Federal Reserve officials were unanimous in their decision to raise interest rates earlier this month, but were conflicted over whether additional increases would be necessary to bring inflation under control, according to minutes from the Fed’s last meeting released on Wednesday. The Fed voted to raise interest rates by a quarter-point on May 3, to […]
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When asked in a Senate hearing this week who was to blame for the demise of Silicon Valley Bank, the lender’s former chief executive, Greg Becker, had plenty of ideas, blaming regulators, the bank’s board and its own customers for bringing it down. On Thursday, senior officials from two of the bank’s main regulators, the […]
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And so on. Kennedy then screened a video that Signature Bank showed at some company gathering not long after its 2001 founding that parodied the old Mickey Rooney-Judy Garland “Hey kids, let’s put on a show!” movies of the 1930s (which Signature’s employees, even 20 years ago, were probably too young to remember). The parody included the […]
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H.G.: Definitely. And, can I just add to this, Congresswoman Hayes, who was Teacher of the Year, out of Connecticut. And Latoya Cantrell, who is the mayor of New Orleans. She didn’t come out of education and teaching, but she came out with a strong identity as a mother and an activist, post-Katrina. I think […]
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In his first public remarks since Silicon Valley Bank collapsed, triggering widespread industry turmoil, the lender’s former chief executive pointed the finger at pretty much everybody but himself for the lender’s demise, casting blame on regulators, the media, his board of directors and even the bank’s own depositors. Gregory Becker, who was fired from SVB […]
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Key Biden aide: Recent bank failures ‘isolated problems’ | The Hill Skip to content FILE – Lael Brainard speaks during an event in the South Court Auditorium on the White House complex in Washington on Nov. 22, 2021. (AP Photo/Susan Walsh, File) National Economic Council Director Lael Brainard said on Sunday that the recent high-profile […]
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A cluster of regional banks scrambled on Thursday to convince the public of their financial soundness, even as their stock prices plunged and investors took bets on which might be the next to fall. The tumult brought questions about the future of the lenders to the fore, suggesting a new phase in the crisis that […]
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U.S. authorities are investigating the work Goldman Sachs did for Silicon Valley Bank in the weeks before it failed, including its advice that the smaller lender sell a large portfolio of securities at a loss, according to a regulatory filing by Goldman on Thursday. Goldman said it was “cooperating with and providing information to various […]
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PacWest Bancorp, a midsize lender that has been under pressure after three of its larger peers failed this year, issued a statement overnight, after its share price suddenly dropped, saying it was continuing to look to sell assets to shore up its finances. PacWest said that it was planning to sell a $2.7 billion loan […]
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Banks in focus as the Fed weighs its rates move If market predictions are correct, the Fed on Wednesday will raise borrowing costs by a quarter of a percentage point, even as growing turmoil in the stocks of regional banks threatens to choke off credit to businesses and consumers, pushing the economy into recession. The […]
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Wall Street is still on edge After JPMorgan Chase secured a deal to buy the embattled First Republic, the banking giant’s chief, Jamie Dimon, asserted that the market turmoil set off by Silicon Valley Bank’s collapse was at an end. “This part of the crisis is over,” he told analysts on Monday. But Wall Street […]
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Jeanna Smialek contributed reporting. The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Dave Shaw, Sydney Harper, Robert Jimison, Mike Benoist, Liz O. […]
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There was nothing extraordinary about this behavior; executives at Silicon Valley Bank and Signature Bank did the same as their respective Patnas took on water. Greg Becker, financial chief executive of Silicon Valley Bank, sold $2.3 million in shares the week before the government seized his bank, and Daniel Beck, Silicon Valley’s chief financial officer, sold $575,000, or […]
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Regulators had indicated that they planned to announce a winner by 8 p.m., before markets in Asia opened. PNC executives had spent much of the weekend at the bank’s Pittsburgh headquarters putting together its bid. Executives at Citizens, which is based in Providence, R.I., gathered in offices in Connecticut and Massachusetts. But 8 p.m. rolled […]
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This problem could soon get a lot bigger thanks to shifts in the fossil fuel industry. Giants like Exxon and Chevron have dutifully paid down debts incurred over a decade of bad performance and then the Covid-19 pandemic, when quarantine measures reduced demand for oil and gas. As travel was starting to recover, Vladimir Putin decided […]
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Is the worst of the banking crisis over? It may seem a strange question to pose so shortly after the collapse of First Republic Bank, the second-largest such failure in U.S. history, but many industry experts say that its problems were unique to the once high-flying lender. Investors have also appeared to reach that view: […]
