Silicon Valley Bank former CEO Gregory Becker, Signature Bank former chairman and co-founder Scott Shay, and Signature Bank former president Eric R. Howell testify on “Examining the Failures of Silicon Valley Bank and Signature Bank” at 10 a.m. ET on May 16 to the U.S. Senate Banking Committee. …
Silicon Valley, Signature Bank Former Executives Testify on Failures to Senate Committee
May 16, 2023
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LIVE 10 AM ET: Silicon Valley, Signature Bank Former Executives Testify on Failures to Senate Committee
May 16, 2023
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Silicon Valley Bank former CEO Gregory Becker, Signature Bank former chairman and co-founder Scott Shay, and Signature Bank former president Eric R. Howell testify on “Examining the Failures of Silicon Valley Bank and Signature Bank” at 10 a.m. ET on May 16 to the U.S. Senate Banking Committee. …
Big Banks to Pay Billions More in FDIC Fees After Bank Failures
Big banks in the United States will bear billions of dollars in extra fees to replenish a deposit insurance fund that was used to bail out banks in March, the Federal Deposit Insurance Corporation (FDIC) said on Thursday. The recent collapse of Silicon Valley Bank (SVB) and Signature Bank impacted the deposit insurance fund (DIF)…
Banks Face Billions in Extra FDIC Fees to Cover SVB, Signature Collapse
The nation’s largest banks could face billions in “special assessments” to recover the costs of bailing out uninsured depositors at Silicon Valley Bank and Signature Bank, the Federal Deposit Insurance Corporation (FDIC) proposed. In order to bail out SVB and Signature in March, the FDIC invoked the “systemic risk exception,” allowing it to cover all…
Banks Face Billions in Extra FDIC Fees to Cover SVB, Signature Collapses
The nation’s largest banks could face billions in “special assessments” to recover the costs of bailing out uninsured depositors at Silicon Valley Bank (SVB) and Signature Bank, the Federal Deposit Insurance Corp. (FDIC) has proposed. In order to bail out SVB and Signature in March, the FDIC invoked the “systemic risk exception,” allowing it to…
Buyer of Failed Silicon Valley Bank Reports $9.5 Billion Profit Following Acquisition
First Citizens Bank, which bought the failed lender Silicon Valley Bank (SVB) in March, has reported a profit of more than $9 billion due to the takeover. First Citizens made a preliminary gain of $9.82 billion on the acquisition, according to the bank’s May 10 earnings release (pdf) detailing its first-quarter performance. As a result…
California Bank Regulator Admits Fault in Silicon Valley Bank Failure
California’s bank regulator stated in a new report that it was too slow to address the growing risks and issues at Silicon Valley Bank (SVB) and failed to push the troubled lender to fix its problems. The California Department of Financial Protection and Innovation (DFPI) published a comprehensive review of what happened with SVB, admitting…
ANALYSIS: Why Short Sellers are Winning Big on Bets Against Bank Shares
May 5, 2023
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News analysis Regulators seized First Republic Bank on May 1 and sold off its assets to JPMorgan Chase, wiping out the bank’s shareholders and making First Republic the third U.S. regional bank to fail this year. But while depositors have been made whole and bank stockholders suffer sudden, catastrophic losses, short sellers in bank shares…
Goldman Sachs Under Federal Investigation for Role in Failed Silicon Valley Bank Fundraising Deal
May 5, 2023
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The Goldman Sachs Group (GSG) is under federal investigation for its attempt to raise money for Silicon Valley Bank (SVB) before its collapse in March. The U.S. investment bank said it was cooperating and providing information to various government agencies in their investigation of SVB in a filing with the Securities and Exchange Commission on May…
Regulators Failed to Do Their Jobs in Preventing Banking Turmoil: Senate Committee
Federal regulators who fell asleep at the wheel and failed to do their job of preventing distress in the banking system need to be held accountable., lawmakers argued at a Senate hearing. The Senate Banking, Housing, and Urban Affairs Committee held a hearing to hold executives accountable after the three bank failures. There was chatter…
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