The parent of the failed Silicon Valley Bank (SVB), Silicon Valley Bank Financial Group, said that the Goldman Sachs Group (GSG) was responsible for buying SVB’s bond portfolio that booked $1.8 billion loss, setting off a calamitous bank run. SVB Financial said the transaction by Goldman Sachs set in motion SVB’s collapse, causing the bank…
Goldman Sachs Bought SVB’s Bond Portfolio That Led to Massive Losses and Bank Run
Biden Admin’s Banking Busts
March 15, 2023
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Commentary The failure of three banks in the last two weeks, including Silicon Valley Bank on Friday and Signature Bank on Sunday, is a saga of utter government incompetence. Call these bank collapses Biden administration’s Banking Busts. The Biden administration has been obsessing on woke causes while banks teeter toward insolvency. Three days before Silicon…
Credit Suisse Stock Crashes to Record Low as Key Backer Says No More Money
March 15, 2023
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Credit Suisse’s shares fell to a new all-time low for the fifth consecutive day on Wednesday, following news that its largest investor, Saudi National Bank, will be unable to acquire more equity stake in the Swiss bank due to regulatory restrictions. The bank’s share price tanked by almost 30 percent in the morning, recovering to…
Small Banks in Good Shape Despite SVB Collapse, Trade Group Says
The failures of Silicon Valley Bank (SVB), Silvergate, and Signature Bank last week served as stark reminders of the banking sector’s vulnerability to rising interest rates and a fragile U.S. economy. However, the overall health of community banks remains strong, according to a trade association representing the country’s smallest banks. The Independent Community Bankers of America (ICBA)…
Small Banks in Good Shape Despite SVB Collapse, Says Community Bankers of America
The failures of Silicon Valley Bank (SVB), Silvergate, and Signature Bank last week served as stark reminders of the banking sector’s vulnerability to rising interest rates and a fragile economy. However, community banks in the country are trying to reassure in general that the overall health of regional banks remains strong. The Independent Community Bankers of America (ICBA),…
Silicon Valley Bank Customers Stand in Line for Hours at Santa Clara Location
March 14, 2023
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SANTA CLARA, Calif.—Silicon Valley Bank (SVB) customers lined up for hours in front of the bank’s HQ location in Santa Clara on March 13 to access their funds. Depositors rushed to the bank after the Federal Deposit Insurance Corporation (FDIC) stated in a press release that all assets—both insured and uninsured—would be available for transfer…
Moody’s Downgrades Entire US Banking System Outlook to ‘Negative’
Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
US Banking System Outlook Downgraded to ‘Negative’
March 14, 2023
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Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
Depositors of Failed Banks Should Not Be Bailed Out: Reagan Economic Advisor
March 14, 2023
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In the aftermath of two failed banks, the crypto-focused Signature Bank and the 16th largest U.S. depository Silicon Valley Bank (SVB), economists are questioning the role of the Federal Reserve in the banking crisis. Former economic advisor to President Reagan, Steve Hanke believes that the Fed’s contractionary policies have contributed to the current situation and…
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…
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