GP: Silicon Valley Bank’s former parent company SVB Financial Group filed for chapter 11 bankruptcy protection on Friday.
Last Friday Silicon Valley Bank went into FDIC receivership after it was unable to produce cash for its depositors. The Biden Regime bailed out SVC depositors over the $250,000 FDIC insured threshold.The Treasury and FDIC announced that all depositors of Silicon Valley Bank will have access to their money.
The chapter 11 bankruptcy will allow SVB Financial Group to sell assets. According to reports, SVB Financial Group has $2.2 billion of liquidity and other assets. MORE
Let me tell you a Bank Story
Bank wouldn’t let a Vet withdraw funds for FOOD
Why?
The Drivers License was expired and the DMV was closed.
The Bank didn’t give a shit. The License was expired by 1 day.
Rules and Regulations for MY Money.
Does that Drivers License have an expiration on Identity?
WTF?
Just made me think and realize . . .
You have to pay a Forever Fee for a License . . . to travel.
In more ways than one.
Hmmmm
Wasn’t their Woke Democrat CEO out pimiping for deposits just the other day?
He WAS.
“In a private Zoom meeting run by SVB for a select number of LPs and investors, he asked clients to return deposits to the institution: “That’s the single-most important thing you can do to ensure that Silicon Valley Bank survives.”
ht tps://techcrunch.com/2023/03/14/silicon-valley-banks-new-ceo-urges-customers-to-bring-deposits-back/
…this was only three days ago.
He HAD to know this was coming.
…isn’t that some kind of fraud?
@SNS — OF COURSE it was fraud. The entire world of fractional reserve banking is inherently fraudulent. The bank contractually promises to pay you the money you deposited immediately upon your demand for it, but they don’t keep but a fraction, a SMALL fraction, of the funds needed if their fickle clients demand their money back all at once. It is indeed FRAUD to promise to pay when you do not have the means to pay.
Drivers Licenses are not required.
They cannot stop your interstate travel.
Notice how DLs are handled only locally.
And, you have to have an address.
Think about that.
You must also consider License Plates.
That’s a Different Branch.
With Different Fees.
But you must have a utility bill too
For your address.
For All of Them Branches.