Submitted by mark
Fears of a broad financial contagion spread on Friday after tech lender Silicon Valley Bank set off alarm bells over liquidity concerns — sparking share losses across the banking sector worth some $52 billion on Thursday.
Peter Thiel’s venture capital firm Founders Firm advised clients to withdraw their deposits from Silicon Valley Bank — despite the fact the lender has been a mainstay for tech startups for decades, according to Bloomberg News.
Bill Ackman, the billionaire hedge fund manager, called on the US government to step in and bail out Silicon Valley Bank.
Michael Burry, the eccentric investor featured in the 2015 film “The Big Short,” warned: “It is possible today we found our Enron.”
Shares of Silicon Valley Bank’s parent company, SVB Financial Group, nosedived by 60% on Thursday evening, wiping out more than $80 billion from its market capitalization.
The company’s stock was down another 45% in pre-market trading on Friday — dragging down the share price of several other publicly traded banking giants.
Greg Becker, the CEO of Silicon Valley Bank, tried to calm tech investors and startups during a Thursday Zoom call.
“My ask is to stay calm because that’s what is important,” Becker told listeners on the call. “We have been long-term supporters of you — the last thing we need you to do is panic.”
Shares of Signature Bank dropped by some 4% in pre-market trading while First Republic Bank, whose stock fell 17% on Thursday, was down another 3% before the opening bell on Friday.
Shares of JPMorgan Chase, which fell 5% on Thursday, dropped another 1% in pre-market trading on Friday.
On Wednesday, Silicon Valley Bank said it would raise $2.25 billion following a $1.8 billion after-tax loss in various bets on securities.
“We knew that would create a lot of noise, which it has,” Becker conceded. “But what we wanted to do was reposition … a low-yield asset to a high-yield asset.”
SVB, which does business as Silicon Valley Bank, launched a $1.75 billion share sale on Wednesday to shore up its balance sheet.
It said in an investor prospectus it needed the proceeds to plug a $1.8 billion hole caused by the sale of a $21 billion loss-making bond portfolio consisting mostly of US Treasuries.
The portfolio was yielding it an average 1.79% return, far below the current 10-year Treasury yield of around 3.9%.
“The failure of @SVB_Financial could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash,” Ackman tweeted.
“If private capital can’t provide a solution, a highly dilutive gov’t preferred bailout should be considered.”
Ackman likened the turmoil engulfing Silicon Valley Bank to the 2008 financial crisis, when the Federal Reserve bailed out JPMorgan Chase after the Wall Street giant bought investment bank Bear Stearns, whose market value was eviscerated due to its involvement in the risky subprime mortgage markets.
According to Ackman, no other private institution will step in to save Silicon Valley Bank the way JPMorgan rescued Bear Stearns.
“After what the Feds did to @jpmorgan after it bailed out Bear Stearns, I don’t see another bank stepping in to help @SVB_Financial,” according to Ackman.
“The gov’t could also guarantee deposits in exchange for a dilutive warrant issuance and other covenants and protections,” Ackman tweeted.
“If @SVB_Financial is indeed solvent, this would buy time to enable SVB to restore the franchise and raise new private capital.”
Ackman then clarified in a later tweet that any bailout of Silicon Valley Bank “should be designed to protect its depositors, not equity holders or management.”
“We should not reward poor risk management or protect shareholders from risks they knowingly assumed,” Ackman tweeted.
He added: “The risk of failure and deposit losses here is that the next, least well-capitalized bank faces a run and fails and the dominoes continue to fall.”
“That is why gov’t intervention should be considered.”
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Looks like you got home just in time, Admin.
VC depositors with Silicon Valley Bank – FDIC insurance
Mom and Pop with Big Banks – Bail Ins
FDIC is a FIFO queue. VCs will suck FDIC dry prior to the real action.
Thx for the links the other day, Ice.
I would surmise that perhaps in locating the missing trillions you’d be finding the shadow within the shadow.
The majority of SVB’s deposits are above $250K. The rumor is 97% of SVB deposits are uninsured. They’re all fucked.
I bet it’s a lot of Hindu money. Hindus about to learn about how they are goyim too.
3.5 million Indians died from the jab so you are correct.
Someone posted in the daily mail that there’s some “glitch” preventing people from accessing their money at Wells Fargo. It’s Friday. What tv show predicted this?
