letter to the editor

Economics/Politics 101

Mon, 03/27/2023 - 3:00pm

Dear Editor:

1. The government bails out SVB Bank.

2. The parent company of SVB Bank, SVB Financial Group (SIVB) files for bankruptcy.

3. On March 6, 2023 SIVB stock was trading at $281.96/share.

4. There are 59,200,000 shares of SIVB stock.

5. On March 6, 2023 SIVB stock was worth $16,692,032,000.00

6. After filing for bankruptcy stocks usually end up worthless.

7. 98.43% of the shares are held by institutions and Mutual Funds.

8. Most pension funds consist of stock and mutual funds.

9. End result: A loss of $16,429,967,097.00 in pension funds 

Joe Scorcia