ECON [FINANCE] First Deathburger Thread of the 2023 Banking Crisis. ALL welcome (hall passes at the door). Have At It.

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night driver

ESFP adrift in INTJ sea
As folks discuss Berkshire Hathaway and Buffet, I am hearing echoes of Andy Carnegie standing on the floor of the m,arket, quietly buying ANYTHING people put into his hand to staunch the bleeding.
UNsuccessfully, I might add.

Need to remember that in 29, with the "CRASH", the Dow was back where it STARTED the Crash by April, 1930, and the REAL grind didn't start until later in the summer.

This is simple History, folks.
 
somewherepress

somewherepress

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https://twitter.com/i/web/status/1637451509884502016
View: https://twitter.com/runews/status/1637451509884502016

Russian Market

@runews


The Saudis reject UBS 0.25 offer for Credit Suisse. Because.. because they bought it for 4.00 per share 5 months ago. Buy high, sell 0.25


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Last edited8:50 AM · Mar 19, 2023
 
Hfcomms

Hfcomms

EN66iq

Why Credit Suisse is pushing back UBS’s $1 billion offer to buy the Swiss bank​

Swiss authorities are seeking to broker a deal that would address a rout in Credit Suisse that sent shock waves across the global financial system.​

Written by Bloomberg
March 19, 2023 20:03 IST

Bloomberg: UBS Group AG is offering to buy Credit Suisse Group AG for as much as $1 billion, a deal that the troubled Swiss firm is pushing back on with backing from its biggest shareholder.

Credit Suisse, which ended Friday with a market value of about 7.4 billion francs ($8 billion), believes the offer is too low and would hurt shareholders and employees who have deferred stock, according to people with knowledge of the matter.

The UBS offer was communicated on Sunday with a price of 0.25 francs a share to be paid in stock. UBS also insisted on a material adverse change that voids the deal if its credit default spreads jump by 100 basis points or more, the Financial Times reported. Credit Suisse closed down 8% to 1.86 francs at the close on Friday.

Swiss authorities are seeking to broker a deal that would address a rout in Credit Suisse that sent shock waves across the global financial system over the past week when panicked investors dumped its shares and bonds following the collapse of several smaller US lenders. A liquidity backstop by the Swiss central bank briefly arrested the declines, but the market drama carries the risk that clients or counterparties would continue fleeing, with potential ramifications for the broader industry.

The complex discussions over what would be the first combination of two global systemically important banks since the financial crisis have seen Swiss and US authorities weigh in, according to people with knowledge of the matter. Talks accelerated Saturday, with all sides pushing for a solution that can be executed quickly after a week that saw clients pull money and counterparties step back from some dealings with Credit Suisse.

 
psychgirl

psychgirl

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Terrwyn said:
If someone sold an oz of gold today at a coin shop what would they be paid?
Click to expand...
Right!
I’d like to know the % the buyer takes out of the sale.
I think….jewelry stores are 60/40?
You take 60% of the sale.
But not positive
 
hiwall

hiwall

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Terrwyn said:
Bear with me I haven't slept much but I was wondering if you withdraw most or some of your cash and then the whole system crashes and then there is a great depression will that cash be any good? Doesn't seem to me like it will. No more SS, no more welfare and no more US and end game for all but the toughest.
Click to expand...
In the USA the only medium of exchange for people is US Dollars. Because of that those Dollars will be used even well into a crash (IF that Ever happens).
On here we often talk about using gold and silver but ever doing that on a wide-spread level would be almost impossible. Hardly anyone understands gold and silver and there is very little of each in the USA.
If there is ever crash (which sometimes I think will happen and sometimes do not think that) it will just be a very bad situation. Having something of real value whether it is cash or gold would likely not matter very much if there was nothing to buy.
 
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tanstaafl

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I for one am very interested in what happens this coming Wednesday. Assuming things go as previously planned and they don't change the schedule in a fit of panic, the Federal Reserve is holding its next interest rate meeting March 21-22 and will announce its decision on the 22nd. Prior to this latest FUBAR circus there was a fair chance they would continue to raise rates, even if only a token amount, to combat an inflation that seems to befuddle TPTB (including the Secretary of the Treasury, the very person theoretically the best situated to understand inflation). If they raise rates now it could be the last straw for banks with crap in their investment portfolios (higher interest rates and declining government bond yields allegedly being what did in SVB).
 
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