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Fed's New Rescue Program Just Like the Old Program - 3/13/23

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That whole Big4 thing is one big scam. It must be ended. World wide. The approval of the self assesment regarding proper risk management procedures is one part of every audit. No one on earth can tell me that SVB had proper risk management. So why did KPMG give their signature?ย 

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2 hours ago, Jimi said:

Talked to a friend with a sig-o whose business account is at First Republic. He needs to carry large balances periodically for that business: buys & sells expensive stuff for clients. They swept cash out today to bring the balance down to $250k. Doubt heโ€™s alone. Told him to shop for a new bank with supplemental insurance or the sweep arrangement Sandy referenced. I donโ€™t believe the USG can backstop uninsured deposits everywhere and if SHTF, only the biggest money centers get in a federal lifeboat.

Fielded an inquiry about Schwab from another - share price suffering and concerns about bank/brokerage divide. I think thereโ€™s anxiety today despite actions & reassurance.


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