Diamonds and Dogs
Another bad day for the banks. Silicon Valley Bank (SIVB) traded down 65% premarket and never traded during normal hours as the regulators stepped in wind down and liquidate the firm as the biggest bank failure since the global financial crisis. Other regional banks are now coming under pressure as First Republic Bank (FRC) is down 12% while Signature Bank (SBNY) is down 22%.
Bad news for the regional banks, good news for JP Morgan Chase (JPM). JP Morgan is up 2% as money moving out of the regional banks is searching out the big stalwart banks like JP Morgan Chase. JP Morgan has their own problems as regulators are looking into any liability the bank might have for doing business with or facilitating Jeffrey Epstein's sex-trafficking crimes.
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