749 replies to this topic

[dasmo]

Of course it does.
I have an Etsy shop AND shares in Etsy. Thankfully the shop doesn’t have much in sales week to week. I expect the stock market in general to crater on Monday. I’m waiting it out.

[dasmo]

I’m not saying the overlords are trying to kill small businesses but if they were, what would they be doing differently?

[Matt R.]

In my case, they will be messing with the ferry schedule this summer, and lo and behold..

[LJ]

SVB managed to pay all their employees their bonuses the day before shutting the door.

[LJ]

When all the assets are sold, most folks could receive the majority of their funds, but it will take time.

 

There are just too many small banks in the US, they should consolidate into a much smaller number.

[Victoria Watcher]

SVB managed to pay all their employees their bonuses the day before shutting the door.

 

 

 

The size of the payouts couldn’t be determined, but SVB bonuses range from about $12,000 for associates to $140,000 for managing directors, according to Glassdoor.com.

 

SVB was the highest-paying publicly traded bank in 2018, with employees getting an average of $250,683 for that year, according to Bloomberg.

 

After its seizure, the FDIC offered SVB employees 45 days of employment, the people said. The bank had 8,528 employees as of December.

 

https://www.cnbc.com...e-takeover.html

[Mike K.]

So how many banks do we have locally, where you can deposit money (not necessarily have a chequing account).

RBC
Scotia
TD
BMO
CIBC
HSBC
Coast Capital
Island Savings
VanCity
Fisgard Capital(?)
Community Savings
Coastal Community Credit Union

[Victoria Watcher]

HSBC.

Laurentian.

Canadian Western.

Khalsa Credit Union.

Edited by Victoria Watcher, 12 March 2023 - 08:25 AM.

[Mike K.]

RBC
Scotia
TD
BMO
CIBC
HSBC
Coast Capital
Island Savings
VanCity
Fisgard Capital(?)
Community Savings
Coastal Community Credit Union
Laurentian
Canada Western
Khalsa Credit Union
First Credit Union (up-Island)

[dasmo]

SVB's Chief Administrative Officer was the CFO of Lehman Brothers' Investment Bank when it collapsed.

SVB's Chief Risk Officer was the Managing Director at Deutsche Bank during 2008 AND led credit ratings in 2007.

The CEO was a director at the San Francisco Fed from 2019 to the present.

[Victoria Watcher]

National Bank.

[AllseeingEye]

While I get the point you are making here Mike, i.e ascertaining and collating a list of financial institutions where you can deposit funds, as I'm sure you are well aware a credit union is definitely not a bank.

 

There are various operating and service/product offering differences between the two but for the purposes of this thread, in Canada while both credit unions and banks are protected by deposit insurance, banks are covered by the CDIC as mentioned a couple of times above, credit unions are covered by provincial deposit insurance providers.

[Barrrister]

So how many might be at risk?

[dasmo]

All banks are at risk technically. We have zero reserve lending here so the banks only have a pittance of cash on hand. If there is a physical run on the banks people will know this in a real way. You can feel it now if you go into your bank at any time and try to withdraw $10k cash.

Good thing most are lazy and don’t care enough to panic. Myself included. This too shall pass.

Also don’t keep large amounts of cash. At least not all in one place.

[AllseeingEye]

All banks are at risk technically. We have zero reserve lending here so the banks only have a pittance of cash on hand. If there is a physical run on the banks people will know this in a real way. You can feel it now if you go into your bank at any time and try to withdraw $10k cash.

Good thing most are lazy and don’t care enough to panic. Myself included. This too shall pass.

Also don’t keep large amounts of cash. At least not all in one place.

 

All generally spot on - especially the lazy part particularly at that pertains to me....

 

It is important to know however that not everything is protected by CDIC. Some deposits such as mutual funds, stocks and bonds fall outside of CDIC’s purview.

If you bank with a CDIC member institution, your eligible deposits include savings accounts, term deposits and GICs, all of which are automatically covered up to $100,000.

[dasmo]

If you own stocks the bank going under doesn’t dissolve that ownership though. I guess it’s worth looking into some sort of backup of ownership if the brokerage disappears somehow?

[dasmo]

If you have $100,000 in a bank account you actually have digits on your screen and the bank has your name beside the same digits on a ledger. That’s the bare bone’s reality. It’s not sitting in a safe in the basement…

[Matt R.]

SVB's Chief Administrative Officer was the CFO of Lehman Brothers' Investment Bank when it collapsed.

SVB's Chief Risk Officer was the Managing Director at Deutsche Bank during 2008 AND led credit ratings in 2007.

The CEO was a director at the San Francisco Fed from 2019 to the present.

 

So are you saying we should trust these experts?

[dasmo]

So are you saying we should trust these experts?

Yes. Always trust the experts. History has shown this is best for your personal wellbeing….

[Mike K.]

RBC
Scotia
TD
BMO
CIBC
HSBC
Coast Capital
Island Savings
VanCity
Fisgard Capital(?)
Community Savings
Coastal Community Credit Union
Laurentian
Canada Western
Khalsa Credit Union
First Credit Union (up-Island)
National Bank