Discover and read the best of Twitter Threads about #SBNY
Most recents (3)
1) Anyone stupid enough to think the @federalreserve has “solved” the banking problem should focus their binoculars. The approach reminds me of the failed MLEC which I described as “May Losses Extend Continuously”. @PatrickMcHenry @FinancialCmte @FSCDems #SIVB #SBNY… twitter.com/i/web/status/1…
2) A proper program would have taken the underwater long dated HTM at a MTM. Then @federalreserve should have required banks to cut dividends & buybacks & raise capital within that year. The @USTreasury should have taken Sr. Pref retire-able upon full capitalization of the… twitter.com/i/web/status/1…
3) Taking HTM bonds from banks at par, for a year, without taking Sr. Pref & explicitly requiring banks to raise capital within 12 months exacerbates moral hazard, transfers future risk to the DIF & taxpayers & ties the hands of the Central Bank vis a vis monetary policy.
The US banking system may be in a more precarious position than many are willing to believe. Undoubtedly some are willfully blind to the potential worst outcome from the events in the past few days. In my estimation the worst possible outcome is as follows:
1/
#SVB #SBNY
1/
#SVB #SBNY
The bank run on Silicon Valley & Signature, whether or not justified, unveiled a hidden weakness in the balance sheets of US depositary institutions: poor liquidity.
2/
2/
I’m not talking about liquidity in the traditional sense, but liquidity in the face of several inconvenient assumptions which few have brought to the conversation and many have laughed off as inconsequential, not so funny now
3/
3/
OG: @pandanaiksapi:
#Binance is the largest crypto exchange in the world with a daily volume of over $15 billion, 10x bigger than the second. It's considered the safest for trading and storing #crypto assets, but is it truly #SAFU? #crypto #trading
A 🧵from a stupid trader (1/?)
#Binance is the largest crypto exchange in the world with a daily volume of over $15 billion, 10x bigger than the second. It's considered the safest for trading and storing #crypto assets, but is it truly #SAFU? #crypto #trading
A 🧵from a stupid trader (1/?)
Binance, founded by @cz_binance in 2017, has its origins in China. Due to the government's ban on #crypto, it had to move its headquarters to Japan. However, as Japan also started to implement stricter regulations for #crypto, Binance had to move again, this time to Malta. (2/?)
On Feb 21, 2020, the Malta Financial Services Authority (MFSA) announced that @binance does not have an operating license. Binance has also been investigated multiple times by the IRS and the US Department of Justice on charges of money laundering.
(3/?)
(3/?)
