slackery and try to carry on a couple of more years?

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My problem is that I was planning to retire THIS YEAR. Major market instability puts that into question. And I've already mentally checked out at work. I just turned in my "goals and objectives for 2023" with the idea that I'd not be around to answer for them. Do you know how hard it would be to come back from this level of slackery and try to carry on a couple of more years?

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Work for as long as you can. A job is an asset . . . maybe the most important one.
 
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My problem is that I was planning to retire THIS YEAR. Major market instability puts that into question. And I've already mentally checked out at work. I just turned in my "goals and objectives for 2023" with the idea that I'd not be around to answer for them. Do you know how hard it would be to come back from this level of slackery and try to carry on a couple of more years?

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Yep, I get the feeling. Almost all my old college friends are retired and tell me how great it is. I have started moving my horizon forward.
 


He’s trying to get a bailout.
. . . and add that amount to the deficit? Wouldn't get past the Berns or Warrens . . . more socialization of the losses. Besides, who doesn't know about the FDIC limits? I've been counseling clients to keep their money in multiple banks for decades.

Now, should the FDIC limit be raised? That's an interesting question. $250,000 ain't what it used to be.
 
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Work for as long as you can. A job is an asset . . . maybe the most important one.

Efff that. I'm not going to be one of thos guys who works up until they drop over. There was a purchasing guy a couple of years back, can't say how old he was. Probably pushing 70. Been with the company 35 some years. Big retirement send off. Had a heart attack two months later. Dead. Screw that.

I'm sure we'd both do something in our early retirement years, but full on 8-5 corporate bullshit. I'm done. Life is too short.
 
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Efff that. I'm not going to be one of thos guys who works up until they drop over. There was a purchasing guy a couple of years back, can't say how old he was. Probably pushing 70. Been with the company 35 some years. Big retirement send off. Had a heart attack two months later. Dead. Screw that.

I'm sure we'd both do something in our early retirement years, but full on 8-5 corporate bullshit. I'm done. Life is too short.
I have every intention of working EXACTLY as long as I need to to retire and not 1 second more. Of course Mrs TMFT has to keep working to maintain our health insurance. A fact that she loves.
 
Efff that. I'm not going to be one of thos guys who works up until they drop over. There was a purchasing guy a couple of years back, can't say how old he was. Probably pushing 70. Been with the company 35 some years. Big retirement send off. Had a heart attack two months later. Dead. Screw that.

I'm sure we'd both do something in our early retirement years, but full on 8-5 corporate bullshit. I'm done. Life is too short.
That is shitty and does seem to happen a lot. How old are you? My uncle was an electrician. Lived like a pauper his whole life saving for retirement. Just wanted to go to the keys and fish for his retirement. Had a massive stroke two days after he retired. Lost 75 percent of his vision. Couldn’t walk. Awful
 
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That is shitty and does seem to happen a lot. How old are you? My uncle was an electrician. Lived like a pauper his whole life saving for retirement. Just wanted to go to the keys and fish for his retirement. Had a massive stroke two days after he retired. Lost 75 percent of his vision. Couldn’t walk. Awful

I'm 62. Retiring now isn't so much a question of being able to live. It's a question of being able to potentially live X number of years at the level to which we've become accustomed. That's the hard part. Calculating that against the unknown.
 
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The best thing that could happen to you is a big market fall. 12 years is only the start... your investment horizon isn't 12 years. It's 12+ your 30+ you hope to live after.

You are investing for the next 30-40 years. Not 12. You NEED stocks to get cheap while you are in your peak earning years. The absolute worst thing for you is stocks stay expensive for the next decade while you are earning (probably max earning years) and saving.. only for them to drop in 2035. You want them to drop NOW.

The scary part is when you are retired and don't have earning power to reload.