Just imagine. I got an advertisement in the mail yesterday, asking me to open an account with Wells Fargo.
ZH says most their book was not insured. Tough luck for some. The .gov says they might get scraps, if they are lucky.
The attached link allows you to email Kim Olson, SVB Chief Risk Officer. Let her know what you really think.
https://www.svb.com/profile/kim-olson
FYI – this was the 2nd biggest bank failure in USA history behind only Washington Mutual.
I read on 4chan last night that this bank was going under today. Of course it was packed with hysterical hyperbole and vague enough most wouldn’t understand what it said, but I learn to read between the lines that a bank was going under today.
100% DEI, Diversity, Equity and Inclusion score! Go Woke and Go Broke eh?
Not that diverse. One color that comes in M / F models.
https://www.svb.com/leadership
Michelle Draper looks like she came out of FTX
Yeah that was the problem, lack of diversity! LOL
Well, right there is your problem. No colored people and no green haired furries on the executive team.
Go woke, what could go wrong? Everything!
Thanks for the heads-up Jim – so the Fed has raised until something broke – expect a hidden bail-in coming to a bank near you! VVIX has gone exponential! Dominoes come to mind.
VIX is en fuego!
In a system of sound money, and HONEST banking (meaning 100% reserves), the ONLY money available for lending, would be the money they enticed into savings through market-based interest rate increases. Such a system would automatically create fiscal prudence for lending, and would reward savers and lenders making sound loan decisions. The exact opposite of what we have with the criminal Federal Reserve and their never-ending money creation machine. END THE FED!
Dude, are you trying to use logic in Clown World?
Because most people have no idea what honest banking is about. Always good to remind folks about how we got there.
There is no honest banking left. Fiat currency and fractional reserve banking is not honest, let alone this crap.
No denying that.
Is it possible to bank without usury?
MRLiberty – it seems you do not understand what 100% reserve means. It means no lending whatsoever. If you keep 100% of deposits on reserve, it means you cannot lend out any of it.
The govt should bail out the bank says the billionaire scam artist.
Friday!
What a perfect day for a bank holiday.
“It will probably happen on a Friday…” – X Files
Was the script based on real life?
It’s predictive programming. You realize the Hollywood Golems regularly tap assets in the CIA and FBI for story ideas? The people in those agencies have no fucking imaginations at all. Their heads are waay too far up their asses to engage in creative processes. Their only concern is operations and execution.
It’s a satanic balancing act between maintaining the illusion and revealing the plan.
Symbiosis at its most demonic.
“Bank Run!”
‘Silver and Gold are going to the moon!”
Better buy as much as you can at these low levels. Before it goes higher. Supply is especially tight, oh man. Here we go. Get in now before the premium hopium hits $10.00 per oz on top of spot. I’ve been flooded with smart people loading up for a boating accident this morning. Forget food, back up the truck right now, interest rates are gonna start hitting the floor. Buy Now and get Low Low Prices and Super Savings on non-diluted .9999 diluted Rounds from the Perth Mint. Don’t be part of the panic. Be ahead of the panic, you don’t want to wake up after the weekend to find you’ve missed your opportunity. He who Panics First Panics Best. Panic Buy Right Now! Act now and receive a free “Authentication Certificate” from our cold storage vault. We only sell the best deep cold hearted storage covert intel from our own undercover agents. Don’t forget, Easy Pay payment option is available. Avoid Gov’t detection, use Easy Pay to drain the Amex card, wife’s bank account or raid the children’s education saving plan, you can drain them all. Easy Pay payment helps avoid detection, so that missing funds are not immediately noticed. The Moonshot is here, what is in your wallet? Hopefully nothing!
Buy the 100% digital gold, its the bestest and most secure gold of all, no middle men and easily moved. And, now is also a good time to stock up on some toilet paper too, don’t be caught lacking, in ether
Beware of Tp thieves and imposters. Keep your TP Safe, with my Wicker Safe Safe. Tired of guests using too much TP? Are they getting sneaky and ditching the silverware and filling their purses with your TP? The Wicker Safe Safe solves this. Avoid running out at critical moments, embarrassing pants around your ankles moments. Keep the TP under Wicker lock and Key. Act now and get 2 free rolls of TP. Get started on Stacking Rolls with the Wicker Safe Safe today!
