Silicon Valley Bank

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It's the Second-Largest Bank Failure in US History
It's the Second-Largest Bank
Failure in US History
the rundown
May 1, 2023 6:08 AM CDT

It's the Second-Largest Bank Failure in US History

Regulators seize First Republic, sell most of it to JPMorgan Chase

(Newser) - Another midsize US bank has gone under, the third in two months. Regulators seized First Republic Bank on Monday and sold the bulk of it to the nation's largest bank, JPMorgan Chase, reports the BBC . The move, however, which was telegraphed over the weekend , is not being received as...

In Silicon Valley Bank Fail, the Fed's 'Mea Culpa' (Sort Of)

US central banking system blames lax oversight, weakened regulations for bank's collapse

(Newser) - The Federal Reserve blamed last month's collapse of Silicon Valley Bank on poor management, watered-down regulations, and lax oversight by its own staffers, adding that the industry needs stricter policing on multiple fronts to prevent future bank failures. The Fed was highly critical of its own role in the...

Silicon Valley Bank Has a Buyer
Silicon Valley Bank Has a Buyer
Mar 27, 2023 1:26 AM CDT

Silicon Valley Bank Has a Buyer

First Citizens Bank will acquire large chunk of failed SVB

(Newser) - The Federal Deposit Insurance Corp. announced Sunday that a deal has been made for the acquisition of the collapsed Silicon Valley Bank. First Citizens Bank will buy SVB's deposits and loans; CNBC reports First Citizens is purchasing around $72 billion of SVB's assets at a discount of $16....

Sharon Stone Makes Shocking Financial Admission

At cancer awareness event in Beverly Hills, actor says she lost half her fortune to 'this banking thing'

(Newser) - Even the rich and famous aren't necessarily immune to major fails in the banking industry. Sharon Stone put herself forward as an example of that on Thursday, when she spoke at a star-studded California cancer awareness event and made a shocking claim about her finances. Per Yahoo Entertainment , the...

A Bank Collapsed. Next: Moves to Avoid a 'Contagion'

Media outlets detail Biden administration's frenzied weekend to try to keep banking crisis at bay

(Newser) - The collapse on Friday of Silicon Valley Bank , which was bookended by the shuttering of two other financial institutions, led to wider fears among Biden administration officials: the possibility of a "contagion" that could lead to a domino effect of failure among America's banks, as one White House...

Bank Execs' Stock Sales Under Investigation

Feds open probes after collapse of Silicon Valley Bank

(Newser) - Federal investigators have opened formal investigations into the collapse of Silicon Valley Bank —as well as lucrative stock sales by bank executives shortly before things went south. The Wall Street Journal first reported the investigations by the Justice Department and the SEC, and the newspaper notes that such inquiries...

Explaining the SVB Mess in 30 Words
SVB Made 'Elementary'
Error Before Its Collapse
the rundown
Mar 14, 2023 9:25 AM CDT

SVB Made 'Elementary' Error Before Its Collapse

Larry Summers weighs in on bank's mistake of failing to account for rate hikes in investments

(Newser) - The fallout continues over last week's collapse of Silicon Valley Bank , as well as the government's response to protect depositors' money. A look at coverage:
  • In short: Former Treasury Secretary Larry Summers tweeted that SVB is guilty of "one of the most elementary errors" a bank can
...

Employees of Failed Bank Put Corporate Swag on eBay

Gifts with SVB logo include a like-new picnic set

(Newser) - As a brand, Silicon Valley Bank has taken a nosedive since federal regulators shut it down on Friday. Still, this presents a unique opportunity to own a piece of US banking history, while supplies last. SVB-branded swag is showing up on eBay , as employees do a bit of liquidating of...

Bank Collapse Quickly Becomes Political

GOP contenders weigh in as Biden praises his administration's response

(Newser) - The collapse of Silicon Valley Bank and another large bank has quickly become a political issue, with 2024 GOP contenders, or presumed contenders, weighing in and casting blame. CNBC rounds some up, including an all-caps slam from former President Trump.
  • Trump: "We will have a Great Depression far bigger
...

Biden Tries to Shore Up Confidence in Bank System

'Your deposits will be there when you need them'

(Newser) - One of President Biden's first orders of business on Monday was to attempt to reassure Americans—and the financial markets—that the banking system is on solid ground after a tumultuous few days .
  • "Your deposits will be there when you need them," said Biden in a national
...

UK Offshoot of Failed US Bank Sells for ... $1.21

HSBC acquires Silicon Valley Bank subsidiary for 1 British pound

(Newser) - These are tense days in the world of banking , as seen in an unusual price tag Monday morning: HSBC will acquire the British subsidiary of Silicon Valley Bank for all of 1 British pound, reports the BBC . That's the equivalent of about $1.21. SVB, of course, is the...

Number of 2023 Bank Failures Now Up to 3
Bank Depositors Will Get
Their Money Back
the rundown
Mar 13, 2023 5:38 AM CDT

Bank Depositors Will Get Their Money Back

US takes action to ease pain of SVB collapse, as another big bank fails

(Newser) - The government has taken what the AP calls "extraordinary steps" to avert a potential banking crisis in the wake of Silicon Valley Bank's failure , with the Treasury Department, Federal Reserve, and FDIC issuing a joint statement Sunday assuring SVB clients they would all be protected and that depositors,...

Yellen: No, We Won't Bail Out Silicon Valley Bank
Yellen: No, We Won't
Bail Out Silicon Valley Bank
the rundown
Mar 12, 2023 10:45 AM CDT

Yellen: No, We Won't Bail Out Silicon Valley Bank

'Whole generation' of tech startups face potential collapse

(Newser) - The fallout from the Friday failure of Silicon Valley Bank —the 16th-largest bank in the nation—continues to spread far and wide in the financial world. A look at coverage:
  • Uninsured: The FDIC insures deposits up to $250,000, but many tech startups and other businesses had far more
...

Largest Bank Collapse Since 2008 Just Went Down

FDIC shutters Silicon Valley Bank, seizes its assets

(Newser) - The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of SVB and immediately took possession of all deposits at the bank. The bank had...

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