I don’t want to say this is bad, but just after 7:30 ET tonight, the stock was trading down, about 70%!
Then I saw this Tweet and thought, no way this can be true, could it:
Thus I tried to go to their website and got the following:
For those of you not familiar with what some of us old farts dealt with in 2007 through 2009, this is what a bank run looks like. Don’t believe me? Check out this Twitter post:
This isn’t looking good folks and odds are the FDIC will intervene tomorrow if they can find a buyer because Lord Newsom can not have his VC buddies being left hanging out to dry in California. I am sure that the bank will get its website up and running by morning but watch for the signs, especially if news reports of lots of rental cars at the corporate headquarters which usually means the FDIC is getting ready to rock and roll.
If so, I shall return to bank failure Friday with the appropriate tune and all kinds of mocking of the great policies of Bidenomics.