for Brian Shilhavy
Editor, Health Impact News
While we have yet to see a total collapse of the global financial system, the bank runs that began in 2022 with the collapse of FTX and the billions of dollars lost when depositors were unable to withdraw their funds, continue to happen here in 2023. even though they don’t get headline news coverage.
Last week, Pam Martens, writing for Wallstreet on Parade, reported that bank runs were being made at Silvergate Bank, a US FDIC-insured bank.
Silvergate, a federally insured bank, has just burst out of ties to Crypto
The one thing a depositor never wants to know about a bank holding their life savings is that they have doubts about their “ability to continue as a going concern.” Unfortunately, those same words appeared in a filing yesterday by Silvergate Capital with the Securities and Exchange Commission, which all but guarantees that the ongoing execution of deposits at Silvergate will continue with an added sense of urgency.
Silvergate Capital is the owner of the federally insured and taxpayer-backed bank, Silvergate Bank, which decided a few years ago that it would be a good idea to become the custodian bank for crypto companies. One such suit was the now-collapsed Sam Bankman-Fried House of Fraud. Silvergate Bank’s accounts included the Bankman-Fried crypto exchange, FTX; his hedge fund, Alameda Research, which prosecutors say ripped off his crypto exchange FTX clients; and North Dimension, a fake company promoting itself as an online seller of cellphones, when it was actually laundering money for Sam Bankman-Fried’s crypto companies, according to federal prosecutors.
Once word got out about Silvergate’s ties to FTX and Bankman-Fried, a bank run ensued. (Full article.)
Credit Suisse, Switzerland’s second-largest bank, which began operations last fall, continues to experience a mass exodus of depositors as its shares continue to fall here in 2023.
Credit Suisse hits new intraday lows as Wall Street megabanks mysteriously pull out the contagion effect
Credit Suisse shares fail to find bottom. They fell to a new intraday low in Europe this morning to trade at the equivalent of $2.79, down 6% from their previous close.
The continued exodus from Credit Suisse shares is growing concern that the exodus of assets from Credit Suisse clients has not found a floor.
Reuters reports this morning that Swiss financial regulator FINMA is investigating comments made by Credit Suisse Group chairman Axel Lehmann to the media in early December that suggested outflows from clients had stabilized .
Simple math indicated no. (Full article.)
It was also reported last week that Blackstone had defaulted on a $562 million bond and was blocking investors from cashing out on their investments in its $71 billion real estate income trust (BREIT).
Blackstone Holds Back $562M CMBS As It Continues To Block Investor Withdrawals From $71B REIT
Now that rate hikes have burst the commercial real estate bubble, the carnage is coming fast and furious.
This morning, Bloomberg reports that Wall Street’s largest owner of commercial real estate, private equity giant Blackstone, has defaulted on a 531 million euro ($562 million) bond backed by a portfolio of owned offices and stores from Sponda Oy, a Finnish owner that acquired in 2018. .
While the PE firm had requested an extension from the holders of the securitized notes to allow time to dispose of assets and repay the debt, increased market volatility caused by the war in Ukraine and increased of interest rates disrupted the sales process and bondholders voted against a further extension, Bloomberg’s sources said.
And because the collateral has expired and not been returned, loan servicer Mount Street has determined an event of default has occurred, according to a statement Thursday. The loan will now be transferred to a special administrator.
“This debt relates to a small portion of Sponda’s portfolio,” a Blackstone representative said in an emailed statement. “We are disappointed that the manager has not advanced our proposal, which reflects our best efforts and which we believe would deliver the best outcome for noteholders. We continue to have full confidence in Sponda’s core portfolio and its management team, whose priority remains to deliver high-quality commercial and office assets.”
And while Blackstone tries to play down the news, the PE firm is clearly still struggling to steady the bleeding from its massive real estate portfolio and on Wednesday said it had blocked investors from cashing out on their investments from its $71 billion real estate proceeds. dollars trust (BREIT), as the private equity firm continues to struggle with a flood of bailout requests. (Full article.)
Unfortunately, this is probably only the tip of the iceberg in terms of bank failures and bank runs that depositors can expect, and I’m not alone in saying so, as the US and many European countries are preparing for bank runs. I will see:
Do FDIC bankers prepare for bank runs in the US?
European Central Bank prepares for bailout and bank collapse, according to Whistleblower
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Posted on March 5, 2023