shapefrog

I love hand waving polls as a premise for a story, bonus points awarded if they are a twitter poll.

In other news - Nearly half of firms doing nothing about ChatGPT use.

You misunderstand - He did nothing so he could take charge of the rescue operation ... Why pay $1 for something you can have for pennies?

> Janet has just declared that.

Since 1933.

It always has been.

> if the FDIC's current funds can't cover the bill

The FDIC's current funds were $128.2 billion on December 31 2022

SVD had ~$200 billion of deposits December 31 2022 - but obviously had significant withdrawals prior to being taken over. Likely < 100 billion remained.

"TomTom is contributing €20,000 to the OSMF ... In November 2022, TomTom announced that data from open-source projects such as OSM will be one of the super sources that power its Maps Platform."

20k for the data to power your Maps Platform ... cheap at 10x the price.

> If I were an employee I'd take the liquidity now before this goes the way of WeWork

To take the liquidity an investor has to give the liquidity - if all the employees on the inside believe in the mission so much that they want to sell ...

They were holding out for a $500bn valuation.

You just know that all the losing trades went from the hold-to-sell-for-a-profit book to the hold-to-maturity book.

In the olde days that was the bottom drawer where you would stuff the losing tickets at the end of the day and hope that they were in the money tomorrow.

Except the treasury desk is paying 5% to the person who gave you the $100m to buy the bond that is paying you and interest rate of 1%.

> They are the car dealerships of holding money, such employees should be working on instagram not in the real economy.

They should get real jobs like being influencers or something.

> They collapsed because of heavily increasing defaults.

And when the borrowers defaulted on their mortgages, the property backing the mortgage went to the holders of the mortgages and got sold off to pay off the MBS holders.

Nevertheless, a 1% risk of default does not mean you might lose 1% of your money - it means 1% of the time you are going to lose 100% of your money, and 99% of the time you are going to lose 0%.

> I suspected some department is responsible for watching that kind of thing for fraud, but never thought it'd be some random banker at a specific branch.

Why wouldn't the fraud department ask the "account manager" what is going on?

They were lucky it was a slow motion car crash, and the FDIC stepped in before the losses wiped out any customer funds.

You got baited by click bait.

US government debt ... woke

The absolute state of people these days is truly something to behold.

The former holders of ~4bn of equity will sue, and the many people that are aware of the inolvency will be demonstrate it in court.

I've been hearing for 9 years now that people think they're going under ...

Are you a new employee? Not sure how to reply to your welcome email your Manager sent?

Workspace saves you the time and effort involved in writing that first welcome reply email.

Valuing it at NPV == Valuing it at mark to market

> Almost 15 years on, former Lehman lifers are still salty about what happened.

Many employees lost small - medium sized fortunes in the collapse.

When you got your bonus, it was in Lehmans stock. When your stock vested, it was considered a career limiting move to sell your stock - even for such extravagant things such as pay your kids school fees or put down a deposit on a house. You were not a true believer in Dicks vision.

Instead it was arranged for you to borrow against your Lehmans stock ...

You need to work on your grindset - Washing is cheap when there's a 5% sales commission.

> will then pass along those costs to their customers seems like a roundabout way of taxpayers paying

By that logic the cup of coffee I bought earlier was paid for by the taxpayer because I a taxpayer paid for it.

> Being part of hsbc stops the assets needing to be sold at a loss

Borrowing in the maket at 5% so you can keep the bonds paying 1% for the next 10 years might not seem like a "loss" but it is a loss.

> got selected was also that they ran the same backend banking software

It can not be overstated just how important this would have been. These backed systems are complex, expensive and horrible. Implementing a (mondern) new backend at a bank is a multi year multi $10million process.

> Remember Stadia?

Yeah I paid for some hardware, paid for some software, used it all for a couple of years and then they gave me all my money back.

It was, as far as customer experiences go - excellent.

SVB parent group made 1.8bn last year - they are insolvent now.

From here HSBC will spend ~10mil on just the purchase legals. Then they will spend 100s mil when inevitably the equity / bond holders of SVB parent co sue them looking to adjust up the price, and their opening ask will be £1bn+.

All 3,000 business accounts (if there were that many) were up for grabs anyway so they could have had many using a photocopier and handing out flyers at silicon roundabout without any of the hassle.

HSBC looked at their own existing liabilities - looked at how many customers of theirs were paid from SVB (and paid their HSBC mortgages with the proceeds) and did the BoE a favour, and there will be a quid pro quo for that quid they paid at some point.

They bought £5bn of assets and liabilities and bunch of admin work integrating it all. I highly doubt anyone is bothering to break out the champagne for this one - it is a rounding error at best.

This isn't 4d giga brain chess stuff, its adults walking into the room. A meaningless tiny bank with assets and liabilities broadly matched has gone under - the regulator has stepped in, phoned around the market and somebody had to take it. £1 is the best they could do - and I expect that it is going to, directly at least, be a loss of money for HSBC all the same.

These messages seem very inconsistent with their usual messaging.

Isn't this one of those opportunities for people with true hustle and the right grindset to thrive?

> USDT management does not buy long dated treasury bonds or deposit in banks that do so.

They don't buy long dated treasury bonds or deposit in banks because they don't have any reserves backing their "100% reserve backed" token.

> If I had exterior cameras, I'd store the data for maybe a week?

Annecdata - but people I know who have cctv around their home store for as long as possible, limited only by the storage size availiable - every motion from a car / person / tree blowing through the trees - years of recordings.

People are selecting 180 days on Ring as the retention period (if they could select longer they probably would), the default is 60 days.