Top Democrats in Congress have called for a federal investigation into the role Goldman Sachs played in the collapse of Silicon Valley Bank, and urged regulators to examine whether the investment bank’s profits handling a $21bn trade for SVB should be repossessed. “As Goldman Sachs is poised to profit from SVB’s failure, we strongly urge
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UBS is in discussions to take over all or part of Credit Suisse, with the boards of Switzerland’s two biggest lenders set to meet separately over the weekend to consider Europe’s most consequential banking combination since the financial crisis, according to multiple people briefed on the talks. The Swiss National Bank and regulator Finma are
First Republic Bank stock tumbled yet again on Friday after a financial lifeline from large US banks that deposited $30bn into its accounts failed to calm investor fears. Shares in the San Francisco-based lender closed down 32.8 per cent in the first session after 11 of the largest US banks, spearheaded by JPMorgan Chase, said
On Monday this week, the most important market in the world went, to use the technical term, completely bananas. Government bonds have a habit of rallying when the going gets tough, which it indisputably did when Silicon Valley Bank imploded. So a jump in US Treasury debt prices off the back of this makes sense.
In another life, Ulrich Körner would be best known for trying to save a different Swiss bank from collapse. In September 2011, UBS was in disarray after rogue trader Kweku Adoboli lost $2.3bn and chief executive Oswald Grübel was forced to resign. As the board scrambled to find a replacement, early press release drafts had
Municipals were firmer in spots to end a chaotic week that saw triple-A benchmarks both follow U.S. Treasuries in a flight to quality and ignore UST movements — as munis did on Friday for the most part — as the banking sector crisis continued. USTs rallied and equities sold off Friday. Triple-A benchmarks were bumped
At around 7:30 a.m. ET, the price of bitcoin skyrocketed past the $27,000 range to a high of $27,025 per unit. Precious metals, or PMs, like gold and silver, also rose between 1.98% and 2.12% against the U.S. dollar over the past day. While many market observers are wondering why specific assets like PMs and
The International Criminal Court has issued an arrest warrant for Vladimir Putin for the war crime of deporting children from Ukraine to Russia. Pre-trial judges of The Hague-based International Criminal Court said the Russian president was “allegedly responsible” for the forced transfer of children from occupied areas of Ukraine to Russia during the two countries’
In cryptocurrency trading, a “buy wall” is a massive buy order, or multiple buy orders, around a particular price level. Conversely, a “sell wall” is a significant accumulation of sell orders at a given price level. Before understanding how buy and sell walls work, it is important to know what an order book and its
Regional leaders in the Northeast kept up high-profile efforts to show support for local entities facing challenges after the failures of Silicon Valley Bank in California and Signature Bank in New York. Despite federal measures to backstop all deposits, even those higher than the $250,000 deposit insurance limit, the failure of the California bank, which
The total crypto market capitalization increased by 26% in seven days, reaching $1.16 trillion on March 17. Bitcoin (BTC) was the biggest winner among the top 20 coins, up 31.5%, though some altcoins gained 50% or more during that period. The surge in cryptocurrency prices occurred as the United States Federal Reserve was forced to
Late last Saturday night, Jason Calacanis, a prominent internet entrepreneur and investor, hit the caps button on his keyboard and tweeted out a warning about the collapse of Silicon Valley Bank. “YOU SHOULD BE ABSOLUTELY TERRIFIED RIGHT NOW — THAT IS THE PROPER REACTION TO A BANK RUN AND CONTAGION,” he wrote. “THIS WILL SPIRAL
Northern Rock, Bear Stearns, Countrywide Financial and Alliance & Leicester. Back in late 2007 and early 2008, when they all failed or were rescued, none of the above was systemically important. And few observers would have predicted the nightmarish crisis that was to strike within the year, felling behemoths from Wall Street’s venerable Lehman Brothers
During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed. Stablecoin Depegging Event Triggers Billions in Redemptions The stablecoin landscape
Commuters make their way along a street amid smoggy and foggy conditions early in the morning in Lahore on January 3, 2023. Arif Ali | AFP | Getty Images About 90% of the global population in 2022 experienced unhealthy air quality, and only six countries met the World Health Organization’s recommendations of safe air pollutant
In this article GWILX Follow your favorite stocksCREATE FREE ACCOUNT Flashpop | Stone | Getty Images As women in America struggle to get equal pay and rise up the ladder, companies that empower and promote female workers are being rewarded by impact investors. Known as gender lens or gender equity investing, the idea is to
Former Treasury Secretary Lawrence Summers said the Federal Reserve shouldn’t be spooked into easing its campaign to contain inflation out of excessive concern about a credit crunch in the wake of the recent banking turmoil. “It would be very unfortunate if, out of solicitude for the banking system, the Fed were to slow down its
California Gov. Gavin Newsom has proposed an independent watchdog within the California Energy Commission to monitor the state’s petroleum market on a daily basis. The proposal represents a shift from his plan to place a cap on oil company profits, though it would give the commission more authority to investigate gasoline price spikes and the
Scotland’s governing Scottish National party needs a leader who can widen support for independence by respecting and listening to those who favour union with the UK, finance secretary and leadership candidate Kate Forbes has said. In an interview with the Financial Times, Forbes, 32, also sought to ease tensions within the SNP heightened by her
As shares in their companies were tanking this week, a small group of European bank bosses sat down in London for a dinner of saffron risotto, salmon and asparagus and agreed that the market reaction to the collapse of a Californian lender was overblown. The chief executives were adamant that investors were “underestimating” the strength
US regulators are willing to entertain the prospect of backstopping losses at Silicon Valley Bank and Signature Bank if it helps push through a sale of the failed lenders, according to people briefed on the matter. The Federal Deposit Insurance Corporation’s willingness to discussing loss-sharing marks a significant shift in position for the agency, which