Report: Another Auction of SVB
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 14 March 2023
⏱️ 10 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Tuesday, March 14th, and I'm your host Julie Morgan. |
| 0:12.0 | The FDIC is reportedly planning another auction of Silicon Valley Bank. |
| 0:16.8 | Exactly when is unknown. The question is, will there be any takers? Regional banks have taken a big hit since Friday. |
| 0:24.9 | Federal government moves to step in and protect depositors |
| 0:28.1 | did little to stem the bleeding |
| 0:29.8 | and among regional banks on Monday |
| 0:31.3 | with banks like First Republic falling over 60%. |
| 0:34.6 | Will today be any better? |
| 0:36.8 | And it's CPI Day, all eyes are on inflation data as this will give investors more clues on the Fed's rate hiking path. |
| 0:45.0 | Our top story, the Federal Deposit Insurance Corporation or FDIC |
| 0:50.0 | is planning to conduct another auction of Silicon Valley Bank assets |
| 0:54.4 | after they were unable to find a suitor over the weekend. |
| 0:57.8 | According to the Wall Street Journal, FDIC officials told Senate Republicans on Monday that they had some more flexibility. The FBI system. Former regulators told the paper with officials declaring the firm systemic, regulators can offer |
| 1:16.8 | potential buyers more deal sweeteners, including loss sharing agreements. |
| 1:21.6 | A timetable for the second auction was not known. The |
| 1:25.0 | FDIC named former Fannie Mae CEO Tim Mayopoulos as CEO of Silicon Valley Bank. |
| 1:31.4 | Meanwhile the Federal Reserve also said Monday, |
| 1:34.2 | it will review its supervision and regulation of Silicon Valley Bank. |
| 1:38.8 | Vice Chair for Supervision Michael Barr will lead the review |
| 1:42.1 | and the findings are set to be made public by May 1st. |
| 1:45.6 | Fed Chair Jerome Powell emphasized that the events surrounding Silicon Valley Bank demand a thorough, |
... |
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