The Great Reset

[Jones]

In financial news the banks in Australia are now going to extreme ends to compete for mortgages. Targets in sight are not only new mortgages, which there are declining numbers of because of increasing interest payments and overblown property values, but also this year's existing fixed rate mortgages that are due to move to variable rate. To take advantage of the deals on offer, many mortgages that are less than a year old are being refinanced - to the tune of $19b per month.

Some of the deals include $10k cash back, 100k frequent flier points in an environment where banks are now prepared to finance mortgages at a loss to the bank to compete for market share.

The above comes after the Australian government announced a mortgage co-pay last year where the government offers to pay 25% deposit for the home loan and becomes in essence a co-owner of the property.

Given that some financial commentators say that we never really recovered from the global financial crisis in 2008 where mortgage foreclosures were at historic highs, that the economy has been artificially supported since then and projections that around 900,000 mortgages will foreclose this year most probably leaving many with residual debt including to the govt for the co-pay deposit, for many owning nothing is getting closer.

Banks fight for customers in ‘crazy’ home loan war

Almost 50 lenders are offering incentives ranging from three years of free NBN access to $10,000 in cash in an aggressive bid for market share.

www.afr.com

 

[BHelmet]

Good points, Jones- that’s some crazy stuff but if the banks don’t make loans they don’t make money. That’s their product: debt. The fact that Oz is going through this is probably a harbinger of what’s coming to the USA as well at some point. It is a visible indication the global financial system is finally going to suffer that long awaited heart attack.

The thing to remember is that the banks that fail will be scooped up by the bigger banks (for Pennies on the dollar) which are all ultimately owned by the billionaire class. But thanks for that heads up. “You will own nothing…”. Seems I have heard that somewhere.

 

[Hi_Henry]

Poor soul, she didn't have the option of calling the "digital police" ( police of the Future) who would have certainly solved the problem in milliseconds.
Klaus is working on it.
In the mean time, bite your tongue and enjoy the experience of "Going Digital". It's a fun trip.

https://twitter.com/x/status/1629897783888187392

 

[XPan]

"Phoenix" Hypothehis
(YT video is in german language - albeit translation is supported i think !)

I am not sure really where to put this, because it covers so many areas, which are both discussed at our forum in many ways, as well what the C:s have channeled. The main theme here is that the Great Reset (and many other chaotic whereabouts, scenarios, Plandemics, wars as of lately), are nothing else than the deliberate masked precursors to the cosmic events - which are expected to unfold upon earth in the next years or decades. A tiny bunch of the "elite" knows this...

Since I watched this video in the evening, after having read the latest session with the C:s in the morning - which had more dark, worrisome streaks in it...and i had lingering feelings but didn't find the words how to express them. So, in the evening, after the video - I felt suddenly, literally physically sick. (Which startled me) It was the feeling of being hit by a train... There were connections points between the latest session and the contents of the video in several places.

Q: (L) Why are many leaving the body at this time?
A: To act as support for those who will go through trauma in the coming years.

Q: (L) So is that generally the case prior to very traumatic periods?
A: Yes

It had a creepy effect: many subjects in the video spoken, were not strange to me at all. (It must be highly confusing for those who don't know anything about the Wave and the Human Cosmic connection. I mean what do you do with that kind of information ?!) Anyway, to me this came from a totally unexpected direction, the confirmation over what we have spoken, shown, written, analyzed, in the forum, about the upcoming events the C:s have been saying many times. The Cosmic connection, so to speak. But I really didn't expect it coming from outside the Cassiopaean sphere.

So, I would highly appreciate what the german forum members think of this video ?

I think the video was remarkable in many ways. Not saying that everything was right in every detail - or that everything was in total alignment with the forum nor as detailed like the forum - but the attitude of the speaker - Christian Köhlert - how he approached rather humbly the complex subject with many possible aligning sources, was admiring.