Folks, don’t fall for the Wicker TP safe but instead buy my Tupper TP Safe. It hermitically seals your TP away from moisture and sneaky fingers. Its built in alarm system tells you if someone it trying to sWipe a few extra sheets.
TTHHTTT!! Tupper TP Safe. Call today
Digital T.P.?
How about a toilet paper IRA?
My friend you have come to the right place.
I have plenty of ether TP for sale. How much do you need?? I suggest lots because it’ll go fast once word is out and supplies are limited. We can have it delivered directly to your home in minutes once your bitcoin transfer has been received.
Act today, don’t be caught… short
Let’s hypothecate the toilet paper and sell multiple contracts on the same rolls! THEN, THEN we sell derivatives on the contracts and THEN we buy ten times as many CDS, Credit Default Swaps on the whole mess, as the value of the whole mess. Retard Treasury Sec. Yellen will demand they all be paid to avoid the appearance of “uh, something or other.”
The Lamestreamers will then find the geek who has undoubtedly structured a trade in his dorm room that by dumb luck mirrors this exact situation, becomes a billionaire and is crowned Wall Street’s newest enfant terrible.
Its gets better. What you suggest is the higher levels of stupid which oddly enough I’m ok with helping them invest in my etherTP. Once sales start dropping off we can claim we’re to big to fail and have the govt bail us out, we’ll promise to send them unlimited etherTP to all govt employees, for life.
Taking applications on bringing this fine product to the wall str market place. We’re looking for that affirmative action hiree that will helm this great opportunity.
disclaimer: The first part of this response was just wistful thinking. Its not our actual plan for scamming anyone, really.
I prefer to obtain my gold the old fashioned way…mine it myself. Productivity could use some improvement, but the profit margin is fucking insane!
I would like to subscribe to your newsletter.
This douchebag was recommending this stock at $320 one month ago. It hit $35 today, on the way to $0.
I love the fact the someone actually created an inverse Cramer ETF… (SJIM)
https://www.marketwatch.com/investing/fund/sjim?mod=search_symbol
Anyone who listens to that Jackass deserves to lose money.
That jackass should have been hung from a lamp post back in ’08.
.
I remember this bozo in the euphoria of the late 1990’s dotcom boom. He got nabbed using message board information to hype stocks. People knew what he was up to and started pumping pig shit companies only to watch him take it to the air on CNBC.
I knew someone at work foolish enough to buy his newsletter. They did nothing but lose when going by his recommendations.
Fuck this guy giving Cramer as pass as “amoral”, this guy is 100% Synagogue of Satan. That’s called immoral.
I wonder if there is any connection to Kunstler’s comment in “Everything, All At Once” article….
I heard a rumor this week (yes, it’s just a rumor) that the Federal Reserve is bailing out WalMart, the Krogers supermarket chain, and other national food distributors in a stealth overnight lending operation. Their business model is shot. Nobody has the scratch to buy stuff.
“My ask is to stay calm because that’s what is important,” Becker told listeners on the call. “We have been long-term supporters of you — the last thing we need you to do is panic.”
Sooo…in essence Beckers intimating, “We funded your garbage start-up. You should go down with us”? LMAO
It sounds like a ” bail in “
I have friends that played the nickel stocks and this is the same sales pitch they got when their stocks were heading to the basement of no returns. Stay loyal to your stocks.
I could never understand WHY they would have a broker who spewed this nonsense and WHY they would heed this advice.
Way off topic but I hate the use of “ask” as a noun.
It’s almost as bad as “due diligence”, which ought only be the adverbial phrase it is (like “with care”).
Never let a crisis go to waste , right ?
@zerohedge
CBDCs Could Be “Easily Weaponized” To Spy On US Citizens: Congressman
Relax, the FDIC got this!
Heck yea let’s have the government create a few more trillion and bail them out send the extra to the politicians and Ukraine. Throw some to my poor ass while
you crooked moral hazard greedy dickheads.
You ain’t in the club, so don’t expect your poor ass to be gettin any relief.
I have told my father the last three times we have spoken that he better review the buyout clause in his annuity contract. Like most ex-professional Boomers he thinks the fake money spigot will flow forever and fails to realize the very same anti-gubbermint stuff he spouts off about while watching Fox News 3 hours a day keeps him comfortable (and alive) in his $2 MM house on top of a red sandstone cliff. He may finally get what he wishes but it won’t be pretty.
