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The Latest Breaking News from FDIC

Biden says banking system is safe, promises accountability for Silicon Valley Bank failure

WASHINGTON — “This is not 2008”: That was the mantra of Biden administration officials Monday as they sought to reassure investors and the public that a regulatory takeover of two failed banks and rescue of their depositors, along with newly implemented safeguards, would be enough to avert a broader crisis…

Los Angeles Times

Washington tries to contain chaos from Silicon Valley Bank’s failure

Analysts say there is little chance of a wider banking crisis after the failure of Silicon Valley Bank, as the banking system is well-capitalized and passed stress testing.

Chicago Sun-Times

SVB’s other businesses are on the block: What’s for sale and who may be a buyer?

SVB Financial named a restructuring committee to seek out alternatives for its non-banking units.

Fortune

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Michael Hiltzik: With demands for a bank bailout, Silicon Valley shows its 'small government' mantra was just a pose

For decades, the dominant mantra of Silicon Valley's powerful has been that government is just a drag on their innovative spirit. Get regulators off our backs, they've argued, and we'll improve people's lives to an indescribable degree.

Los Angeles Times

Biden's test: Can he show competence to avert banking chaos

President Joe Biden is confronting a significant challenge as his administration grapples with the fallout from the second- and third-largest bank failures in history

The Independent UK

Signature Bank seized to send banks a message, director says

A regulatory takeover of a New York-based bank was intended to send a message to banks to stay away from the cryptocurrency business

The Independent UK

The FDIC was created exactly for this kind of crisis. Here's the history

When it was established in 1933, some 4,000 banks had closed in the first few months alone. The FDIC is relying on one of its main tools — deposit insurance — to prevent more banks from failing.

WEKU

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SVB puts its $10 billion venture arm up for sale

SVB Capital blasted a letter, seen by Fortune, to its limited partners via email Monday morning, saying it was “continuing to operate” following the closure of the bank.

Fortune

Seeing all red next to your bank's ticker? Here is what that means

“Consumers need to separate falling stock prices and volatile trading from their actual deposits in the bank,” explained Mark Neuman, financial advisor and CIO of Constrained Capital.

Fortune

Top Obama economist has a 3-point plan to prevent more bank failures

SVB’s collapse is dangerous to a stable financial system, and a blueprint of what banking should not do.

Fortune

How Silicon Valley Bank's collapse may affect crypto companies

SVB’s failure was the biggest bank collapse since Washington Mutual Bank in 2008.

Fortune

The SVB implosion shows why FDIC insurance is so important

For those with plenty of liquid assets, knowing how FDIC insurance works can save potential headaches down the line.

Fortune

FDIC official warned 4 years ago that uninsured regional bank deposits were an ‘underappreciated risk.’ No one listened, and we’re now paying the price

Regional banks “pose very significant challenges” for regulators, an FDIC board member wrote in 2019, long before Silicon Valley Bank’s failure.

Fortune

Hedge Fund Manager Calls For Government Intervention As Elon Musk Open To The Idea Of Buying SVB

Bill Ackman calls on the federal government to step in to solve the failed bank as Elon Musk is open to buying the bank

Zenger

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The New Daily

Michael Pascoe: Silicon Valley Bank downfall will increase nerves in a precarious sector

Silicon Valley Bank, an institution that specialised in tech, might seem a long way away from Australia, but we should take note.

ABC News

Will Silicon Valley Bank's collapse spark a US recession with ripple effects across the globe?

Based in California and with about $US200 billion in assets, Silicon Valley Bank (SVB) was the 16th-largest in America, making it the biggest bank failure since the global financial crisis of 2008. The implications for financial markets and the global economy are big.

The Guardian - US

Avoiding the ‘B-word’: is the US response to SVB’s collapse a bailout?

Given the antipathy towards Wall Street bailouts in the 2008 crisis, Biden is at pains to stress that ‘no losses’ will be borne by taxpayers

Tribune News Service

Feds backstop all deposits of failed Silicon Valley Bank, second Bay Area bank plunges

SANTA CLARA, California — Federal officials moved to insure all deposits at failed Silicon Valley Bank, hoping to inoculate the banking system against contagion, but shares of another Bay Area regional bank plunged on Monday.

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Fortune

What happens to your money if your bank fails, plus expert tips on protecting your money

With more than $110 billion in assets, Signature Bank just became the third-largest bank failure in U.S. history. Here’s what consumers need to know about bank failures and protecting their money.

The Independent UK

Silicon Valley Bank collapse: What you need to know

Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe

Chicago Sun-Times

‘Your deposits will be there when you need them,’ president says

President Joe Biden on Monday moved to assure the public after the swift and stunning collapse of two banks that prompted fears of a broader upheaval.

Reason

Everyone Is Learning the Wrong Lessons From the Silicon Valley Bank Collapse

Plus: Fox News troubles, junk statistics about illicit economies, and more...

Axios

Let the bailout debate begin

If a bailout doesn't cost anything, is it really a bailout?

Fortune

A risk management nightmare at Silicon Valley Bank

The CFO and board "failed to adequately protect shareholder value," says a former bank examiner for the Federal Reserve.

Roll Call

Biden raps 2018 bank changes, asks lawmakers to toughen rules - Roll Call

President Biden urged Congress to tighten regulations on the banking sector and criticized a bipartisan 2018 easing of capital rules.

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