He doesn't say "this is the truth", or "this is exactly how it is going to be" - instead he outlines the many sources who have pointed out for humanity, what is likely in the cards of the future (Cosmic connection, repeated cycles of cataclysms / current Earth changes, "the dark sun" / the Sun's companion or body/planet, The Wave, which here is referred to as the "super wave", the the spiritual pointers, but also scientific discoveries and anomalies, which at first where discussed, but after 1990 kind got silenced and suppressed (Planet X / The Sun's dark twin). That the PTB deliberately obscuring most material and info via COINTELPRO (bits of truth mixed with bs) and so on.

At the Nuoflix/Nuoviso site, where the video was originally shown, I left a note, recommending two books from Mike Baillie "New Light on the Black Death - the Cosmic Connection" and of course Pierre's book "Earth Changes and the Human-Cosmic connection"

What if what is happening on the world stage is neither coincidence nor madness - but everything is going according to plan?

Christian Köhlert, an expert on the truth movement, ties together alternative theories and whistleblower statements to form an overall picture. The lecture presents his "phoenix hypothesis", which provides a model of why the system performs such bizarre manoeuvres on the world stage that even in the alternative media the interpretations are increasingly divergent. The thesis postulates that a cyclical phenomenon, is the fundamental reason for all the transformative processes that we can increasingly observe since 2020.

The speaker:

Christian Köhlert is a long-time observer of the alternative media and truth movement. Through his former work as editor-in-chief of Secret TV, his numerous documentary film productions (including with Dieter Broers) and his cooperations with Project Camelot, he gained access to many key figures in the scene. He still maintains many of these contacts today and thus has an intimate insight into the spiritual currents of the various narratives and ideologies behind mainstream reality. Christian has a holistic counselling business and works as a homeopath, Designer For more information, visit Mayamagik.com.

More information about the lecture at:

Die Phönix-Hypothese von Christian Köhlert

Die Phönix Hypothese erschien erstmalig in der 102. Ausgabe des deutschen Nexus Magazins und wurde von Christian Köhlert postuliert.

mayamagik.de

To the speaker:
MAYAMAGIK | Offizielle Webseite von Christian Köhlert

 

[XPan]

AI BS
Insects for Pigs vs Humans.

It's one of those ridiculous programs bobbing around (being programmed to respond to) within the digital fog of AI. Below you can read the german (DeepL) translated text, when a guy asked AI two questions:


Why don't you give pigs insects to eat?

There are several reasons why pigs should not be given insects to eat. Firstly, insects are too small and nutrient-poor to meet a pig's nutritional needs of a pig. In addition insects are a potential source of bacterial, parasitic and viral infections, which can be dangerous to pigs.

In addition, insects may also contain insecticides that can be harmful to pigs. Therefore, it is better not to feed insects to pigs because the risk of infections and harmful substances is too high.



Why should we eat insects ?

Eating insects can be a promising alternative to traditional meat and dairy products dairy products. Insects are a sustainable and environmentally friendly source of high proteins.

They are rich in vitamins and and minerals and have a smaller footprint than the production of meat and of meat and dairy products. Insects are an affordable and readily available available source of high quality protein, that can be incorporated into a wide variety of foods. Insects are also rich in vitamins and minerals and have a high nutritional profile.

 

[JEEP]

Feeling more and more like the frog in the pot slowly coming to a simmer on the non-gas stove.

The Electric Vehicle-Blackout Connection

Thursday we reminded readers that electric vehicles are evil. Today, we provide another reason why they are the functional equivalent of an invasive species.

In our “It’s Time To Admit It: EVs Are EVIL” editorial, we made the case that “EV owners, not those who drive internal-combustion engine cars, “are the ones responsible for raping the planet, poisoning entire communities, enriching genocidal tyrants, and creating a massive hazmat problem while doing nothing to stop ‘climate change.’”

Moving on, we argue that EV owners, the policymakers forcing electric cars on the country and the nagging activists who support them will be responsible for a future of blackouts and power shortages.

