it seems to be again the time for a financial crisis.
it seems to be again the time for a financial crisis.
No, no. Everything will be fine this time!Originally Posted by depili
The banking industry seem to be of the opinion that the fact it's been widely known Credit Suisse was in danger for a long time means no one is surprised, so it's fine. But that only helps if the industry spent all that time it knew this was coming actually preparing, rather than just waiting for the state to step in.
Considering the state stepping in did quite little to calm the markets I feel they weren't just waiting for the state to step in.No, no. Everything will be fine this time!
The banking industry seem to be of the opinion that the fact it's been widely known Credit Suisse was in danger for a long time means no one is surprised, so it's fine. But that only helps if the industry spent all that time it knew this was coming actually preparing, rather than just waiting for the state to step in.
Apparently also the shotgun wedding for the swiss banks also involves voiding bunch of bonds and trashing the value of credit suisse shares, so now no one wants anything to do with any even slightly shaky bank in fear of losing it all (oh, what, investing carriers the risk of losing money?)
Last edited by depili; March 20 2023 at 02:46:12 PM.
What's weird is that shareholders got something but the low level bond holders didn't, it should be the other way around in the seniority of payment when a bank is going down.
So they have undermined the assumed value of exactly the sort of bonds central banks have been doling out to try and help in recent times, good work Switzerland...
https://www.bloomberg.com/news/artic...es-rule-lapses
Binance gets sued by US goverment agency for securities violations.
So, a lot has happened recently: three big banks have gone under, several more smaller banks are teetering (PACW, KEY, WAL, etc.), interest rates may be plateauing, the Schrodinger's economy is both strong and stagnant...
I bought into FRC when it was $12, having done zero research on the bank. Was tempted to sell around $16, but decided to let it ride. Welp, down 97%. At least I'm getting dividends from most of my stocks.
Looked at moving money into savings bonds, then realized I'm making 3.75% on my E*TRADE savings account. So I'm going to keep the bulk of my assets in savings right now.
"Holy shit, I ask you to stop being autistic and you debate what autistic is." - spasm
In NL people are just getting tired of the news, even main stream media are no longer in panic mode over every little fuck up or even big ones, its page 3 news by now. Kinda like....wake me up when the system crashes, its new shit every week, you get numb to it.
Then surprise surpise you bagle might be +400% over night...or it might not.
Schopenhauer:
All truth passes through three stages.
First, it is ridiculed.
Second, it is violently opposed.
Third, it is accepted as being self-evident..
An interesting and alarming comment I heard shortly after UBS took over the failed Credit Suisse was: "Credit Suisse was too big to fail. UBS now has become to big to bail." Meaning that if that case might occur, the Swiss state budget isn't large enough to bail tem out. It would ruin Switzerland.
Same happened in Nl during banking crisis around 2009, Some banks had to be forced to split up to avoid to big to bail.
Schopenhauer:
All truth passes through three stages.
First, it is ridiculed.
Second, it is violently opposed.
Third, it is accepted as being self-evident..
Swiss had their time in paradise with nazi gold, now the party's over.
fyp
There are still all of the other tax dodgers, blood diamonds, banana state corrupt officials etc, they aren't that stripped of customers.
True.
https://www.reuters.com/legal/us-sec...ns-2023-06-05/
Binance and its founder got sued by uncle sam.
Why is it called earth, when it is mostly water???
Faruk Fatih Özer, the founder and CEO of the now-defunct crypto exchange Thodex,
has been sentenced to 11,196 years in prison by a court in Istanbul for crimes including aggravated fraud,
money laundering, and organised crime.
His sister Serap and brother Guven were also found guilty and received the same jail term.
Why is it called earth, when it is mostly water???
Is that a typo or did they really sentence consecutively and by scale up to eleven thousand years?
I wonder what rapists and murderers get? But they didn't defraud rich people I suppose...
Just ban crypto and be done with it, ffs.
"Holy shit, I ask you to stop being autistic and you debate what autistic is." - spasm
Prosecutors asked for 40k years.Is that a typo or did they really sentence consecutively and by scale up to eleven thousand years?
I wonder what rapists and murderers get? But they didn't defraud rich people I suppose...
Why is it called earth, when it is mostly water???
In the same country where builders can ignore safety regulations and pay a fixed fine for indemnity from prosecution. Lol.Prosecutors asked for 40k years.Is that a typo or did they really sentence consecutively and by scale up to eleven thousand years?
I wonder what rapists and murderers get? But they didn't defraud rich people I suppose...
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