America’s 25 biggest banks saw a huge $90 billion outflow of deposits last week, a sharp reversal from the prior week where larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks in the wake of the Silicon Valley Bank (SVB) collapse. Between the collapse of SVB over…
America’s Biggest Banks Experience Massive Deposit Withdrawals
America’s 25 biggest banks saw a huge $90 billion outflow of deposits last week, a sharp reversal from the prior week where larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks in the wake of the Silicon Valley Bank (SVB) collapse. Between the collapse of SVB over…
America’s Biggest Banks See Surge in Deposit Withdrawals
America’s 25 biggest banks saw a huge $90 billion outflow of deposits last week, a sharp reversal from the prior week where larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks in the wake of the Silicon Valley Bank (SVB) collapse. Between the collapse of SVB over…
US Needs to Support Blanket Deposit Insurance
Commentary After Treasury Secretary Janet Yellen told the U.S. Senate on March 22 that federal bank regulators were not considering “guarantee of all deposits,” the stock market—and bank stocks more specifically—fell precipitously. The very next day, Yellen seemed to have walked back her comments. In a speech to the U.S. House, Yellen said that regarding…
US Needs to Support Comprehensive Deposit Insurance
Commentary After Treasury Secretary Janet Yellen told the U.S. Senate on March 22 that federal bank regulators were not considering “guarantee of all deposits,” the stock market—and bank stocks more specifically—fell precipitously. The very next day, Yellen seemed to have walked back her comments. In a speech to the U.S. House, Yellen said that regarding…
Chinese Banks Freeze Billions in Deposits: Officials Use Health QR Code to Bar Protestors
June 15, 2022
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Chinese local banks are freezing deposits. Protestors cannot go near banks as their health app for COVID-19 turns red. Authorities provided no explanation. China has recently escalated aggression regarding Taiwan. What can the United States do? More importantly, what must the United States do domestically to strengthen its foreign policy abroad? I spoke with Kelly…
$40 million in Deposits Missing, State-Owned Bank Not Accountable
A bank manager working at a branch of state-owned Industrial and Commercial Bank of China (ICBC) was recently sentenced to life in prison for setting up a scheme that enabled him to steal 250 million yuan (about $40 million) in deposits. The depositors are finding it almost impossible to get their money back as the…
Couple Who Tripled Their Mortgage Deposit During the Lockdown Buy a New House
A thrifty couple who saved a deposit of 50,000 pounds (approx. US$70,000) during the lockdown using some very detailed spreadsheets are celebrating buying their first home. Louise and Mike Zanier were left disappointed after they were forced to pull out of a house sale when their mortgage lender stopped accepting 5 percent deposits at the beginning…
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