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The South Carolina measure was similar to a six-week trigger ban that went into effect after Roe v. Wade was overturned. The state Supreme Court blocked that law in January, and the new bill was an attempt to circumvent the ruling. The Nebraska Senate also failed to overcome a filibuster on Thursday, with senators voting […]
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First Republic Bank was seized by regulators and sold to JPMorgan Chase on Monday, the latest casualty of a banking crisis that has seen other troubled lenders collapse in March. Silicon Valley Bank, one of the most prominent lenders to technology start-ups and venture capital firms, was the first to implode on March 10. Regulators […]
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Goodbye, First Republic; hello again, JPMorgan First Republic is no more: Regulators seized the embattled lender overnight and sold it to JPMorgan Chase. What is now America’s second-biggest bank failure, after the 2008 collapse of Washington Mutual, means that 84 bank branches that closed as First Republic locations on Friday will reopen on Monday as […]
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Regulators seized control of First Republic Bank and sold it to JPMorgan Chase on Monday, a dramatic move aimed at curbing a two-month banking crisis that has rattled the financial system. First Republic, whose assets were battered by the rise in interest rates, had struggled to stay alive after two other lenders collapsed last month, […]
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Federal regulators were racing on Saturday to seize and sell the troubled First Republic Bank before financial markets open on Monday, according to four people with knowledge of the matter, in a bid to put an end to a banking crisis that began last month with the collapse of Silicon Valley Bank. The effort, led […]
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Keep watch over banks, but try not to alarm anyone. That is how bank regulators appeared to view their duties in the lead-up to last month’s banking crisis, at the center of which were the failures of Silicon Valley Bank in California and Signature Bank in New York. For years, federal regulators overseeing Silicon Valley […]
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Shares of First Republic Bank resumed their punishing slide on Friday, adding to a string of losses this week that have come as doubts over the future of the regional lender intensified. The company’s stock price had dropped about 40 percent by midafternoon to $3.79 per share, on track for a drop of more than […]
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WASHINGTON — The Federal Reserve is set to release a highly anticipated report on Friday examining what went wrong with its oversight of Silicon Valley Bank, which collapsed in mid-March, in the largest bank failure since the 2008 financial crisis. The post-mortem comes as the aftershocks of Silicon Valley Bank’s collapse continue to shake the […]
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First Republic Bank is sliding dangerously into a financial maelstrom, one from which an exit appears increasingly difficult. Hardly a household name until a few weeks ago, First Republic is now a top concern for investors and bankers on Wall Street and officials in Washington. The likeliest outcome for the bank, people close to the […]
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Microsoft’s video-game bet suffers a huge blow Britain’s mergers regulator on Wednesday blocked Microsoft’s $69 billion takeover bid for Activision Blizzard, ruling that buying the maker of “Call of Duty” would give the tech giant too much control of the thriving market for cloud-based video games. The decision — which surprised many investors after the […]
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First Republic Bank’s stock dropped about 50 percent Tuesday, a day after a troubling earnings report and a conference call with analysts in which the company’s executives refused questions. The speed of the decline set off a series of volatility-induced trading halts by the New York Stock Exchange. On Monday, after the close of regular […]
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WASHINGTON — On March 10, as fears were swirling over the health of the nation’s banks, an investment account belonging to the children of Representative Jared Moskowitz, Democrat of Florida, sold shares of Seacoast Banking Corporation worth $65,000 to $150,000. Two days later, with the government working to control the crisis, Mr. Moskowitz said in […]
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“New York City is safer than most of the states of the members sitting on the dais on the majority side. In 2020, for example, New York City’s murder rate was 18% below the national average for the entire United States,” Kessler began. “Mr. Chairman, Ohio’s murder rate was 59% higher than New York City’s.” […]
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A last-minute push to avert a trial of the century Monday was to be the start of the biggest defamation trial in recent American history — but opening proceedings in Dominion Voting Systems’ lawsuit against Fox News over on-air remarks about the 2020 election were delayed by a day. The presiding judge is expected to […]
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A last-minute push to avert a trial of the century Monday was to be the start of the biggest defamation trial in recent American history — but opening proceedings in Dominion Voting Systems’ lawsuit against Fox News over on-air remarks about the 2020 election were delayed by a day. The presiding judge is expected to […]
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