Tag: Silicon Valley bank
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Trump says he wasn’t a ‘big fan’ of Fed Chairman Jerome Powell and ‘beat him up’
Former President Donald Trump took aim at Federal Reserve Chairman Jerome Powell in a new interview Monday, saying he was not a “huge fan” of his. “I had my own situation with Powell and I beat the hell out of him,” Trump told Fox News host Sean Hannity in a new interview that aired Monday. […]
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First Citizens Bank is buying “all deposits and loans” from Silicon Valley Bank, FDIC says
First Citizens Bank will buy “all deposits and loans” from Silicon Valley Bank in the wake The bankruptcy of the SVB earlier this month, the Federal Deposit Insurance Corporation announced late Sunday. SVB was the largest US bank to fail since 2008, fueling global fears for the sector. The new transaction covers $119 billion in […]
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Fed’s Powell versus inflation versus the markets
Fed Chairman Jerome Powell at yesterday’s press conference. Photo: Alex Wong/Getty Images On Wednesday afternoon, the Federal Reserve not only raised interest rates for the ninth consecutive time in the face of a banking crisis. It also confirmed that its plans for the year remain more or less intact and that almost all of its […]
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Warren says proposal to remove FDIC insurance cap “should be on table now”
Washington — Senator Elizabeth Warren of Massachusetts said Sunday that a Congressional proposal to make the Federal Deposit Insurance Corporation’s (FDIC) insurance ceiling of the current limit of $250,000 is an option that “should be on the table now” as lawmakers debate how to respond to the rapid collapse of two banks earlier this month. […]
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Warren says Congress should increase the FDIC insurance limit
Senator Elizabeth Warren (D-Mass.) said in an interview on Sunday that Congress should lift the limit on federal insurance on bank deposits from $250,000 as lawmakers contemplate policy changes in the wake of Silicon Valley Bank’s historic collapse. “I think lifting the FDIC insurance limit is a good move,” Warren said on CBS’s “Face The […]
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Mid-sized banks seek unlimited FDIC backstop as bank run fears mount
A coalition of medium-sized US banks is calling on the government to insure all deposits for the next two years, in the wake of Silicon Valley Bank’s bailout that insured all of the company’s deposits, regardless of size. Send the news: The Mid-Size Bank Coalition of America sent a letter to regulators arguing that a […]
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Fed bank lending high after Silicon Valley Bank, Signature Bank bankruptcies
Photo: Al Drago/Bloomberg via Getty Images Emergency lending to banks rose to a new all-time high in the week through Wednesday, surpassing previous highs from the 2008 financial crisis. Why it matters: The details came in a weekly Federal Reserve report released Thursday that is sure to draw more attention to what it could reveal […]
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Robinhood users say the trading app will not cash in on their profitable bets against Silicon Valley Bank
The last time Robinhood ran into trouble with its users, CEO Vlad Tenev was dragged before Congress. Photographer: Daniel Acker/Bloomberg © 2021 Bloomberg Finance LP if you had “Robinhood controversy” on your bingo card for the banking crisis of 2023 you are lucky. The square has just been called. Unlike the big meme stock rally […]
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Biden says “banking system is safe” after Silicon Valley Bank collapse
President Biden said Monday that “Americans can rest assured that our banking system is safe, your deposits are safe” following the collapse of Silicon Valley Bank. The big picture: Biden vowed to do “whatever it takes” to avoid additional bank runs. The collapse of the SVB was the second-largest bank failure in U.S. history. Biden […]
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FDIC transfers all deposits from Silicon Valley Bank to the newly established bridge bank
The Federal Deposit Insurance Corp. said Monday it transferred all deposits, both insured and uninsured, from the former Silicon Valley Bank to a newly created full-service FDIC-managed bridge bank in a move that aims to protect all of the bank’s depositors. The move comes after the regulator closed the bank and its 13 branches on […]