Pension funds report millions in losses amid Silicon Valley Bank collapse
An Ohio public pension fund for teachers revealed it lost millions by holding more than $27 million in Silicon Valley Bank shares before the bank’s collapse.
Financial planner talks about the safety of U.S. banking system after Silicon Valley Bank failure
Last week’s collapse of Silicon Valley Bank and its subsequent takeover by federal regulators sent tremors through US markets.
WALL STREET RESCUE: A group of banks led by JPMorgan and Bank of America are set to pile $30 billion into First Republic Bank
First Republic will get a total of $30 billion from Wall Street giants, including $5 billion each from JPMorgan, BofA, Citi, and Wells Fargo.
‘It’s a wake-up call’: Advocacy groups, lawmakers highlight law they say led to SVB collapse
Congress must repeal the Trump-era law, which was supported by both Republicans and Democrats, say advocates and some lawmakers.
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US financial system is sound, Yellen tells lawmakers
Treasury Secretary Janet Yellen on Thursday told a Senate panel that the U.S. financial system is on solid footing following the second- and third-largest bank collapses in the nation’s history. Her remarks come after a bank run on Silicon Valley Bank (SVB) and Signature Bank forced federal regulators to close the banks and protect all…
Chinese billionaire and associate of Steve Bannon arrested in $1 billion fraud conspiracy, officials say
Exiled Chinese billionaire Guo Wengui, an associate of former Trump White House adviser Steve Bannon, was arrested by federal authorities in New York on Wednesday morning, accused of orchestrating a $1 billion fraud scheme, prosecutors announced.
BlackRock’s Larry Fink says the US banking system may face ‘more seizures and shutdowns’ after Silicon Valley Bank’s collapse
“We don’t know yet whether the consequences of easy money and regulatory changes will cascade,” in the regional banking sector, said BlackRock’s CEO.
Bank stocks dive as Wall Street trembles amid SVB failure
Trading halted at more than a dozen regional banks after prices continued to free fall.
Biden says Americans can “rest assured” banking system is secure after SVB collapse
Biden administration officials announced a series of emergency moves to reassure the public of the soundness of the financial system.