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Effective Sept.19,2024 SICP will change to SICPQ, bankruptcy.
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
WOW .29-1.10 THIS MORN ON THE OTC
I sold puts on this that expire next week. The position in my account has been renamed to SICB, so I assume I can still be assigned then?
SI changed to SICP. Delisted from the NYSE to the OTC.
https://otce.finra.org/otce/dailyList?viewType=Additions
$4 longer term after all the flips are done
2.11 AGAIN
WONDER WHERE THIS GOES TODAY
#SI ?? another squeeze rally with 64%+ short interest? #SILVERGATE $SI
SI: Get ready to PARTY!!! My glorious SI HomeBoys, HomeGirls, & straight-up GangBangers!!! I gots the party MUSIC for ya-all, below!!! Who's gonna bring the REFRESHMENTS!!!??? (Hey, Emperor G-2-G, how about some disruptive, brand-new, very tasty, "Little-Debbie-Cannabis-Infused-Strawberry-Snack-Cakes", Dude!!!???)
SI: NICE for ya, Boss!! You'll be,'laughin all the way to the BANKS', today for sure!!
was filled 10k 1.81 for a trade
SI: ALL bank stocks to the MOON today.
SI $4 target
Arca. Live Ticker Picker 03/25/23 Live Chat (~ON from 08:00 pm - 9:30 pm... https://t.co/aH3MtiNQsd
— Arca. (@arcabulls) March 26, 2023
#SI ?? silvergate stock? can it make big % move? or more downside? price targets $SI #SILVERGATE
I got 10K ready to play with it but it needs to tank again to $1.10 or lower for me to get into this Viper’s nest
SI is pumped and dumped before it is going to delisted soon, maybe today/
SI: Nice at least $20,000 profit for ya today!! CONGRATS!!
SOLD 5K MORE 2.11
I THINK ITS TIME TO GO
I NEED TO GO TO THE BANK SIR
If they sold it wiuld be 20c in$ thats 20$
$2 rejected...anyones game now
check out hair hubs for men
I take that ALREADY --- it gives my HAIR a 'shinny look' --- just like the CBD-Infused Dog Biscuits do for my pet Pit Bull's FUR!!
bro take some CBD's
and BREATE
I made a quick trade because I was out this morn and saw this late
#LUNCH$
SI: You likely know that I do NOT like Bitcoin, inter alia. HOWEVER, the "Blockchain" infrastructures --- when exploited vis-a-vis a "STABLECOIN" (e.g., Tether), could very well offer Planet Earth an alternative to traditional BANKS. (But, 'INSURED ACCOUNTS' will be required.)
https://finance.yahoo.com/news/u-banking-crisis-could-present-092701980.html
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I damn near jumped in on the pullback to 1.60 but got sidetracked
SI: CONGRATS, Boss!!!! (Tell me that you LOADED-UP!!!)
whata move +100% from bottom
nerp...took off 2day
just saw this now and looking for why it moved??
Scm bag MM's this past Friday wouldn't let it fall below $2.00, only so they could wipe out puts, and that's how criminals wearing suits and ties rip off the public,and line their corrupt pants pockets.
Crypto Ponzi scheme with the Banks making full circle explained by Michael Hudson:
BEN NORTON: Michael, another factor in this is crypto. While all of this is happening, it’s also in the wake of a disastrous collapse in big parts of the cryptocurrency industry.
You yourself have always been very skeptical and have criticized this crypto industry and you can talk about that — I mean I’ve done many interviews with you over the years. Going back on the record people can see that you were proven right about this.
Of course Silicon Valley Bank as its name suggests is definitely involved in the tech sector and Silicon Valley.
But before SVB collapsed we saw Silvergate collapse, and Silvergate was very heavily invested — or at least many of its depositors were companies invested in crypto.
And then on March 12th there was another bank that went down which — unlike SVB and Silvergate, which were in California — the third bank to go down was Signature Bank which is based in New York City. And thirty percent — almost one-third of Signature Bank’s deposits were cryptocurrency businesses.
So maybe you can talk about crypto’s role in all of this. And of course this comes at a time when Sam Bankman-Fried — the fraudster who ran the FDX exchange — he was exposed to the world for committing literal fraud, and losing billions of dollars really overnight.
MICHAEL HUDSON: Well the whole mythology and fantasy of crypto has been burst, especially with Bankman-Fried.
Crypto was supposed to be — they called it peer-to-peer lending. The peer-to-peer lending was, the person who bought the crypto took money out of the bank and paid for crypto with a bank transfer fee — was one peer.
Who’s the other peer? The other peer was Bankman-Fried, and he could do whatever he wanted with his money.
The crypto cover story was, “Well, we know that the economy’s messed up and we don’t like big government and we don’t like the bank, so here’s an alternative to the banks, putting your money in that bank and putting your money, depending on government fiat currencies.”
So people would put their money into crypto, thinking, this is something different from the banks. And yet it turns out — what did the crypto companies do?
If you get a billion dollars of inflow by people who want an alternative, what are you going to do with a billion dollars?
Well Bankman-Fried simply bought luxury real estate and gave money to the Democratic Part and a few Republicans for campaign contributions to buy influence.
But most of the crypto was put in Silvergate Bank or other banks, or government securities. I mean, where else are you going to put a billion dollars inflow?
