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THE BASIS POINT

Silicon Valley Bank files for bankruptcy to reorg rather than wind down

  Mehnaz Yasmin (reuters.com)
March 17, 2023
 
 
 

Friday Funk: If It Ain’t Ruff

Julian Hebron and Dennis Pettigrew
March 17, 2023
 
 
 

Fed hikes began a year ago today, when the crisis du jour was Russia-fueled oil price spike

Julian Hebron
March 16, 2023
 
 
 

Is a U.S. TikTok ban supported by GOP actually a plan to poison Biden with young voters?

  Nitish Pahwa (slate.com)
March 16, 2023
 
 
 

To stem contagion, 11 big banks replenish billions depositors withdrew from First Republic

Julian Hebron
March 16, 2023
 
 
 

First Republic for sale, maybe. Won’t be first time. Or big banks step in to help.

Julian Hebron
March 16, 2023
 
 
 

957k apartments being built as of Feb, most since 1973 but still not enough

  Robert Dietz (eyeonhousing.org) and Julian Hebron
March 16, 2023
 
 
 

$54b relief for Credit Suisse for now stems $165b market value loss since March 8 for European banks

  John Revill, Amanda Cooper, Saeed Azhar (reuters.com)
March 16, 2023
 
 
 

Here’s the 30 banks global regulators think are most systemically important

Julian Hebron
March 15, 2023
 
 
 

Is banking changed forever? Is my money safe? And 6 other questions on 2023 bank panic.

  Ben Carlson (awealthofcommonsense.com)
March 15, 2023
 
 
 

Is ChatGPT free still? Sort of. Here’s pricing, functionality, API details on OpenAI GPT-4 upgrade.

  Kyle Wiggers (techcrunch.com) and Julian Hebron
March 15, 2023
 
 
 

Meta’s 10k layoffs in ‘Year of Efficiency’ announced in Longest. Post. Ever.

  Mark Zuckerberg (facebook.com) and Robyn Gaito
March 15, 2023
 
 
 

Meta bailing on Facebook and Instagram NFTs to support creators in ‘Year of Efficiency’

  Jay Peters (theverge.com)
March 15, 2023
 
 
 

Stock chart diagram by Reuters showing Credit Suisse troubles 2020 to SVB crisis. Then top investor paused.

  Noele Illien (reuters.com)
March 15, 2023
 
 
 

Credit Suisse leads Wed 3/15 bank share decline as biggest Saudi backer won’t increase support

  Jesse Pound (cnbc.com)
March 15, 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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