The Federal Reserve’s top regulator will lead a probe of its supervision activity that preceded the second-largest bank failure in U.S. history, the central bank announced Monday. Fed Vice Chair for Supervision Michael Barr will conduct a review of the regulation and supervision activity applied to Santa Clara, Calif.-based Silicon Valley Bank, which was shut
Ken Griffin, founder of Citadel hedge fund, says the US central bank’s rescue package for Silicon Valley Bank shows that American capitalism is “breaking down before our eyes”. Griffin told the Financial Times that US taxpayers should not have to bail out institutional investors, following the decision by the US Federal Reserve to intervene to
The price of Bitcoin (BTC) increased by 14.4% between March 12-13 after it was confirmed that financial regulators had rescued depositors in the failing Silicon Valley Bank (SVB). The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date. On March 12, U.S. Treasury Secretary Janet Yellen, Federal Reserve
Municipal bond market participants are casting a wary eye at U.S. regional banks after the collapse of Silicon Valley Bank of Santa Clara, California, but there was no sign of widespread panic. SVB closed its door Friday after investors lost confidence in the bank’s failing financial performance. It was the largest bank failure since the
Wisconsin heads into the market Tuesday with a new money and refunding transportation issue against a backdrop of debate over how to spend a record $7 billion surplus, with the legislature’s Republican majority in the driver’s seat. The size of the borrowing is in flux and dependent on market technicals Tuesday when the deal is
How could regulators have missed the risks at Silicon Valley Bank? That is the question many shocked investors were asking on Monday. After all, the fact that SVB was sitting on a massive, unhedged portfolio of long-term Treasuries was no secret; last year, JPMorgan circulated shocking calculations to its clients (which were recirculated this week)
On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several stablecoins, including tether and BUSD, sold at premiums. Tether reached a high of $1.04 per unit and
Harriet Richardson, embattled inspector general for the San Francisco Bay Area Rapid Transit District, will retire Friday, six months before her term ends. Richardson has been vocal during her tenure about obstacles she felt BART’s leadership had placed in her way as she worked to audit the transit authority that provides rail service from San
Amtrak and a regional commission plan to partner on a federal grant application to study the feasibility of extending of one of Amtrak’s long-distance passenger trains through Mississippi, Louisiana, and into Texas, officials announced recently. Initial analysis showed “strong stakeholder support exists” for creating a branch of Amtrak’s existing “Crescent” train, which runs from New
As a planned $2.25bn capital raise at California-based Silicon Valley Bank started to unravel on Thursday, nervous venture capitalists and start-up founders began to bombard executives at the lender’s British arm with questions about the safety of their funds. They received soothing answers. “The entirety of your founders’ deposits are safe with SVB,” Michael Kruse,
With #tovfurniture having more than 25.7 million views on TikTok, including a collaboration with Alix Earle, as well as a strong following on Instagram, it’s fair to say Tov is the furniture brand taking over social media. It’s easy to understand why. Every piece is beautifully and thoughtfully designed, yet on-trend. Still, many pieces have
Commercial banks were supposed to be big beneficiaries of rising interest rates, but that assumed they managed their balance sheets sensibly. Silicon Valley Bank did not. As a result, the Californian lender to start-ups on Friday became the second-largest bank collapse in US history. Signature Bank, the third-biggest collapse, followed within hours. Authorities on both
Cryptocurrency prices have soared as investors breathed a sigh of relief that US regulators moved to bolster the US banking system after the collapse of Silicon Valley Bank. Bitcoin and ether, the two most widely-traded coins, have surged by a fifth since their lows on Friday as traders were reassured by promises from US authorities
On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement. CZ’s Decision to Convert $1 Billion BUSD Comes Amidst Troubles
A residential neighborhood in Austin, Texas, on Sunday, May 22, 2022. Jordan Vonderhaar | Bloomberg | Getty Images The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. That’s down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday. Mortgage
Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company. 1/ It’s very sad to hear the news about Signature Bank. They have been incredible partners to Gemini and
Three banks, Silvergate, Silicon Valley Bank and Signature collapsed within a span of a few days. That increased demand for United States government bonds, which sent the yield on the 2-year Treasury tumbling to 4.06%, a fall of 100 basis points since March 8. This was the largest 3-day decline since Oct. 22, 1987, following
Goldman Sachs Asset Management launched the company’s first muni exchange-traded fund last week: the Goldman Sachs Community Municipal Bond ETF. “This is something that we don’t see as a short-term trend, but rather [something] that’s going to continue to grow over time,” Alexa Gordon, municipal bond portfolio manager at Goldman Sachs said of muni ETFs. Goldman
Shares in First Republic and several other US regional banks plunged on Monday as investors worried that regulators had not done enough to stem deposit outflows following the collapse of Silicon Valley Bank. First Republic was down by two-thirds in early afternoon trading in New York, having fallen as much as 75 per cent in
As Silicon Valley Bank was gripped in a crisis last Thursday, General Catalyst boss Hemant Taneja gathered a group of fellow venture capitalists in a last-ditch attempt to avert disaster. Over the previous few days, some VC funds had leaned on portfolio companies to retreat from the tech scene’s favourite bank, with Peter Thiel’s Founders
In this article FRC BAC JPM SCHW ILMN MRNA NEM Follow your favorite stocksCREATE FREE ACCOUNT People are seen inside the First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar Mike Segar | Reuters Check out the companies making the biggest moves midday: Regional banks