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DalTxHornFan

Certifiably Surly
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Everything posted by DalTxHornFan

  1. Don't know any details, but I would bet that you know things.
  2. I don't know the details, but it really seems dumb that there wasn't liquidity provided to the bank earlier this week. Plenty of assets. Management arrogance? The window is almost always open. We will learn more.
  3. Totally unrelated point. Scrip clubs are a great way to launder cash.
  4. And I don't think that you are wrong. I think that Nate is in a lot of trouble. Not just judicially.
  5. Most of my career has involved litigation related to failed financial institutions. This one is different because of the rapid shift in interest rates, making HTM bond portfolios needing big haircuts. I think that more will be exposed soon. The 2008 crisis related to both screwed up MBS and a related lack of market for real estate assets. The 1982-1986 crisis related to a plunge in oil prices and tax law changes. All of which were exacerbated by a bunch of S&L cowboys that had never done anything beyond a single family home loan trying to get into complex commercial lending. (And maybe a bit of fraud!)
  6. It's all about growing the user base and making it all scaleable, man. Don't you get it? The future profits will be immense! Just hang on for a couple more quarters!
  7. You are over the target. They had the intention to hold to maturity, but not the ability.
  8. I've been talking to lots of people in the last 24 hours, so I apologize if I am repeating myself, but to the SVB Asset/Liability Committee, I ask:
  9. Understood. But HTM classification is inherently subjective. That much difference between book and fair value relative to their reported equity is pretty squishy IMHO. You have to evaluate the ability of the company to actually achieve the HTM. I would love to see their plan for that.
  10. Per page 15, their HTM securities were on their books at $91.321 Billion, Fair Value was reported as $76.169 Billion. That is a delta of $15.152 Billion. Does anybody think that the current interest rate environment is "transitory"? I think that there are lots of bankers, lawyers and accountants working this weekend. Monday will likely be a bloodbath.
  11. Don't have it handy, but I do believe it was part of a planned/scheduled series of sales.
  12. Even "hotdog or not" startups can/do hire virtual CFOs that are aware of risk issues. This is pretty basic stuff.
  13. SVB is saying there that they have an embedded $15B loss!
  14. I've been out of this game for a while, but I used to have an insurance industry client that had an arrangement to spread it's 100's of millions of $ all around the country in CD's at the insured limit. Another client had a requirement for collateral against their uninsured deposit balances. I assume those options are still available, but way too complicated for the VC/Tech guys?
  15. I have it on reliable authority that many VC funds and start-ups are making capital calls this weekend due to the SVB situation.
  16. I don't disagree with the take that FDIC/OCC was asleep at the switch, but so was bank management. Bond portfolios were bound to be severely impacted by this rapid increase in interests rates. Perhaps they listened too much to those that said it was "transitory" -- but that many basis points just cannot be transitory.
  17. Can you imagine? Then to be followed by Top Chef: Vic Mackey's?
  18. OK, now let's talk about the pickles and the tortillas. Maybe the beans? P.S. I do like the bread there and whatever beer I bring there!
  19. And they thought that your IOLTA trust account wasn't in SVB, as well?
  20. Nice. Do you think that they just made up that data? Ad hominem attacks are always so persuasive! Thanks.
  21. And even played at the correct tempo!
  22. All good, just keep your expectations in check and you'll have a fun time there.
  23. Weird. I would have expected a $200 Billion bank to have an active ALCO committee. Apparently not.
  24. This is a pretty good analysis of SVB. (Of whom, KPMG issued a clean opinion on their financial statements the Friday before last.) https://www.zerohedge.com/markets/300-billion-reasons-why-svb-contagion-spreading-broader-banking-system
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