The BIG disclaimer is... that all counts upon you not losing your job in a real serious economic downturn. If your job is closely tied to the ups and downs of the economy, then you just want a stock market dive, not an economic one... they are sometimes the same, but not always
what you write on here should be required courses in high school and college. we take so much bs throughout school that should be replaced with financial courses. how little i know about finance is embarrassing. if i had it to do all over again i would change so much
 
Hahahaha...My world of finance is saving a half a mil each year going into the spring to buy supplies and equipment, make payroll, pay for gas, hotels, and other expenses until my contracts start paying me back usually btwn 60 and 90 days.

BTW Boebert is Hot

FDIC is about consumer protection… commercial accounts won’t be fully reimbursed above the deposit limit. Silicon Valley corporate treasuriers who now need to borrow working capital have no one to look at but themselves. Dividends in the news are liquidation proceeds.

It’s interesting that SVB was apparently so underwater that no buyer was found to take it over.
 
what you write on here should be required courses in high school and college. we take so much bs throughout school that should be replaced with financial courses. how little i know about finance is embarrassing. if i had it to do all over again i would change so much
Doing well in the markets is great, but it comes with assuming risk. IMO, retirement planning/ security is all about guaranteed cash flow. . You will never hear this from Fisher Investments.
 
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I'm not familiar with the industry. If the FDIC doesn't do them any good, what do corporations have available to them to protect liquid assets?
Corporate treasurers have a fiduciary responsibility to protect the assets in their charge from losses.
Putting all their eggs in one basket would seem to be one adage.
Not assessing SVB for risk is on them.
 
Corporate treasurers have a fiduciary responsibility to protect the assets in their charge from losses.
Putting all their eggs in one basket would seem to be one adage.
Not assessing SVB for risk is on them.
Maybe in today's world of direct deposit one can pay employees out of hundreds of banks. But back in the day, how could Walmart pay all their employees and not be exposed to tremendous risk if a bank went belly up.
 
Why does everything have to go down this path for you guys? It doesn't have to be either/or.

Financial institutions have failed since this country was founded and before wokeness was even a thing.
Someone else mentioned it and I replied with a valid concern. Did you read the bio or just spout off. And why does it bother you? And why are you so snippy?

I realize what you are saying that financial institutions have failed before, but JDB pointed out the obvious and the person in charge of Risk Management looks unqualified! Before I posted I went to Jay Ersapah LinkedIn page and it has an error message. Then theres this...

https://meaww.com/jay-ersapah-silic...ef-slammed-for-lgbtq-efforts-amid-bank-crisis

If I was a depositor I would be PISSED
 
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Someone else mentioned it and I replied with a valid concern. Did you read the bio or just spout off. And why does it bother you? And why are you so snippy?

I realize what you are saying that financial institutions have failed before, but JDB pointed out the obvious and the person in charge of Risk Management looks unqualified! Before I posted I went to Jay Ersapah LinkedIn page and it has an error message. Then theres this...

https://meaww.com/jay-ersapah-silic...ef-slammed-for-lgbtq-efforts-amid-bank-crisis

If I was a depositor I would be PISSED
Point being we always look for the easy target or flavor of the day. Both left and right on this board do it.

You do realize these banks have multiple levels of leadership, internal and external auditors, risk advisory services, and undergo financial exams. This is a failure on multiple levels beyond one woke hiring.
 
Point being we always look for the easy target or flavor of the day. Both left and right on this board do it.

You do realize these banks have multiple levels of leadership, internal and external auditors, risk advisory services, and undergo financial exams. This is a failure on multiple levels beyond one woke hiring.
Not trying to start anything with you BCC :). Just pointing out what I read...

From the article...The Board of Directors is filled with diverse hires who are there because of their woke credentials. They all have pronouns in their bios, which are filled with corporate newspeak.

This new culture that is place is not a good idea IMO and if the people in charge at this bank were not qualified what makes that right? I don't know if they are or not but diversity over qualified at a bank????

Would you hire someone based on diversity OR who is qualified?
 
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