Commentary We have seen several banks fail in the last few days. The failures seemingly came out of nowhere. However, there are a few commonalities among the banks that failed. I will try and connect some dots for you. I listened to a livestream from law firm Foley and Lardner. Partner Pat Daughterty said that all three…
Banks Linked to Cryptocurrency Community Collapse: Could New Regulations Have Prevented This?
March 13, 2023
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Depositors Line Up Outside First Republic Branches Across California
Customers of First Republic—the San Francisco-headquartered bank that caters to high-net-worth clients and businesses—were lining up at various California branches ton Monday following the collapse of Silicon Valley Bank (SVB) and Signature Bank over the weekend. That day waiting outside First Republic’s Montgomery Street branch in San Francisco, a California business owner named Chad told The…
Bank Failures Lead to Investor Bets That Fed Will Ease up on Rate Hikes
March 13, 2023
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The collapse of Silicon Valley Bank and Signature Bank has sent a shock wave across markets while sharply bolstering investor expectations that the Federal Reserve will ease up on the pace of its rate hikes—or stop raising interest rates entirely. A week ago, before Silicon Valley Bank (SVB) became a household name as regulators ordered…
Morgan Stanley Warns Investors to Sell Stock Rebounds That May Follow Government Intervention in SVB Collapse
March 13, 2023
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Morgan Stanley’s top investment officer is advising investors to sell any rebounds in stock prices that may follow regulatory support measures after the collapse of Silicon Valley Bank (SVB) last week. “We suggest selling any bounces on a government intervention to quell the immediate liquidity crisis at SVB and other institutions until we make new…
FDIC Transfers All Deposits From Failed Silicon Valley Bank to Newly Created ‘Bridge Bank,’ Names CEO
March 13, 2023
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The U.S. Federal Deposit Insurance Corporation (FDIC) has transferred all deposits of Silicon Valley Bank (SVB), both insured and uninsured, to a newly created “bridge bank” with a newly named CEO. A massive run on deposits was triggered over SVB’s bond portfolio and its failure to raise capital, causing money to empty out, leading to the bank’s…
Silicon Valley Bank Fails, FDIC Steps in to Protect Depositors From Losing All Their Money
March 10, 2023
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The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…
FDIC Takes Control of Silicon Valley Bank After Its Collapse
March 10, 2023
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The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…
Silicon Valley Bank’s Shares Tank, Triggering Financial Sector Panic
Silicon Valley Bank’s shares have tanked, causing panic in the financial sector to spread from Wall Street to Europe and Asia. This comes after the lender announced it would sell shares at a loss in order to cover rapidly declining customer deposits. Silicon Valley Bank (SVB) Financial Group, a bank which lends primarily to tech companies, told investors…
JPMorgan Sues Former Executive Over Ties to Jeffrey Epstein
March 10, 2023
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JPMorgan Chase is suing one of its former executives, Jes Staley, over his ties to the late financier and sex trafficker Jeffrey Epstein, who died mysteriously while in prison in an alleged suicide, in 2019. In late 2022, a female plaintiff filed a lawsuit against JPMorgan, accusing Staley, who was employed there from 1979 to 2013, of allegedly…
Greens Senate Power Play Gives Hollow Victory, Minister Says
March 10, 2023
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The Minister for Industry and Investment, Ed Husic, has pushed back on claims the Greens party have won a victory over the government after negotiations on the National Reconstruction Fund (NRF) saw amendments to stop the Fund from investing in future coal and gas projects, and native forests logging. The NRF is a corporate Commonwealth entity that…
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