Fed Loses $16.5 Billion on Sale of SVB Bank & Faces More Losses on $90 Billion of Toxic SVB Assets

[TexasTowelie]

Some of the Assets and Liabilities of SVB USA have been sold by the FDIC to First Citizens Bank at a Discount of $16.5 Billion to the Asset Value. In this video I look at the terms of the transaction and discuss the implications for the FDIC, First Citizens Bank and the Financial markets.

Chapters:
0:00 Intro
2:11 PRESS RELEASE
4:52 FIRST CITIZENS BANK
5:46 ACQUISITION DETAILS
7:57 PURCHASE PRICE
9:43 LOSS SHARING AGREEMENT
11:00 RESIDUAL ASSETS
12:35 SUMMARY & CONCLUSION

[peppertree]

1. Thanks, Trump.

Between that, and the $45 billion Argentine bailout just to save your pal Macri's derrière (in vain), Trump's quickly becoming the second-most expensive U.S. president history.

Second only to Dubya - but then, he had two terms.