Beginning of the end?

[Johnny44]

My mortgage is with Wells Fargo. Maybe they lost that too.

Thats the spirit brother, a glass half full optimist

[rolylane6]

The one buddy had about a 4k balance that disappeared along with his $3800 paycheck deposit that never showed. He was pretty freaked out.

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He said everything's back to square in his account this morning.

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[muzzlebrake]

People fleeing Woke California and pulling all their cash out of local owned banks is not a good thing for a lot of places out there in the land of fruits and nits. I expect to see more bank failures in that crap hole. Once the first domino falls it's gonna be fun to watch.

[SmTx]

Nothing to see here. Banks are too big to fail!!

[Playa]

Nothing to see here. Banks are too big to fail!!

^^^ yep! This is just the beginning of more $ printing and use of public funds to prop up private corps

[RiverRat1]

It is.. The folks with a lot of VC money are in the middle of getting squeezed. All of their liberal policies are biting them in the butt. Pay close attention to the financial news this weekend. How far will this spread? Are we about to watch a bunch of California liberals loose billions?

What about nationwide companies that call California home? How will they be affected? Hulu, Netflix?

LOL Not a chance.

They took or made a crap load of small business go bankrupt through Covid. Now when it's the bigger players turn they'll get bailed out.

I hear Oprah had a lot of money in that bank. 550-600 million. So if they don't get bailed out that'd be nice.

[TeamAmerica]

Reporting says ceo cashed out $3.6M in stock in the last two weeks. Ya think he knew??!

[hpdrifter]

LOL Not a chance.

They took or made a crap load of small business go bankrupt through Covid. Now when it's the bigger players turn they'll get bailed out.

I hear Oprah had a lot of money in that bank. 550-600 million. So if they don't get bailed out that'd be nice.

kinda hope mostly liberals had money in that bank.
what goes around comes around!

See if they cry "economy" then.

[rtp]

Reporting says ceo cashed out $3.6M in stock in the last two weeks. Ya think he knew??!

Nancy Pelosi says just lucky timing.


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[91cavgt]

I heard that several big companies had cash in that bank, including Roku!


Californians were not the only ones who had money in that bank. I read an article this morning that talked about a Manhattan branch of the bank had to call the police because people had come in looking to get their money out of the bank.

[Bard]

A lot of crypto $ disappeared with that bank.

[flywise]

[ame="https://m.youtube.com/watch?v=cl-ZawiAghE"]Tucker Carlson: This is the largest bank failure since 2008 - YouTube[/ame]
Several places have folded recently apparently, but it ain’t been plastered on the news……things are wonderful people

[texasdeerhunter]

I don’t see this one bank failure as a sign of an overall weakness in the banking industry. By and large, most of the banks in the country are solvent and doing well. What did this bank in was that the very industry they catered to (start-up tech companies and venture capitalists) knew they were about to default on a lot of their debt. So they pulled their deposits. Hence causing the run on the bank.

I am shocked that at this day in age, with all of the regulation in the banking industry, that the state of California basically allowed and encourage a federally insured bank to in essence operate as an equity partner in tech start-up companies. The riskiest loans a bank can make are to start-up companies. And that is all this bank did apparently. They deserve what is happening to them

[marshman]

https://twitter.com/upwardnewshq/status/1634708020251721728?s=46&t=GfP1RmQ4jHRDg5W9jXwxvg

[RiverRat1]

I know little about banks. I just know LOTS of people were moving money out of banks because they were not paying enough interest (under 1%) and moving to places like brokerages paying 4.5+%

If people withdrawing money (that's their money) causes a bank to go bankrupt then there's a huge problem.