Shareholders of the collapsed Silicon Valley Bank (SVB) have filed a class action lawsuit against the institution, its CEO Greg Becker, and CFO Daniel Beck, alleging violations of securities laws by concealing the bank’s vulnerability to a bank run. The shareholders claim in a complaint (pdf) filed Monday in federal court in San Jose, California…
Shareholder Lawsuit Accuses Silicon Valley Bank Executives of Fraud
March 14, 2023
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Federal Reserve Promises Review of Silicone Valley Bank Collapse
The Federal Reserve announced on Monday that it would investigate the tech-focused Silicon Valley Bank’s (SVB) demise, including any regulatory or supervisory failings. This comes a day after regulators closed crypto-focused Signature Bank, marking the second U.S. bank to fail days apart. The review will be overseen by Michael Barr, the central bank’s vice chair for…
Credit Risk Surges as Investors Fear Bank Failures Threaten Markets
NEW YORK—Credit risk indicators flashed red on Monday, as investors worried about contagion risks across corporate debt markets after the collapse of Silicon Valley Bank (SVB) and New York’s Signature Bank in the space of 72 hours. An index of credit default swaps (CDS) on U.S. investment-grade companies rose to 90.2 basis points, its highest…
GOP 2024 Candidate Ramaswamy Says Feds Should Let Silicon Valley Bank ‘Fully Fail’
March 13, 2023
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GOP 2024 presidential candidate Vivek Ramaswamy has called for restraint by the federal government in its response to the swift collapse of tech-sector darling Silicon Valley Bank (SVB) over the weekend, amid calls against more taxpayer bailouts for bank failures. Ramaswamy, an entrepreneur and biotech investor, suggested on Saturday night that the best way for…
LIVE NOW: NTD Business (March 13): Biden: ‘The Banking System Is Safe’; Bank Crash Due to Monetary Policy: Economist
President Biden reassures Americans that the banking system is still safe–after Silicon Valley Bank collapsed last week. Shares of First Republic Bank plunge, despite the lender telling customers their deposits are safe. Who should be held accountable for the collapse of Silicon Valley Bank? We have analysis. Biden approves an oil drilling project in Alaska–a…
NTD Business (March 13): Biden: ‘The Banking System Is Safe’; Bank Crash Due to Monetary Policy: Economist
President Joe Biden reassures Americans that the banking system is still safe, after Silicon Valley Bank collapsed last week. Shares of First Republic Bank plunge, despite the lender telling customers their deposits are safe. Who should be held accountable for the collapse of Silicon Valley Bank? Biden approves an oil drilling project in Alaska—a victory…
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…
The Fed Is Making Things Ever Worse
March 13, 2023
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Commentary Jerome Powell came to power at the Fed with the determination to reverse the astounding errors of his predecessors, most especially Ben Bernanke who received the Nobel Prize for the dumbest central-bank policies since the Weimar Republic. Back in 2008, Bernanke pushed borrowing costs for banks to zero and held them there for years…
When Bank Failures Presage Political Opportunity
Commentary Friday, March 10, brought a couple of bits of important news from the world of finance. The jobs report was strong, with some 311,000 jobs added in February. Hurrah! Break out the champagne, right? Not so fast. That same day we got the news that the Silicon Valley Bank (SVB), which I’d wager most…
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…
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