According to PJM Interconnection, a regional power transmission organization that serves 13 states and the District of Columbia, the country faces “a potential timing mismatch between resource retirements.”

“Thermal generators,” meaning power plants that typically produce electricity from fossil fuels and nuclear fission, “are retiring at a rapid pace due to government and private sector policies as well as economics.” These “retirements are at risk of outpacing the construction of new resources.”

PJM cites “the proliferation of high-demand data centers in the region” it serves and “electrification” as factors in an increased demand for voltage. It also mentions the growth of “plug-in electric vehicles and battery storage” as additional drains on the grid.

What we have arriving, too soon no matter when, is a convergence of an expansion of EVs with what amounts to a powering down of electricity production due to that “mismatch” of resource retirements.

EVs are of course must-haves in California, and we don’t mean that in a consumer-demand sort of way. The peacock governor, with the support of the unelected members of the state Air Resources Board, has dictated that all new cars and light trucks sold in California starting in 2035 must be zero-emissions vehicles, or ZEVs, (which don’t exist).

That’s about 12.5 million battery-operated automobiles sucking power from the grid, 15 times more than there are today. A year later, all sales of new medium- and heavy-duty trucks will have to be ZEVs, too, which narrows the options down to plug-in EVs and essentially nothing else.

While California roads are filling up with EVs, the state is transitioning to a fully emissions-free grid by 2045. And, no, that won’t include nuclear power, unless the politics of California change quickly. Consumers will have to get along with electricity that is powered by the sun and wind … and not much else.

Meanwhile, Gov. Murphy wants all new car sales in New Jersey to be EVs by 2035. That’s another 4.5 million millstones pulling down the grid. Did we mention that the state is also targeting 2035 as a deadline for the economy to be running on 100% clean energy? We should, since it’s significant – and foolish.

Because other blue states are in thrall with California’s progressive agenda the way teenage girls were smitten by Paul McCartney’s hair in 1965, they’re ready to follow the Golden State into a new Stone Age of power shortages. Both Oregon and Washington have already committed their residents to dark days caused by EV mandates, while several other states are likely to adopt ZEV programs in the near future.

So we say it again: EVs are evil. The climate zealots will continue to ignore salient facts about them, but that doesn’t mean they don’t exist.

From ZeroHedge:

USPS Purchases Ford EV Vans To Electrify Nation's Largest Federal Fleet​

The United States Postal Service (USPS) announced plans to purchase thousands of electric delivery vehicles from Ford Motor Company. The move is part of the USPS's efforts to 'greenify' 75% of its fleet over the next five years.

USPS awarded a contract to purchase 9,250 Ford E-Transit Battery Electric Vehicles (BEVs). The first delivery of the EV mail trucks will begin in December of this year.

"These domestically sourced vehicles will be 100 percent electric and are part of the 21,000 COTS vehicles included in the Postal Service's vehicle acquisition plan announced in December 2022. The Ford E-Transit BEVs are manufactured in Kansas City, Missouri," USPS wrote in a statement.

In addition to the 9,250 EV mail trucks, USPS awarded contracts to three suppliers for the purchase of 14,000 charging stations to be installed at mail facilities.

"We are moving forward with our plans to simultaneously improve our service, reduce our cost, grow our revenue, and improve the working environment for our employees. Electrification of our vehicle fleet is now an important component of these initiatives," Postmaster General Louis DeJoy said in the statement.

The contract is a significant pivot for USPS, which had announced early last year that it would replace its 30-plus-year-old fleet of mail trucks with gasoline-fueled models made by Oshkosh Corp. That would've disappointed the Biden administration, which has been attempting to electrify the federal government's fleet of vehicles. USPS has the nation's largest federal fleet.

