Silicone valley bank collapse

[Sillysheep]

Does anyone want to chat about the bank collapse and bank run in the USA?

Will they be bailed out? Will other banks collapse? How will it affect housing and stocks? Etc.

That should say silicon btw, damn autocorrect 😂

They'd already announced a bailout before you posted?

It's been announced this morning that HSBC have bought it.
Impressive work from the BoE and government to facilitate the sale so quickly!

What about the US bank?

Are you talking about the UK branch of it? I don't think the USA has announced a bailout.

I imagine that the US will guarantee deposits so that all the tech firms who bank with them don't go under and risk runs on other banks. I doubt they or the UK will underwrite the bank's investment losses.

Yes the US gov has guaranteed deposits.
Be interesting to keep an eye on First Republic in the next couple of days.

Yes on TV now. Its just the UK section that HSBC has bought for £1

Who gets the £1?

Signature bank was closed yesterday.

www.msn.com/en-us/money/companies/svb-collapse-federal-regulators-shut-down-signature-bank-in-new-york/ar-AA18xr7m

HSBC have bought it from the shareholders together with any deposits or debts.

Joe Biden made it clear that investors wouldn’t be bailed out, and that the senior managers of failed banks would be fired. However, deposits are safe and he said that the US taxpayer won’t be providing any prop-up funds.