You get a bank transfer from a bank. It goes into your bank account — you have to have a bank account somewhere to hold it. And what do you do?
The money that goes into crypto ends up in the very banks or the government securities that crypto’s supposed to be an escape from.
So all that crypto is, is a disguised bank or a mutual fund that has its money in banks and government securities.
Except it has secrecy, so that if you’re a criminal or a tax evader or a crook and you don’t want the government to know what you have, you’re willing to give a premium.
Just like the cocaine cartel who will pay ten percent or twenty percent for money laundering.
Crypto was a vast money laundering operation wrapped in an idealization — a fantasy — that it was an alternative to banks and government money, when of course the backing for the crypto was banks and government money.
Obviously when people begin to realize this, and saying, “Wait a minute, who is running the cryptocurrency that we’re holding? We don’t know what it is.” Because it’s crypto — that’s why it’s called crypto. And it can’t be regulated, because the government can’t know what’s in it or who’s paying what, because it’s crypto.
So there’s no way of regulating crypto, and needless to say, every mafiosi — every sort of financial crook — finds it’s like taking a candy from a baby. All you have to do is say that we have a an idealistic libertarian answer to socialism.
So crypto was the libertarian answer to socialism. And we’ve seen — I think socialism won that particular fight.
The banks of course — when people were selling the crypto, the cryptocurrency had to draw on its bank account. And when it drew on its bank account, the banks were left without money.
The banks that had to pay the crypto company to pay the crypto seller had to sell their bonds and packaged mortgages and take a capital loss on assets that they were carrying at original book value or purchase price, but that they were only getting the market price for.
So, the whole unraveling of all of this — reality raised its ugly head.
BEN NORTON: Professor Hudson you’ve written in an article about this, which is “Why the US banking system is breaking up.” And then you followed up and you said that “the US bank crisis is not over.” And you warned that it could spread.
And I just want to go over this briefly again just these numbers here.
The biggest bank to ever fail in US history was Washington Mutual and I was in 2008 during the financial crash and it had $307 billion in assets.
The second biggest bank ever to collapse in US history was Silicon Valley Bank with $209 billion in assets. So pretty close to Washington Mutual.
And Signature Bank was the third biggest bank to collapse, which had $118 billion in assets.
So clearly there are parallels to the 2008 crash.
https://michael-hudson.com/2023/03/bond-market-play-reveals-systemic-crisis/
Silvergate’s failure destroyed the great illusion of cryptocurrency deposits. The popular impression was that crypto provided an alternative to commercial banks and “fiat currency.” But what could crypto funds invest in to back their coin purchases, if not bank deposits and government securities or private stocks and bonds? What is crypto, ultimately, if not simply a mutual fund with secrecy of ownership to protect money launderers?
Silicon Valley Bank also is in many ways a special case, given its specialized lending to IT startups. New Republic bank also has suffered a run, and it too is specialized, lending to wealthy depositors in the San Francisco and northern California area. But a bank run was being talked up last week, and financial markets were shaken up as bond prices declined when Fed Chairman Jerome Powell announced that he actually planned to raise interest rates even more than he earlier had targeted. Rising employment rates make wage earners more uppity in their demands to at least keep up with the inflation caused by the U.S. sanctions against Russian energy and food and the actions by monopolies to raise prices “to anticipate the coming inflation.” Wages have not kept pace with the resulting high inflation rates.
It looks like Silicon Valley Bank will have to liquidate its securities at a loss. Probably it will be taken over by a larger bank, but the entire financial system is being squeezed. Reuters reported on Friday that bank reserves at the Fed were plunging. That hardly is surprising, as banks are enjoying record interest rate spreads. No wonder well-to-do investors are running from the banks.
The obvious question is why the Fed doesn’t simply bail out banks in SVB’s position. The answer is that the lower prices for financial assets looks like the New Normal. For banks with negative equity, how can solvency be resolved without sharply reducing interest rates to restore the 15-year Zero Interest-Rate Policy (ZIRP)?
There is an even larger elephant in the room: derivatives. Volatility increased last Thursday and Friday. The turmoil has reached vast magnitudes beyond what characterized the 2008 crash of AIG and other speculators. Today, JP Morgan Chase and other New York banks have tens of trillions of dollar valuations of derivatives – casino bets on which way interest rates, bond prices, stock prices and other measures will change.
For every winning guess, there is a loser. When trillions of dollars are bet on, some bank trader is bound to wind up with a loss that can easily wipe out the bank’s entire net equity.
There is now a flight to “cash,” to a safe haven – something even better than cash: U.S. Treasury securities. Despite the talk of Republicans refusing to raise the debt ceiling, the Treasury can always print the money to pay its bondholders. It looks like the Treasury will become the new depository of choice for those who have the financial resources. Bank deposits will fall. And with them, bank holdings of reserves at the Fed.
So far, the stock market has resisted following the plunge in bond prices. My guess is that we will now see the Great Unwinding of the great Fictitious Capital boom of 2008-2015. So the chickens are coming hope to roost – with the “chicken” being, perhaps, the elephantine overhang of derivatives fueled by the post-2008 loosening of financial regulation and risk analysis.
ALMOST $3 MARKET SWITCHED TO BULLISH AFTER THE MORNING BEARS HAD THEIR WAY
SI: Did you FLIP-it already, Boss???? (CONGRATS!!!)
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