After facing criticism from some members of Congress and receiving a $3 billion funding boost from the Biden administration's Inflation Reduction Act, the postal service changed its approach in December. The organization then announced a new plan to acquire 66,230 electric delivery vans by 2028, costing $10 billion.

Once again, the comments to the above article are worth the read!

 

[mxwlll0]

Start of the banking collapse

What’s Going on With Silicon Valley Bank?​

What’s Going on With Silicon Valley Bank?

The tech world is panicking over Silicon Valley Bank. But first…

www.bloomberg.com

This week, though, phones across the startup world are blowing up with the same question: Should we move our money?

The trouble started on Wednesday after SVB took steps to shore up capital following losses stemming from the larger tech downturn. By Thursday morning, the bank’s chief executive officer, Greg Becker, was urging clients to “ stay calm.”

Many investors and banking clients failed to take his message to heart. The company’s stock plunged 60% during the day Thursday, shedding almost $10 billion, and then fell as much as 30% in after-hours trading.

Partners at prominent venture firms reached out to their portfolio companies — in some cases urging them to pull their money out of the bank. Among the firms advising caution were Peter Thiel’s Founders Fund, Coatue Management and Union Square Ventures.

But while Thursday’s chaos felt sudden, skittishness about SVB had been percolating in some corners of the industry for months. My colleague Lizette Chapman reviewed an emailsent by Greenoaks Capital Partners' Neil Mehta to portfolio companies back in November warning that banks, including SVB, might get caught short. The problem, Mehta feared, was that institutions were offering higher interest rates to customers to avoid losing clients to competitors. But they weren’t well-positioned to do this because they made a large number of long-term, low-interest loans that were still outstanding, he wrote.

Mehta also voiced what many in the investing world now fear: that SVB may not be the only bank to stumble. Already this week, crypto lender Silvergate Capital Corp. said it planned to shut down. On Thursday, the S&P 500 Financials Index slumped 4.1% — its worst day since mid-2020. And shares of San Francisco’s First Republic Bank fell 17%. Notably, in his email, Mehta warned about First Republic. The bank declined to comment late last night.

Small- and medium-sized banks could find themselves in a particularly delicate position. As my Bloomberg colleagues write: “Rising interest rates have left banks laden with low-interest bonds that can’t be sold in a hurry without losses. So if too many customers tap their deposits at once, it risks a vicious cycle.” Christopher Whalen, chairman of Whalen Global Advisors, said small banks could take a “terrible kicking.” Said Whalen: “Silicon Valley Bank is just the tip of the iceberg.”

 

[dennis]

Reality is that the contagion of the shuttering of the 18th largest bank in the US are widespread.

SVB is in fact the second largest (by assets) bank failure in US history after WaMu.

"Expect Mass Layoffs..." - The Real-World Impact Of SVB's Failure | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[dennis]

I wonder if SBF had an account at SVB?
More from ZH:

Let us get this straight: the largest US commercial bank was actively soliciting the clients of one of its biggest competitors, and the 16th largest US bank, knowing full well deposit flight would almost certainly lead to the collapse of a bank which courtesy of fractional reserve banking, had only modest cash to satisfy deposit demands: certainly not enough to meet $42 billion in deposit outflows.

Of course, Jamie, who has suddenly emerged as a key figure in the Jeff Epstein scandal alongside Jes Staley, knows this, and would be delighted with an outcome that kills two birds with one stone: take his name off the front pages and also make JPMorgan even bigger. Actually three birds: remember it was JPM that started that "Not QE" Fed liquidity injection in Sept 2019 when the bank "suddenly" found itself reserve constrained. We doubt that JPM would mind greatly if Powell ended his rate hikes and eased/launched QE as a result of a bank crisis, a bank crisis that Jamie helped precipitate.

