WuMo by Wulff & Morgenthaler for March 11, 2023

Silicon Valley following the B. of A. path

Not much of a bank.

Pretty much what a bank is supposed to do, if by “spent” you mean made various types of loans, wherein they will collect interest.

FTX or SVB?

Is this supposed to be FTX? Unless it says it is FDIC-insured, I don’t care what they call it, you are risking whatever you deposit with them. To a real bank, your deposit is a liability. It is YOUR money that you have loaned to them at XX.YY%, and which you are entitled to withdraw per the rules on the account. When you borrow money from the bank, that is an asset on their books because it is money you owe to them. Assets:Liabilities for you are flipped on the bank’s books.

He wants his money so bad, he’s chomping at debit.

Talk about good timing. These strips are written days earlier.

Omg. The people will have lost all their money…

I had a saving account when I was a teenager, but when I was ready to leave home, it turned out my parents had taken it all and had a notebook showing every tiny item I had asked for, for school or a zipper to make my own clothes. 60 years ago. Am I still bitter?

Read the fine print everyone. You have (probably) agreed in a contract to be an “unsecured creditor” of the bank. You are in business with the bank. Cyprus-type bail-ins could happen anywhere the agreement is made.

This is why I bank with a Credit Union. I’ll never trust another bank after Washington Mutual went down in 2008 and taken over by Chase. They have the worst customer service and ding you for every little thing including a low balance

This is a lot funnier if you are not Lebanese.

I just wish that this was a joke……

Chevy Chase crying in a SNL skit…

…First Ferengi Rule of Acquisition…

…and it’s gone

That sums up the 2008 banking crisis