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Brew

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Everything posted by Brew

  1. Are you really this stupid? They give you examples in what you linked if you would just read them. You don’t get $250k per account type. You don’t get multiple CD’s. It is per depositor, per insured bank, for each account ownership category not type. All of the accounts you listed are added together up to $250k per depositor, not $250k per bank account type.
  2. That in no way, shape, or form matches up with what you typed above.
  3. In your example who is the asshole, the bank or the depositors or are they all assholes?
  4. This is not how FDIC insurance works. Maybe you should read up on FDIC insurance.
  5. Looks like we’re sitting on about $100k in ACH’s hung up in this mess. It’s interesting reading through the barrage of emails coming from our processor and making sure to point out it’s not their fault. Dumbasses kept processing into Friday night/Saturday morning instead of immediately blanket shutting the ACH option down when the shit hit the fan. Also, have talked to several clients with $250k CD’s with them.
  6. Most of the borrowers that are in the scale of requiring the operating accounts to be held by the bank are going to exceed FDIC limits. $500m is excessive, but I have plenty of clients that exceed the limits. Our firm accounts exceed the limits. There is no reasonable way for a company of legitimate size to not exceed the limits operationally. Early stage funded companies that are going to need money in the future should be a lot smarter. Companies running 7 figures a week in cash in/out have to somewhat trust the banking system. There are ways to secure collateral and sweep to other banks, but neither are reasonable options for most at that level.
  7. So reading through the original tweet, that dude bought shares of SVB on Thursday and then was part of the problem by moving all his funds he could late Thursday/Friday. Some of these people are special.
  8. Social media and the exacerbated version of group think that apparently comes along with it in today’s world will be the end of us.
  9. All banks do this. If you are going to use them for lending for operational purposes, they typically require your main operating account be with that bank also. I can’t think of any that I deal with that don’t require that.
  10. My neighbor is a Region President for a bank. He ran a large local bank (small/medium size town but one of those banks where they know all their large customers well) that was acquired by one of the top 15 banks last year. He said this morning his phone hasn’t stopped ringing since this broke. They are seeing people move around funds that have large concentrations, but not just pull out deposits as of now. Going to be an interesting few days.
  11. They will be okay isn’t really a solution just for the record. You’re in charge of Roku or any of these different affected companies, how are you managing cash and access to it differently since these guys were idiots for having so much cash in one bank. I have a number of clients with 8 figure cash accounts, I’m curious what this looks like. A few of them with limited Daily Cash needs sweep everything they can out to other banks and pay a premium for that, but their access is pretty limited so they still carry balances over FDIC limits in operating accounts. A few have pledged securities for account balances but again that is a pretty limited solution.
  12. I’m curious, what exactly does the process of securing your deposits look like for the size companies we are talking about here that have been hit the hardest. Roku is sitting on $2B+ in cash and has expenses in excess of $1M a day, what is the most reasonable way for them to secure those deposits daily?
  13. Here’s a (not great) picture of my wife’s 28 mm Oyster Perpetual and Cartier Tank Francaise Medium to give you an idea on comparative size. The Cartier is a bigger watch overall. She is looking for a purple face 31mm Oyster Perpetual now to get a little bigger Rolex. The 28 is a little on the small side.
  14. We contract with a company for ACH/Credit card transactions. Looks like that company used an ACH processor that used SVB to clear those transactions. Details coming from them are limited, but it looks like we have a couple days ACH transactions held up in this at the moment. Lots of fun to be on the other side of the country reading about it and then realize you have XXXXXX amount of dollars in flux with them.
  15. I’m good for another year.
  16. Fat fingered it, 02 with the 7.3. Price wasn’t horrible compared to what I’ve seen, but going to keep looking.
  17. Looks better now. 3 inch Eibach coil over lift and 315/70/17’s on the stock BD wheels. Looked at an 03 F250 to get for hauling/weekend duty, but just couldn’t pull the trigger on it.
  18. The NFLPA article is an interesting read. I have a good buddy that is an agent, so I have a number of NFL clients and have been to and toured several stadiums. We went to Jax two years ago to see a client play and I can confirm that place is a shithole top to bottom. Training rooms, meeting rooms, the family area, etc were all on par with low end colleges. It was amazing where you meet up with the guys after the games. It was tiny so most of the families over flowed to a roped off outside area where fans were walking by.
  19. I use skinless for everything, bone in/out just depends on what I’m cooking and the timing. Don’t like skin, don’t like the grease/fat that comes with it.
  20. Found a recipe a few years ago we do instead. It’s garlic butter rice and chicken thighs. Use brown rice and cut the butter back and it comes out really good.
  21. Is he wrong though? A lot more in common than not at this point as the b.s. continues to take over that party. There are several states trying to outrun the rest to the cliff’s edge with TX, FL, TN (may have already jumped actually), etc. leasing the pack.
  22. Prefer sheet pan with sliced carrots, broccoli, and cauliflower, drizzle with olive oil, season with whatever, same time and temp. Eat with chicken, salmon, whatever you want to fix with it. We usually do a couple of sheet pans on Sunday and eat during the week. Grilled cauliflower steaks with some steak seasoning also is a nice mix in. Salmon (cooked in aluminum foil with garlic, lemon juice, olive oil, and italian seasoning) along with vegetables is simple and quick.
  23. Take our two (17/15) at least once a year. Things that they have enjoyed are going up in both towers, architecture tour and walk through of their museum, taking the water taxis between locations, walking the river or lakefront/beaches when it’s warm, Fields Museum, Art Institute, walking Millenium to see the fountain/Bean, the aquarium, the planetarium, walking Michigan Ave and the surrounding areas north/south of the river, seeing a show, Wrigley, and who knows what else. They always want to eat at Yolk and then Steak 48 lately. It’s an easily walkable City, so we rarely take the trains any more. We’ll get an Uber if we are getting outside of downtown, but you can easily cover most everything with water taxi’s and walking. We have stayed at a number of places downtown, you can cover any level and budget you want. We have stayed at the Langham the last 4-5 trips because we like the location and the hotel itself.
  24. I swear I responded but it’s not here. They had the Willett 8 year Wheated at $399, an Elmer T Lee around $250, a WLW and Handy for $800 (may try and talk them down on the WLW), and several other things that I don’t remember pricing on. I grabbed those two because they were inexplicably at retail.
  25. Stopped in a random small town store today while driving between offices and picked up a Bookers and Stagg Jr at retail pricing. They had several decent options, but most were retail plus something which I wasn’t paying in a storefront.
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