Record Bank Run Drained A Quarter, Or $42BN, Of SVB's Deposits In Hours, Leaving It With Negative $1BN In Cash | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[mxwlll0]

I wonder if SBF had an account at SVB?
More from ZH:

I don’t have a paid account with CrunchBase, but it’d be listed under the 39 investors/firms if they had:

Query Builder | Investors | Crunchbase

Investor search results

www.crunchbase.com

 

[mxwlll0]

Since I work at a startup and have worked at a few I’m interested to see just how much is going to unravel here. Found summary of the situation on LinkedIn:

Kunaal Kumar on LinkedIn: Regulators shut down Silicon Valley Bank in the second-largest U.S. bank… | 15 comments

The two year treasury just had its largest 2 day drop since the 2008 financial crisis, and it's all thanks to Silicon Valley Bank.

If you're an investor and you haven't been keeping up with what just happened with SVB, you're missing out on one of the most consequential financial events of the year.

Up until two days ago, Silicon Valley Bank was the 16th largest bank in the US. As of this morning, regulators shut everything down, and the bank was taken over by the FDIC to reimburse depositors. Regulators shut down Silicon Valley Bank in the second-largest U.S. bank failure ever

So what exactly happened?

It'll take a full deep dive (which I'll do on Monday) to explain the whole thing in detail, but here's a high level overview:

As the economy, and specifically the tech industry, slowed down, deposits at SVB were drying up. SVB, which was the favored bank for tech companies and startups, gained a ton of deposits when the Fed was busy printing money.

As the tides changed, people began withdrawing money, and liquidity at SVB became low. In order to get enough cash to supply the withdrawals, SVB had to liquidate some MBS at a $1.8 billion loss (this is due to something called duration risk. I'll go over this in more detail in my newsletter).
This spooked investors, and after SVB held a botched press conference, people began to run on the bank.

This was the second largest bank failure in American history.

So what does this mean for investors moving forward?

I'll go into more detail in my newsletter on Monday, but I'll include one huge implication here:

This is a deflationary event. I saw an insane statistic that only 2.7% of the deposits at SVB are covered by FDIC: https://lnkd.in/gaW2VasK. This is because a lot of startups, companies, and high net worth individuals had accounts at SVB, which meant that most accounts weren't fully covered by the FDIC limit.

If this money is actually lost, the startup industry will grind to a halt. The money supply has dropped, and the fact that some companies that had money with SVB will not be able to pay their employees will lead to a chain effect of money being sucked out of the system.

To be clear, this isn't a Lehman moment. Analysts are saying that there's not a lot of potential contagion from this (however, it's still early so this could change).

So what did the markets think about this news? Bank stocks are down across the board, the S&P 500 is down 1.5%, and the 10 year treasury had an egregious drop of 25 bps this morning.

If all that wasn't enough, the Fed scheduled an emergency meeting on Monday too: March 13, 2023 -- March 13, 2023 -- Closed Board Meeting

I'll be tracking the results of this closely. This could end up being a totally contained event, or it could be the start of cascading failures in the banking system.

Regarding what bold text above, when analysts start downplaying the situation it’s probably damage control - it’s likely a “potential contagion” here just starting to unravel.

Another thought going through my mind - is the the first stage of the triple bad day? Considering how many startups are focused on green tech, AI, crypto, etc, etc and cater to the agenda of the elites, with their capitol frozen many operations will be forced to close - maybe not a bad thing
I’m sure they find another way, these psychos are relentless…

Here’s another article from Market Watch laying 20 other financial institutions “at risk (but not at risk)”. And don’t worry Janet Yellen is keeping a close eye on it all

20 banks that are sitting on huge potential securities losses—as was SVB

SVB Financial faced a perfect storm, but there are plenty of other banks that would face big losses if they were forced to dump securities to raise cash.

www.marketwatch.com

Silicon Valley Bank closure: Yellen says banking system 'resilient' as she meets with regulators

Janet Yellen says she's confident regulators are taking action after the closure of Silicon Valley Bank, and that the U.S. banking system is resilient.

www.marketwatch.com

Article referenced in LinkedIn post above: https://www-nbcnews-com.cdn.ampproject.org/c/s/www.nbcnews.com/news/amp/rcna74311

Anyway, stay tuned - markets about to get rocky!

