The Federal Reserve incentivized bad behavior and 'bloodcurdling irresponsibility' that enabled Silicon Valley Bank's collapse, according to The Bear Traps Report's Larry McDonald.
Collapse of Silicon Valley Bank is a ‘warning sign’ of how ‘screwed up’ our banking system is: Charlie Gasparino
FOX Business senior correspondent Charlie Gasparino provides expert analysis of the historic collapse of Silicon Valley Bank and its widespread economic impact. "Your hard assets are going to be an incredible place to invest because the dollar is weakening globally as the U.S. is moving toward recession. This uncertainty and these bank runs nearly guarantee a deep recession, and then eventually, the taxpayer is going to have to come up with more when they do a real fiscal bailout. Right now we're in the monetary bailout," McDonald advised.
"The market probably drops 20 to 30% from here because, at the end of the day, we're trading at 19-times earnings. And we have literally four banks that have blown up in the last week. We got one more on the way probably today or tomorrow," McDonald said.
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JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
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Paul Krugman: SVB was 'Shmoozing and Vibes Bank,' not new 'Lehman moment'Paul Krugman says Silicon Valley Bank could've been called the 'Schmoozing and Vibes Bank,' but it's probably not another 'Lehman moment'
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SVB Exec Served as CFO for Lehman Brothers Before 2008 CollapseBefore joining the Silicon Valley Bank as the Chief Administrative Officer (CAO) in 2007, Joseph Gentile served as the Chief Financial Officer (CFO) at Lehman Brothers’ Global Investment Bank before the public collapse in 2008.
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UK finance minister, Bank of England working to minimise SVB falloutBritain's finance ministry and the Bank of England are working together to minimise the disruption that could stem from the UK arm of collapsed U.S. bank Silicon Valley Bank, the ministry said on Saturday.
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Crypto whales suffer huge losses due to USDC depeg, SVB collapseThe depegging of USD Coin has resulted in billions of dollars of losses via a chain reaction that has shaken the crypto ecosystem.
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Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposureThe U.S. cryptocurrency firm Circle's USD Coin lost its dollar peg and fell to a record low Saturday morning.
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