Shame – I could be your dad!
Fuck you Ackman. How about all you “Masters of the Universe” own your shit and go to Chapter 7 or 11? Have the Court assign an overseer and auction off all the assets like they do to the little people. Bailouts continue and amplify systemic weakness whereas paying the Piper strengthens the system.
I heard only something like 2.5% of accounts at SVB are covered by FDIC as all other accounts are over $250,000. The big shits banking there are all zillionaires so why does Joe 6 pack have to bail their asses out again? The first $250K or whatever is covered and after that they can take almost worthless bank stock in lieu of cash for the rest of their balances, just like happened to all the little nobodys when asshole grifters like Corzine went bust at MF Global and raided all their depositors accounts, stole all the precious metals, GLD shares and all that.
Permission to to Panic Sir?!
Permission granted – what a hell of a Friday night – and I only just got started on my SA Red! Looks like a long night for me – I am GMT 1930
Forbes is owned by Chicom’s now.
There’s the clincher! They knew. They always know.
I don’t have enough ammunition, do I?
Prescious metals are important,Francis. Gold,silver and lead.
Got Jesus?
“Finally, we note that the well known problem with bank failure is that they are always non-linear… and we are far from seeing the final fallout from this one. Furthermore, the shift in what flows they have available to JPMorgan is noteworthy since the hope, once again, becomes, that these mega banks are ‘too big to fail’.”
Let’s hope; but I was always told that ‘hope’ isn’t a strategy?
If this really is the beginning of TSHTF, we won’t be hearing about transgender crap any more.
Just trying to look at the glass half full scenario😁
You have to admit it would be funny as heck to see a bunch of drag queens lined up demanding to see the manager.
Would that be a straight line? Cause that would be great. Really cut down on rounds expended that way. The economy is tight, you know?
‘Mary, Mary, I love that you’re so contrary!’
Well done.
Someone here stated they just moved over to svb as an employee.
No worries bro. We here at TBP have your back.
Looking for that person to helm the newest, hottest ipa to enter the market. Opportunity to make billions in a short time. We’ll definitely overlook the affirmative action requirement if needed. Ground floor opportunity and not the usual porcelain variety market entry but digital gold.
Don’t get wiped out. Do the wiping.
Clever boy – it’s easy when you KNOW 🙂
“It’s good to be da King!”
Yeah, but our King is a moron! You just gotta laugh -pathetic and he runs and Empire?
I’m sure he will get another medal for that to pin on his uniform. What bravery!
Come on, give Bog a thumbs up, that’s world class
right there!(Well played, Sir.)
L.
👍
As I said elsewhere, someone leaked that SVB was going down last night on 4chan.
There’s speculation that JPM engineered it.
Two other officers sold a ton of stock, as well.
Not healthy but fun
JPM is surely Next
Fortresses fail too
That wall lasted ahelluva lot longer haha
peter,
what is going on over in scotland with the young representative that is being attacked b/c of her conservative & christian beliefs?
was she elected ?
Yes she was TR – “she was elected an MSP for Skye, Lochaber and Badenoch two years after the independence movement was defeated in the 2014 referendum, Forbes kept the faith. She believed that the longer the UK government resisted allowing another independence referendum, the bigger the “wall of support” for one would become.”
That’s changed now as support for independence has waned after Sturgeon fell on her sword. (She’s going to work for the WHO it’s said.)
The problem is a conflict with the Woke majority in the SNP – hopefully Forbes and her team will change things but it will be a hard slog – the Scots are quite mad. For those who support policies like the SNP’s recent gender recognition reforms, Forbes believes “it could be difficult for them to swallow somebody with very strong Christian beliefs, particularly if those bleed into trying to change the policies of the SNP”.
thanks
I would laugh, but, I think I’ll really miss Western Culture.
Well yes ‘M’ but I only miss the 1950s – it’s imploded since then. What’s missing?
Kiss of death.
“JP Morgan is a fortress”, ahh, the Kramer Kiss o Death on JP Morgan.
Oh Boy
meaning bail out coming for the richer asswipes.
