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THE BASIS POINT

‘Bailout Nation’ author Barry Ritholtz answers: What is a Bailout?

  Barry Ritholtz (ritholtz.com)
March 20, 2023
 
 
 

Jamie Dimon leads next steps on First Republic rescue. Other key regional banks holding up.

  Ben Eisen, AnnaMaria Andriotis, David Benoit (wsj.com) and Julian Hebron
March 20, 2023
 
 
 

‘The Fed knows what it’s doing’ and it gets its role as lender of last resort

  Claudia Sahm (stayathomemacro.substack.com)
March 20, 2023
 
 
 

Will U.S. regulators broker a First Republic sale like Swiss did with Credit Suisse?

Julian Hebron
March 20, 2023
 
 
 

UBS buying Credit Suisse for $3.25b with Swiss help ‘is no bailout’

Julian Hebron
March 19, 2023
 
This is no bailout. This is a commercial solution. [Credit Suisse] bankruptcy would have had huge collateral damage on the Swiss financial market and with a risk of contagion internationally. The US and UK were very grateful for this solution.
Swiss finance minister Karin Keller-Sutter on UBS buying Credit Suisse for $3.25b with Swiss gov't $9.7b loss backstop & $108b liquidity

If Credit Suisse rejects ‘up to $1b’ UBS offer, Switzerland may take it over

  Stefania Spezzati (reuters.com)
March 19, 2023
 
 
 

Of course techy libertarians expect government to cover their SVB losses

  Adam Rogers (businessinsider.com)
March 19, 2023
 
 
 

What UBS Wants If It Takes Over Credit Suisse – via FT

  Laura Noonan, Owen Walker, Stephen Morris, Arash Massoudi, James Fontanella-Khan (ft.com) and Julian Hebron
March 18, 2023
 
 
 

The role of financial media in a crisis & how it’s different in social era

Julian Hebron
March 18, 2023
 
 
 

Credit Suisse & First Republic post-rescue strain remained. Now UBS mulls Credit Suisse takeover with gov’t help.

  John O'Donnell (reuters.com)
March 18, 2023
 
 
 

U.S. needs half a million construction workers, but nobody seems interested

  Erica Pandey (axios.com) and Julian Hebron
March 18, 2023
 
 
 

Mortgage rates end bank crisis week at 6.5%. Will they go lower after March 22 Fed?

  Matthew Graham (mortgagenewsdaily.com) and Julian Hebron
March 17, 2023
 
 
 

ESSAY: Creative agency owner and Silicon Valley Bank client blames VCs for bank’s failure

  Elizabeth Spiers (nytimes.com)
March 17, 2023
 
 
 

First Republic drops despite rescue by 11 big banks. Dividend cut or sale rumors?

Julian Hebron
March 17, 2023
 
 
 

Every word ‘Big Short’ bank genius Steve Eisman says about 2023 crisis is important

Julian Hebron
March 17, 2023
 
 
 
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  • Linkage – Handpicked News

    • Great piece by Molly White on why bitcoin really rallied during a bank crisis month. She addresses (debunks) ‘safe haven’ theory. (newsletter.mollywhite.net)
    • NFX surveyed 870 startup founders on banking, VC mood, and hiring trends. Here are the results. (nfx.com)
    • Coinbase Letter: “We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.” (coinbase.com)
    • SVB depositors made whole; Credit Suisse counter-parties saved; First Republic bondholders protected — were these bailouts or something else? (ritholtz.com)
    • The Fed is in triage mode. Inflation is a problem and Fed won't forget that. But keeping financial system out of a tailspin is the top priority. (stayathomemacro.substack.com)
    • To contain panic after 2nd & 3rd largest U.S. bank failures ever, authorities race to rescue Credit Suisse, among world's largest wealth managers and considered by regulators to be 1 of 30 systemically important banks (reuters.com)
    • Lots of tech leaders mock colleges as ‘woke madrassas’ & call student-loan forgiveness moral hazard. But when their money’s at risk, they're all for privatizing profits and socializing losses. (businessinsider.com)
    • UBS this weekend is reviewing options for a takeover of its primary rival Credit Suisse, which would come with government backing. Here's a Reuters briefing on this real-time situation. (reuters.com)
    • Good essay by SVB customer & creative agency owner. She tells her SVB story and why she thinks VCs caused bank run. 'I'll keep my SVB debit card as a souvenir.' (nytimes.com)
    • SVB Financial Group filed for Chapter 11 bankruptcy, which is a court-supervised reorg as opposed to a wind down. Gives them time to seek buyers for its assets while under FDIC purview. (reuters.com)
    More Linkage
  • Recent Posts

    • Like OMG guys, this TikTok ban is so infuriating. And politicians will eat themselves as it unravels.
    • Newly built home prices $438,200 in March 2023. Can you afford this?
    • Friday Funk: More Mess On My Thing
    • Reactions – in logo form – to We ❤️ NYC logo
    • Citi CEO Jane Fraser on digital age bank runs & Fed’s top 2023 priority
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