is on troubled bank list. I haven't a clue what to do. Should I close my account Monday? suggestions are muy appreciated 20 banks that are sitting on huge potential securities losses—as was SVB
6721, The FDIC is and has been broke for over 60 years. Publishing that list of troubled banks is a felony in Texas. The FDIC does not even know how its own insurance works. They publish pamphlets on their insurance that contain LIES and dumb **** bankers put them in the lobby. I know nothing about the SVB but know that the only banks I have seen liquidated in my adult life were banks that some high ranking government official had a vendetta against the officers & directors. (Classic example is Sharpstown)
Two very important questions that I have not seen answered: 1) Whom is SVB's accounting firm? 2) The article says that SVB sold some of its bonds to create liquidity WHOM sold the bonds - bankers or FDIC? Sounds like something the FDIC would do because it is (1) irreversible and (2) only a complete blithering idiot would recognize that markdown UNLESS they purposely wanted the bank to have ZERO chance of recovery. The FDIC does NOT have nearly enough money to payoff the depositors, so all insured funds will be placed with an existing bank, while loans will be sold for a couple of cents on the dollar. There are people I like at Prosperity and people I can't stand, but they have always run a good shop. Unless some fed has a hard on for Ned and the boys, I wouldn't worry.
SVB's CEO and CFO sold several million worth of stock a couple weeks ago, but I'm sure it's a coincidence and they didn't know anything.
SN, Credit Unions in most of America do a great job for their clientele and serve their community. Two problems: 1) Their personnel are poorly trained if trained at all. I doubt you will ever find an officer who has heard of RMA much less taken the training. Summation, they are not a full service bank (not that most need one) 2) Their insurance may be a bigger joke than the FDIC. Not because of anything in Texas or the region, but because of huge problems in the northeastern states. Because of lack of Trust Departments, I do not know if their insurance has same rules as FDIC.
Sabre After reading your thoughts, knowing YOU know more about banking, esp in Texas, than anyone in Fed Gov't or supposed talking head banking experts. You may even know more about banking that you do Texas football. And as we have seen You know Horn Football So Now I feel better about my paltry amount in Prosperity . It is just that I use it for online bill paying. And the thought of redoing all those sites and numbers gives me a head ache So thank you for explaining
"Slandering" or "Libel" of a bank, I think... (even if what they're publishing is true)? Might even be a federal offense going back to the New Deal, but I'd have to check...?
Here's something from the Texas Finance Code (as with "normal" slander or libel, the statement about the bank must be untrue with this statute): Sec. 59.002. SLANDER OR LIBEL OF BANK. (a) A person commits an offense if the person: (1) knowingly makes, circulates, or transmits to another person an untrue statement that is derogatory to the financial condition of a bank located in this state; or (2) with intent to injure a bank located in this state, counsels, aids, procures, or induces another person to knowingly make, circulate, or transmit to another person an untrue statement that is derogatory to the financial condition of any bank located in this state. (b) An offense under this section is a state jail felony. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 344, Sec. 2.016, eff. Sept. 1, 1999.
