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The Latest Breaking News on Why on earth wasn’t Silicon Valley Bank bailed out by the US government?

Why on earth wasn’t Silicon Valley Bank bailed out by the US government?

While there is little sympathy for banks or the Silicon Valley crowd, surely the US government could have tried saving the bank rather than shutting it overnight.

Crikey

Silicon Valley Bank CEO Sold $3.6 Million In Stock And Could Be Hiding In Hawaii Now

SVB at the center of the financial crisis of March 2023 saw several insiders sell shares before the bank run by its customers

Zenger

U.S. Banks are sitting on $1.7 trillion in unrealized losses, research says. That's not a problem—until it is

"As long as people aren't all coming in at the same time and demanding that their deposits back, you're okay, but that's exactly what's been happening," Prof. Stephan Weiler told Fortune. "So the chances of facing those unrealized losses are going up."

Fortune

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'There were a couple of Tweets and then this thing went down': Citigroup CEO Jane Fraser says a social media bank run on SVB is a 'complete game changer'

Banking crises have happened before, but this may be the first one accelerated by mobile banking and social media.

Fortune

Lawmakers tell ex-CEOs 'you must answer' for bank failures

Leaders of the Senate’s banking committee are telling former chief executive officers at the failed Silicon Valley Bank and Signature Bank they “must answer” for their banks' "downfall.”

The Independent UK

How many more lenders will go the way of SVB?

City Comment: Bank leverage begins to look scary

Evening Standard

Citi boss blames banking crisis on a few black sheep: ‘This is not a credit crisis’

Silicon Valley Bank and Credit Suisse only really have themselves to blame for their collapse, argued the native Scot.

Fortune

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Asian markets rise as dollar falls on Fed rate hopes

Hong Kong (AFP) - Asian markets mostly rose Thursday and the dollar retreated, brushing off a Wall Street fall on hopes the Federal Reserve's latest interest rate hike would be one of its last.

AFP

Federal Reserve raises key rate by quarter-point despite banking industry turmoil

Fed Chairman Jerome Powell seeks to reassure Americans that their money was safe after the failure of Silicon Valley Bank, Signature Bank as the Fed continues to fight inflation.

Chicago Sun-Times

Asian markets fall with Wall St after Fed rate hike, warning

Hong Kong (AFP) - Asian markets skidded Thursday, tracking losses on Wall Street after the US Federal Reserve hiked interest rates again and dealt a blow to hopes it could cut them later in the year to soothe worries over the banking sector.

AFP

Arkhom calms jitters

Finance Minister Arkhom Termpittayapaisith has offered reassurance that Thai financial institutions will not be affected by the banking debacle in the US and Europe as local organisations have little exposure to such banks.

Bangkok Post

SVB Collapse: FDIC Removed $2 Billion Cash From Parent Company

The FDIC seized $2 billion from Silicon Valley Bank's former parent company, SVB Financial who may be on the hook for the bank's collapse.

The Street

U.S. Bancorp Says Business is Growing Despite Banking Industry Concerns

The regional bank says it's adding new accounts and customers as investors fear risk of contagion after Silicon Valley Bank collapse.

The Street

US Federal Reserve raises interest rates a quarter-point amid banking turmoil

Fed announces rise to a range of 4.75% to 5% – its ninth consecutive rate rise and the highest rate since 2007

The Guardian - US

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The Independent UK

Americans' faith in banks low after failures: AP-NORC poll

Only 10% of U.S. adults say they have significant confidence in the nation’s banks and financial institutions, a new poll finds

Fortune

Don’t believe the pundits who conflate middle-class entrepreneurs and Big Tech. Startups are today’s mom-and-pop businesses

Criticize the billionaires and the VCs all you want–but remember that they’re not the majority of depositors affected by the news.

The Street

'Big Short' Michael Burry Sounds the Alarm on U.S. Banks

The legendary investor published a chart which quantifies the uninsured clients and unrealized capital losses for major regional banks.

Axios

Why everybody's talking about deposit insurance

Regulators are setting a precedent with potentially long-lasting consequences and thin legal authority.

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The Conversation

Credit Suisse is an anomaly: why Australia and New Zealand are safe from 'bank run' contagion

There has been a lot of talk about the risk of financial contagion following the collapse of California’s Silicon Valley Bank. Perhaps too much talk.

Bangkok Post

Yellen says banking stabilising, US may intervene more if needed

WASHINGTON - The United States banking sector is "stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference Tuesday, as leaders seek to calm global worries.

WEKU

Janet Yellen says the U.S. is ready to protect depositors at small banks if required

The Treasury Secretary said the administration is committed to protecting the U.S. banking system and customers who trust their money to it.

ABC News

The SVB collapse 'contagion effect' will make it harder for startups, and more banks may fall

The SVB collapse didn't just leave the banking sector in disarray; technology startups are bracing for a harder time, and there are fears the global economy is at risk of recession.

Fortune

'Already past the point of no return': JPMorgan says the U.S. is probably headed for a recession as economic 'engines are about to turn off'

The economy could be nearing a "Minsky moment" and a long overdue economic downturn.

Fortune

Disney activist investor Nelson Peltz urges insuring all bank deposits for a fee

'You will have money flooding in here from all over the world,' argued the Trian Fund Management co-founder.

AFP

Yellen says banking stabilizing, US may intervene more if needed

Washington (AFP) - The US banking sector is "stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference Tuesday, as leaders seek to calm global worries.

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