The FDIC covers each cash account up to $250,000 meaning they cover the first $250,000 for each account. This does not include investment, annuities, etc. If you have multiple accounts with the same bank exceeding the $250k limit they only cover one account up to $250,000. Best to protect your money by diversifying your money over multiple banks with each account $250k or less.
I wonder if some really smart people could single out the banks most vulnerable to a bank run and initiate a plan to start that bank run, we could bring down the entire rotten edifice of debt. Just spit ballin.
I’ve been tryin to break the Food Bank for weeks. Got all my hommies in on it. But no signs of supply problems yet. Just where do all these donations keep coming from????
#DrowningInRice #BailOut #RehypothecatedRations
With Ukraine buying us for a nickel.
Wolf has a list (but only failures). You can take your choice of one free report (not worth much): https://www.zacks.com/commentary/2064329/regional-bank-armageddon-what-you-need-to-know
I suspect that all it would take is one greedy idiot on the inside, but WTF do I know, right?
BTW…Will this mean masks and lockdown again?
If not already done, someone needs to place this Big&Bold on the Friday Fail.
“The Horror…The Horror”
Just got back from a BANK RUN myself …pulled out another 5k as I have been doing often the last year…just keeping in enough to pay bills.
1000+
yep another soon
0.0000001+
That way you at least retain the intrinsic value.
I have been posting this on The Burning Platform for years…most of my cash will be going into 1 through 13…try to pay attention.
Plus, cash will work for a while…no one knows how long.
I think the entire system is coming down…they are tying for a controlled demolition, but that remains to be seen.
1. Water
2. Food/Food Production
3. Shelter
4. Essentials
5. Guns/Ammo – Training – Defense/Offense Capabilities
6. Medical
7. Cash (Fiat Dollars) in your hands not a Bank (enough for as long as you can build up a surplus for.)
8. Barter
9. Community/Tribe
10. Communication
11. Plan B & C
12. Silver (pre 64 junk dimes, quarters, & 1 oz. American Eagles…this is what most can afford and should buy as far as PM’s.)
13. Gold (only if you have WEALTH, buy it in all values from 1/10 of an ounce to 1 oz.)
Both 12 & 13 must be in your hands…
Yea, 12 and 13 may not be needed at first, but nothing lasts forever, including every single crash in history (but this is an intentional collapse not a crash…so there is that) if you don’t have real wealth, and have not completed 1 through 11 in depth…you do not need to spend what you don’t have (wealth) on gold, but that is another thread.
Precious metals are not either or they are part of complete Prep…until/after the top 11 are secured…no matter who you are.
If you do not have any spare fiat…soon to be worthless…focus on 1 through 11…Uncommon Common Sense.
As far as any 3rd party holding any of your hard assets…that is represented in the ‘Default Risk’ category that will soon drown most Americans in their ignorant financial Rip Tide…that is rising like a tsunami…while most rush to the shore to see why the tide is pulling out…‘Oh say can you see’?
Yellen looking up while wildly laughing (at Exeter’s Pyramid in this thread) and saying the banking system is ‘resilient’ is so ironic…it is ironic.
Contagion, Resilient, Fortress……PANIC! PANIC NOW!
Quick shoot insurance policy Holdouts! Cash in quickly!!
Bail ins and INFLATION!!!
Banks Collapse!
Silver + $0.39 this makes cents……
The World is ENDING and silver is up 39 Cents.
That and another few bucks will get you a McDouble….. Yes Makin Bank….
Joe Biden’s America
Bank failures
Clif HIGH’s thoughts:
Spike Proteins being produced by those jabbed, deep oil, rising Ruble, collapsing FED/dollar, Middle Class RAGE coming, by September the Federal government will be collapsed, by next fall the obviously WOKE will be rejected…massive deaths coming for 12- to 18 months…MOUR!
MAR 10 • 24M
THE UGLY BANK
Dirty dealing done right in front of your face…
https://clifhigh.substack.com/p/the-ugly-bank?utm_source=podcast-email%2Csubstack&publication_id=681568&post_id=107671991&utm_medium=email#details
Turbo Leukemia Rampant? Diagnosis to death in two days? Someone yelled Shekel Jekyll this morning…… nothing to see here. Human Population is crashing to zero. But look at svb Bank!!! Money might be lost! No one cares about children being lost.
