Former First Republic CEO, Michael Roffler, testified before House lawmakers on Wednesday, revealing that his bank fell victim to the widespread panic that ensued following the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond their control, he said. “No one…
Ex-First Republic CEO Blames Failure on Collapse of Other Regional Banks, Says Regulators Did Not Raise Warnings
Former First Republic CEO Blames Failure on Other Banks’ Collapse, Says Regulators Didn’t Raise Warnings
Former First Republic CEO Michael Roffler told House lawmakers on May 16 that the California bank fell victim to the widespread panic caused by the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond First Republic’s control, he said. “No one…
Senators Rip Former Silicon Valley Bank CEO for Executive Payouts Prior to Bank’s Collapse
May 16, 2023
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During a Senate Banking Committee hearing on Tuesday, senators denounced the actions of Silicon Valley Bank (SVB) CEO Greg Becker, who has been accused of distributing bonuses and selling stock in the bank shortly before its collapse. “In 2022, in particular, you [Becker] paid yourself a $1.5 million cash bonus even as the value of…
English Scrap Metal Recycler Sentenced to 9 Months in Jail for Wall Collapse That Killed 5
BIRMINGHAM, England—The owner and a manager of an English scrap metal recycling plant were sentenced to nine months in jail Monday for safety lapses after a wall collapsed and killed five migrant workers in 2016, a government workplace safety agency said. Wayne Hawkeswood and Graham Woodhouse were convicted in Birmingham Crown Court of violating the…
Metal Ductwork Collapses, Injures 6 at Colorado Resort Pool
AURORA, Colo.—Six people were hurt—two critically—when part of a heating and ventilation system collapsed at a resort pool in Colorado on Saturday, fire officials said. There were 50 to 100 guests in the pool when the collapse occurred about 9:50 a.m. at the Gaylord Rockies resort near Denver International Airport, Aurora Fire Rescue said. Large…
Roof Collapse at House Near Ohio State University Injures 14
COLUMBUS, Ohio—Part of a house collapsed and 14 people were injured near The Ohio State University Saturday evening when people climbed onto a roof that was not designed to hold significant weight, authorities said. Columbus Division of Fire Battalion Chief Steve Martin said his department received a report around 7:40 p.m. of a roof collapse…
NYC Partly Shutters 4 Parking Garages After Deadly Collapse
NEW YORK—After the deadly collapse of a parking structure in lower Manhattan, New York City building officials swept through dozens of parking garages and ordered four of them to immediately shutter because of structural defects that “deteriorated to the point where they were now posing an immediate threat to public safety.” Two of the parking…
Social Media Catalyzed Recent Bank Failures, Paper Says
“Social media fueled a bank run on Silicon Valley Bank (SVB), and the effects were felt broadly in the U.S. banking industry,” reads the first line of an academic paper discussing the role of social media in last month’s collapse of tech bank SVB. The study, led by J. Anthony Cookson of the University of…
‘Like an Earthquake’: Parking Garage Falls in NYC, Killing 1
NEW YORK—A parking garage collapsed Tuesday in lower Manhattan’s Financial District, killing one worker, injuring five, and crushing cars as concrete floors fell on top of each other like a stack of pancakes, officials said. Bystander video showed cars hanging precariously from a buckled upper deck of the three-story building, and people nearby described a…
Bridge Collapse in Kashmir Kills Girl, Injures at Least 70
SRINAGAR, India—An overcrowded footbridge collapsed into a rocky river in Indian-controlled Kashmir while thronged with more than 100 people celebrating a festival, killing a 10-year-old girl and injuring at least 70 people, authorities said Friday. Police and relief teams rushed to the low metal bridge, which could not withstand the weight of the revelers celebrating…
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