 

[dennis]

In the Great Skedaddle apparently a lot of people were able to move their funds over to this entity that advertises "Store funds securely in a Brex account that’s FDIC-insured up to $1M and easily manage your card expenses with built-in software."

Brex startup business account: Best yield, APY, interest rate

Replace the need for a bank and track all spend in one place with a Brex account that’s FDIC-insured up to $1M.

www.brex.com

It looks like they use an AI type program that monitors depositor's activity. Apart from the fact that FDIC limit is 250K, they probably go for ESG and can tailor the program to control depositor's "spend management."

While its main product – an unsecured, high-limit charge card for start-ups – exposes it to high-risk companies that could fail, the company manages risk by using real-time data on customers to help make dynamic lending decisions. Its business model is being put to the test in new ways as the tech sector shifts from growth at any cost to a focus on cash flow and profits. It recently exited the small business sector but expanded its services to include cash flow management software. In April, DoorDash became the first customer for Empower, a spend management tool which also covers travel, procurement, payments and banking access.

Brex: 2022 Top Startups for the Enterprise

Brex offers startups credit lines and software to manage their finances using real-time data on customers to help make dynamic lending decisions.

www.cnbc.com

 

[Magnolia]

Silicon Valley Bank closure: Yellen says banking system 'resilient' as she meets with regulators

Janet Yellen says she's confident regulators are taking action after the closure of Silicon Valley Bank, and that the U.S. banking system is resilient.

www.marketwatch.com

Marketwatch: "The Treasury Department said in a statement that Yellen noted “the banking system remains resilient and regulators have effective tools to address this type of event.”

A public 3 hour video (below) identified some of the new, post-2008 "reforms" and "effective tools" available to deal with "this type of event." For example, bail-outs are "out" and bail-ins are "in" (e.g., the Cyprus experiment where depositors received bank stock which did not equate to most depositors’ losses) and haircutting (e.g., lower-than-market valuation placed on an asset when the asset is being used as collateral for a loan).

Here are some notes taken while watching the video:

• There are quotes in the newswars video re timing. Bank failures are apparently planned for a weekend: "The message that we will send out on Friday night." They state, "There is a decision making authority about when and which weekend institutions fail on so we hope we will not be resolving multiple institutions at the same time." (1:54)
• They state they do not know what exactly will happen or when, but they expect "it" to happen very quickly with little or no warning.
• They use phrases like “WHEN [not if] the time comes."
• They state "Large banks will almost certainly fail due to a run on liquidity," "40-50% of depositor accounts are uninsured," How saleable are these [financial] institutions under resolution? There will be a very limited set of possible acquirers. The firms might have to be broken into 'buckets' to sell them. We may have to do bail-ins and have investors take them over.
• They say they may have to escalate from Title I to Title II.
• They state that losses will be allocated.
  According to one website, claims are paid in the following order: (1) administrative costs; (2) the government; (3) wages, salaries, or commissions of employees; (4) contributions to employee benefit plans; (5) any other general or senior liability of the company; (6) any junior obligation; (7) salaries of executives and directors of the company; and (8) obligations to shareholders, members, general partners, and other equity holders.

Must Watch: FDIC Bankers Discuss ‘Bail-Ins’ To Deal With Impending Market Collapse

November 2022 meeting shows financial regulators plot how to hide alarming market signals from depositors to prevent a bank-run panic.

www.newswars.com

 

[Chad]

In addition to the SVB collapse, Credit Suisse recently 'postponed' their annual report following a meeting with the US' SEC, a move noted as 'unusual' by 5 attorney's and experts'. I've also come across a few articles over the past year or so about Deutsche Bank being in a similarly fragile position; full article from Reuters:

Credit Suisse delays annual report after SEC call, shares drop

Credit Suisse has postponed publication of its annual report after a last-minute call from the United States Securities and Exchange Commission (SEC), which raised questions about its earlier financial statements.

