US financial system is sound, Yellen tells lawmakers
USA finance

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
USA finance

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.