I don’t agree with all High believes by a long shot…spiritually he is a lost WOO WOO Universe reincarnation type…and gives Trump a Devolution pass at Warp Speed.
But, High has been warning about the bio weapon death jabs early on, and he has a busy, impressive, and often right ‘secular’ intellect.
Just had a friend of a friend die of turbo cancer last night…it came out of nowhere…right after he was jabbed again…late 50’s, was healthy as a horse.
I met and prayed with his wife…she is now convinced it was the jabs…I gave her some Ivermectin and Zeolite and advice on detoxing herself and her two daughters…she is devastated and scared.
FEB 8 • 32M
BANKS…YOU KNOW ITS COMING!
We can all feel it now.
https://clifhigh.substack.com/p/banksyou-know-it-is-coming#details
So sorry to hear. Especially as I’ve been pointing out, with kids. Money problems are moot, J6 treason is moot, prepping is moot, guns are moot, everything is moot-moot. Especially when loved ones die. “They” don’t care what happens anymore. The counter measures have already been deployed to the populations which are dying biggly.
I well remember when Penn Square Bank was seized on a Friday afternoon July 2, 1982. It was a rather small commercial bank located in the parking lot of a shopping mall in Oklahoma City. They were famous for having a drive in window where you could finance oil wells – What could go wrong with that? As small as they were, their collapse led to the failure of Continental Illinois bank in Chicago.
SVB is the 16th largest bank in the US and its collapse could have major implications for the entire banking network. Powell will have the printing presses running overtime this weekend.
Is this the switch to shtf?
Well,folks here and elsewhere have prepped for this with skills/goods/tools/some metals/barter goods if safe ect.
One can prep until it’s all gone,so,even if just starting the smalls add up,get at it!
Prepper cat is with you.
No matter howz it all plays out,enjoy the weekend!
Just wondering if I should load up for the weekend…..Have a Great weekend yourself mon ami!
Best practice? Stay loaded all the time…guns and liquor.
That cat looks serious.
and focused. My, what big eyes you have, Grandma!
Fuck it!Have some good news!
https://www.usatoday.com/story/life/animalkind/2023/03/08/california-husky-rejected-deformity-adopted/11422476002/
The rag of a paper actually has a good story……,smile!
Holy…er..uh…you know, the thing.
No problem folks, Janet says it’s tran….si..tory….
The Branch COVIDIAN cult cost me my job and quite possibly destroyed my career over a year ago. Less than ten years from retirement I own no home and am nowhere close to financially secure. Live in a shit apartment in a bad part of town with a high crime rate. Surrounded by addicts, homeless, prostitutes. Cars get broken into regularly, if not outright stolen. Domestic violence.
The best part?
I have no fucks left to give.
Burn, baby, burn!
Keep a stiff upper lip, anon. I have a neighbor who bought their house after the depression for the taxes owed. A couple of hundred bucks! If this world does not go ka-blooey, you just might get a chance. If it does, well….
Thanks, Bogart. That’s precisely what keeps me going. This certainly isn’t the first time I’ve been beat down. There’s no doubt in my mind that I have a guardian angel watching out for me. I should have been dead a long time ago.
Those who resist until the End, the same shall be saved.
GOOD…from what I’d read a good many of SVBs start ups appeared to be in pharmas. My bet they were created to cash in on the ongoing jab festival/shit-show. Let em crash!
Has it occurred to you that this Crash, is actually a smash and grab? All part and parcel of robbing the Treasury as the last act of a failed State?
They’ll bail these assholes out and where does that money come from?
You, me and countless unborn generations.
You’re witnessing the fall of an Empire.
I’m shocked that AI didn’t see this coming.
Very similar to when the Psychic Network went bankrupt.
This was when I realized the Fibbers were not on our side!
(And this helped)
I think a comedian could say this?
Priceless, Scrabble.
All fiat eventually returns to it’s ultimate value…zero. Our so called banks are merely a front for the criminal Ponzi…bankers are just well dressed gangsters.
The Banksters are Bloodline Demonic Game of Throne Name Stealing Gangsters.
Clif High has been right about them. He and many others detail their Khazarian history.
Don’t worry folks, its just a small technical glitch. Nothing to see here, go home and have a nap.
https://www.usatoday.com/story/money/2023/03/10/wells-fargo-missing-deposit-technical-issue/11447250002/
ignoring reality never ends well.