The unusual intervention by the U.S regulator is the latest blow to Credit Suisse as it attempts to rebuild investor confidence after a series of scandals and setbacks that have sent its shares plunging and led clients to withdraw billions.

Credit Suisse shares were close to their all-time low in Zurich on Thursday but later recovered much of a 6% loss.

The Zurich-brd bank said the SEC had called it late on Wednesday regarding "certain open SEC comments about the technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls."

[So the SEC is calling into question years of previous reports.]

The bank had revised how it booked a series of cash flows, including share-brd compensation and foreign exchange hedges.

Credit Suisse (CSGN.S) said that following the call it had decided to postpone publication of its 2022 annual report.

"Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received," it said, adding that the 2022 financial results "are not impacted".

The SEC declined to comment on the matter, a spokesman for the organization said.

Other regulatory authorities were not involved, a person familiar with the matter said.

Swiss financial regulator Finma told Reuters that Credit Suisse had informed it of the delayed publication.

"We are in contact with the bank," Finma said.

It remains unclear when the annual report will be released. The delay was unusual, according to five attorneys and experts Reuters spoke to.

"The disclosure is strategically and carefully worded so as not to raise alarms," said Jacob Frenkel, a former SEC enforcement attorney who is now government investigations and securities enforcement practice chair for law firm Dickinson Wright.

It "lays the groundwork for the explanation for the revisions to the financial statements. Nothing about the release has an 'enforcement' centric tone."

Still, the Credit Suisse announcement concerned analysts.

"(It) does not help investor sentiment and it does not help in rebuilding trust," said Andreas Venditti from Vontobel.

Switzerland's second-biggest bank has begun a major overhaul of its business, cutting costs and jobs to revive its fortunes, including creating a separate business for its investment bank under the CS First Boston brand.

Daniel Bosshard from Luzerner Kantonalbank described Credit Suisse as "a major construction site" and said "the share is only suitable for turnaround speculators."

In February, Credit Suisse reported that 2022 brought its biggest annual loss since the 2008 global financial crisis after rattled clients pulled funds from the bank, and it warned that a further "substantial" loss would come this year.

Among a string of scandals, Credit Suisse was hard hit by the collapse of U.S. investment firm Archegos in 2021 as well as the freezing of billions of supply chain finance funds linked to insolvent British financier Greensill.

The bank was also rocked by a prosecution in Switzerland involving laundering money for a criminal gang.

Meanwhile, credit ratings agency Standard & Poor's downgraded Credit Suisse to just one level above so-called junk status in November last year.

The above is reported here: Regulators seize Silicon Valley Bank in the second-biggest bank failure in US history -- Sott.net

 

[Vulcan59]

FWIW, the CEO of SVB,

Joseph Gentile is the Chief Administrative Officer at SVB Securities.

Prior to joining the firm in 2007, Mr. Gentile served as the CFO for Lehman Brothers’ Global Investment Bank where he directed the accounting and financial needs within the Fixed Income division. Prior to that, he served as CFO of the Global Corporate and Investment Bank at Bank of America, where he led the Capital Markets Division. In addition he was the CFO for the Private Bank. Previously, Mr. Gentile spent more than 10 years with J.P. Morgan in various financial management positions, including Global Head of Financial Risk Management. He started his career at Arthur Andersen.

Mr. Gentile earned his B.S. in Accounting and his M.B.A. in Finance from St. John’s University.

Joseph Gentile | SVB Securities

Joseph Gentile is the Chief Administrative Officer at SVB Securities. Prior to joining the firm in 2007, Mr. Gentile served as the CFO for Lehman Brothers’ Global Investment Bank where he directed the accounting and financial needs within the Fixed Income division. Prior to that, he served as...

www.svbsecurities.com