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The Latest Breaking News on Financial Services

Dem: Bank lobbyits bought Sinema's vote

"I said no. When they asked Sen. Sinema, she asked how much—and voted yes," says Rep. Ruben Gallego

Salon

Credit Suisse: what is happening at Swiss bank and should we be worried?

Plunge in bank’s share price adds to fears over weaknesses in banking sector following collapse of SVB

The Guardian - UK

Alex Murdaugh’s accomplice in financial crimes seeks new trial based on killer’s testimony in murder case

During his murder trial, Alex Murdaugh testified that Russell Laffitte was not involved in his multi-million-dollar fraud schemes

The Independent UK

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Is my money safe in the wake of two big bank failures? A consumer guide to what you need to know.

Is there any reason to be worried about bank failures after the government-ordered closings of Silicon Valley Bank and Signature Bank? And what can you do to protect yourself?

Chicago Sun-Times

Bank runs used to be slow. The digital era sped them up

What made the failure of Silicon Valley Bank unique compared to past failures of large banks was how quickly it collapsed

The Independent UK

SVB collapse may be start of ‘slow-rolling crisis’, warns BlackRock boss

Larry Fink tells investors more ‘shutdowns and seizures’ in US possible and predicts inflation and interest rates to rise

The Guardian - UK

Shuli Ren: The Fed’s easy fix to avert another bank crisis

The Federal Reserve's plan to expand oversight of lenders after the collapse of SVB Financial Group and Signature Bank is a move in the right direction. While it will likely be a laborious process, there is also an easy fix.

Tribune News Service

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Allison Schrager: Don't make the same mistake as SVB with your 401(k)

The poor risk management at Silicon Valley Bank is stunning. But what went wrong is actually pretty common. There is often confusion about what makes a safe asset versus a risky one, and guessing wrong is often at the core of financial blow-ups. Safe assets, as we properly define them,…

Tribune News Service

Credit Suisse woes rock Wall Street

Wall Street was back in selloff mode early Wednesday as banking shares faced a fresh hammering amid worries that more lenders could fail.

Bangkok Post

3 Colossal Stocks to Buy Hand Over Fist Right Now

High-profile bank failures and stubbornly high inflation have heightened volatility in the stock market lately. Regardless of uncertain macroeconomic conditions, colossal stocks Visa (V), Merck (MRK), and Salesforce (CRM) could be ideal buys for market-beating returns. Continue reading….

StockNews.com

Credit Suisse shares sink as key investor vows no more help

Battered shares of Credit Suisse lost more than one-quarter of their value Wednesday, hitting a record low after its biggest shareholder — the Saudi National Bank — told outlets that it would not inject more money into the ailing Swiss bank

The Independent UK

More than £75bn wiped off FTSE 100 amid Credit Suisse crisis

Swiss bank’s shares fall to record low as top shareholder Saudi National Bank rules out more funding

The Guardian - UK

Be serious, conservatives. ‘Wokeness’ didn’t cause Silicon Valley Bank’s demise

The right is claiming that political correctness – not capitalism – caused this financial catastrophe. Really?

The Guardian - US

Commentary: Beyond saving Silicon Valley Bank’s depositors, here’s what needs to happen next

Before Thursday, Silicon Valley Bank was regarded as being in “sound financial condition.” But on that day it experienced attempted withdrawals of $42 billion, about a third of its U.S. deposits. By close of business, the run on the bank made it incapable of paying its obligations as they came…

Los Angeles Times

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Evening Standard

Prudential backs London in boost to City

“No plans” to move stock market listing away from London says Pru CEO

Salon

Why SVB, Signature Bank failed so fast

The failures at SVB and Signature were two of the three biggest in U.S. banking history

AAP

Accused scam money launderer 'had 55 bank accounts'

Prosecutors allege a Brisbane woman accepted nearly $2.4 million from hackers and withdrew the money as cash or transferred it to foreign exchanges.

Bangkok Post

No impact on Thailand so far from US banking woes - Finance minister

Recent problems facing some banks in the United States had no impact on Thailand so far, Finance Minister Arkhom Termpittayapaisith told reporters on Wednesday.

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Al Jazeera

Why Silicon Valley Bank’s collapse put the spotlight on Trump

The 2018 partial rollback of US’s Dodd-Frank is under renewed scrutiny following the failure of California-based lender.

The Independent UK

Washington reacts on the fly to Silicon Valley Bank failure

After a frenetic weekend of round-the-clock briefings, U.S. policymakers took the audacious step of guaranteeing all the deposits of the failed Silicon Valley Bank — even those exceeding the Federal Deposit Insurance Corporation's $250,000 limit

The Independent UK

Gallego slams Sinema over 2018 bank deregulation vote

Democratic Rep. Ruben Gallego is slamming independent Sen. Kyrsten Sinema for backing a bank deregulation bill he says contributed to the collapse of Silicon Valley Bank

USAFacts

What are bank runs and bank failures—and how common are they?

The Silicon Valley Bank failure is the second largest in US history. The bank had controlled more than $175 billion in total deposits.

Los Angeles Times

Did deregulation lead to Silicon Valley Bank's collapse?

It was a scene straight out of the Great Depression: a major California bank locking its doors and pulling down the shades as a horde of panicky depositors demanded their money.

Tribune News Service

Signature Bank was seized after leaders caused ‘crisis of confidence’

Signature Bank was seized by the government Sunday after regulators lost faith in management and depositors fled, according to New York officials.

Bangkok Post

Gold resilient amid US banking tension

Gold prices held above US$1,900 an ounce on Tuesday as capital continued to flow out of global stock markets amid expectations of another US bank collapse.

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