The Dow sank nearly 500 points Wednesday as concerns in the financial sector continued to swirl. Shares of Credit Suisse tumbled more than 20%, stoking bank failure contagion fears. A gauge of wholesale inflation for February unexpectedly dropped. LoadingSomething is…
Goldman Sachs bought Silicon Valley Bank’s bond portfolio whose $1.8 billion loss set off its shocking meltdown. The assets were worth $23.97 billion but sold at a negotiated price of $21.45 billion, SVB said, per Reuters. SVB made a bad…
The CEO of Silicon Valley Bridge Bank asked customers to move their money back to the bank. US depositors have been moving billions of dollars from smaller to larger banks, per Reuters. Banking giants seeing demand for deposit services include…
There are four differences between the current banking crisis and the GFC, Moody’s chief economist says. Those include the scope of the crisis and the US government’s response, Mark Zandi tweeted. Zandi told CNN on Monday Americans shouldn’t worry about…
Some Democrats have been blaming Trump-era regulations for Silicon Valley Bank’s collapse. In 2018, Trump signed into law a bill that rolled back provisions in the Dodd-Frank Act and loosened oversight over banks. Sen. Bernie Sanders said SVB’s failure is…
NASA’s James Webb Space Telescope captured a star getting ready to die in stunning detail. The image shows a rare Wolf-Rayet star, expelling its outer layers in the phase before a supernova. It’s creating dust that could one day collapse…
Silicon Valley Bank’s collapse on Friday was the second-largest bank failure in US history. Its failure led to the collapse of Signature Bank. The FDIC insures customers’ funds in case something like this happens. LoadingSomething is loading. Thanks for signing…
In June 2017, Vincent Orr won an abandoned home from the Detroit Land Bank Authority for just $2,100. In 2019, he purchased a second vacant home from the DLBA for $1,200. Orr transformed both homes into livable spaces with only…
A former FDIC chair says there’s “no doubt” more banks will fail after Silicon Valley Bank’s collapse. William Isaac said the collapse of SVB seemed “a lot like the 1980s” banking crisis, per Politico. Many observers still think SVB’s failure…
Silicon Valley Bank’s collapse is Wall Street’s gain as customers flee smaller lenders, per the FT. Deposits are pouring into JPMorgan, Citi and Bank of America thanks to fears about smaller banks’ stability. “The calls have been coming in today…
