Jason Posted April 25, 2023 Share Posted April 25, 2023 I'll add a link once one is available. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted April 25, 2023 Share Posted April 25, 2023 The bank's deposits dropped by $100 billion (41%) in the first quarter. Quote Link to comment Share on other sites More sharing options...
GeneticBlueprint Posted April 25, 2023 Share Posted April 25, 2023 12 minutes ago, Commissar SFLUFAN said: The bank's deposits dropped by $100 billion (41%) in the first quarter. Why would people just en masse decide "we're not depositing here anymore" so quickly? Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted April 25, 2023 Share Posted April 25, 2023 5 minutes ago, GeneticBlueprint said: Why would people just en masse decide "we're not depositing here anymore" so quickly? Because the bank received an emergency infusion of $30 billion in deposits from 11 other major financial institutions a month ago in an (obviously failed) effort to keep it afloat. Wall Street rides to the rescue as 11 banks pledge First Republic $30 billion in deposits WWW.CNBC.COM The news comes after First Republic's stock has been pummeled in recent days, sparked by the collapse of Silicon Valley Bank and Signature Bank. 1 Quote Link to comment Share on other sites More sharing options...
CayceG Posted April 25, 2023 Share Posted April 25, 2023 Well, let's look on the bright side. This isn't the first republic the US gov't has taken over. 7 1 1 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted April 25, 2023 Share Posted April 25, 2023 6 minutes ago, CayceG said: Well, let's look on the bright side. This isn't the first republic the US gov't has taken over. Welcome to Instant Rimshot INSTANTRIMSHOT.COM If you need quick access to an ironicly-placed rimshot sound to mock your friends, or a genuinely-placed rimshot to put your great joke over the top, you've come to the right place. Quote Link to comment Share on other sites More sharing options...
Jason Posted April 25, 2023 Author Share Posted April 25, 2023 15 minutes ago, CayceG said: Well, let's look on the bright side. This isn't the first republic the US gov't has taken over. Don't Thread On Me and now this, you're on a roll baby. Quote Link to comment Share on other sites More sharing options...
CayceG Posted April 25, 2023 Share Posted April 25, 2023 I have nothing constructive to add, so I might as well QUIP. Quote Link to comment Share on other sites More sharing options...
stepee Posted April 25, 2023 Share Posted April 25, 2023 4 minutes ago, CayceG said: I have nothing constructive to add, so I might as well QUIP. it was amazing and you should be proud Quote Link to comment Share on other sites More sharing options...
ThreePi Posted April 25, 2023 Share Posted April 25, 2023 How much of the deposits for regional banks like this split between personal and business? Are individuals pulling their savings to move to a "safer" national bank, or maybe to online high yield savings accounts? I, myself, have been wanting to make the move, just got to stop being lazy. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted April 25, 2023 Share Posted April 25, 2023 1 minute ago, ThreePi said: How much of the deposits for regional banks like this split between personal and business? Are individuals pulling their savings to move to a "safer" national bank, or maybe to online high yield savings accounts? I, myself, have been wanting to make the move, just got to stop being lazy. @rc0101 - do you have any insight into this? Quote Link to comment Share on other sites More sharing options...
Guest Posted April 25, 2023 Share Posted April 25, 2023 1 hour ago, GeneticBlueprint said: Why would people just en masse decide "we're not depositing here anymore" so quickly? I don’t know enough of First Republic’s business to say, but one of the thing that happened with Silicon Valley is they had a ton of business with thousands of smaller tech companies that were burning cash reserves much faster than they were bringing in revenue. This played a pretty crucial role in SVB needing to rebalance with their treasuries dipping in relative value, which then triggered the actual run. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted April 25, 2023 Share Posted April 25, 2023 8 minutes ago, sblfilms said: I don’t know enough of First Republic’s business to say, but one of the thing that happened with Silicon Valley is they had a ton of business with thousands of smaller tech companies that were burning cash reserves much faster than they were bringing in revenue. This played a pretty crucial role in SVB needing to rebalance with their treasuries dipping in relative value, which then triggered the actual run. First Republic also had a significant amount of uninsured deposits (68%) which led to the same situation as SVB where they were forced to liquidate their Treasuries at significant discounts to cover the withdrawals. That death spiral was what led to the initial $30 billion infusion. Quote Link to comment Share on other sites More sharing options...
skillzdadirecta Posted April 25, 2023 Share Posted April 25, 2023 1 hour ago, CayceG said: Well, let's look on the bright side. This isn't the first republic the US gov't has taken over. Quote Link to comment Share on other sites More sharing options...
rc0101 Posted April 26, 2023 Share Posted April 26, 2023 2 hours ago, Commissar SFLUFAN said: First Republic also had a significant amount of uninsured deposits (68%) which led to the same situation as SVB where they were forced to liquidate their Treasuries at significant discounts to cover the withdrawals. That death spiral was what led to the initial $30 billion infusion. 68% uninsured leads me to believe it is mostly business accounts but I’d need to look at their call report. Quote Link to comment Share on other sites More sharing options...
Spork3245 Posted April 26, 2023 Share Posted April 26, 2023 Quote Link to comment Share on other sites More sharing options...
Chadatog Posted April 26, 2023 Share Posted April 26, 2023 46 minutes ago, Spork3245 said: There was a pretty funny bit that John Oliver had last Sunday about how wrong Jim Cramer always is. Quote Link to comment Share on other sites More sharing options...
Guest Posted April 26, 2023 Share Posted April 26, 2023 32 minutes ago, Chadatog said: There was a pretty funny bit that John Oliver had last Sunday about how wrong Jim Cramer always is. You have to understand what Cramer's actual job is. It 100% is not to be the "man of the people" he pretends he is! Just a shill for big hedgies. Quote Link to comment Share on other sites More sharing options...
Anathema- Posted April 28, 2023 Share Posted April 28, 2023 Jim Cramer is a patsy for market manipulators. 1 Quote Link to comment Share on other sites More sharing options...
BloodyHell Posted April 28, 2023 Share Posted April 28, 2023 There was a “Reverse Cramer ETF”, and it does better in the market than his on air pics. They basically just do the complete opposite of what he says. Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted April 28, 2023 Share Posted April 28, 2023 IIRC most research has shown that media prognosticators in politics, finance, sports, etc., are all essentially no better than chance, long term. Quote Link to comment Share on other sites More sharing options...
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