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The Latest Breaking News from FDIC

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

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.

The New Daily

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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.

ABC News

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

The Guardian - US

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.

Tribune News Service

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.

Fortune

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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

The Independent UK

‘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.

Chicago Sun-Times

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

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

Reason

Let the bailout debate begin

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

Axios

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.

Fortune

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.

Roll Call

Federal agencies are saving Silicon Valley, but tech may never be the same

Silicon Valley Bank depositors will be made whole, but startups are losing a key player in the ecosystem.

Fortune

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Asharq Al-Awsat

US, UK Try to Stem Fallout from Silicon Valley Bank Collapse

Governments in the UK and US took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down. The UK Treasury and the Bank of England announced early Monday that they had facilitated the sale of Silicon…

The Independent UK

Biden will address the nation about the collapse of Silicon Valley Bank

While the Biden administration has no intentions of bailing out the bank, it has introduced emergency measures to protect the US economy and give bank clients access to their funds

Roll Call

Regulators to protect SVB, Signature depositors, but no bailout - Roll Call

Federal regulators said Sunday they would protect all Silicon Valley Bank depositors, including those above the deposit insurance limit.

France 24

Banking system is 'safe', Biden assures Americans after SVB collapse

US President Joe Biden on Monday reassured Americans that their banking system is safe in the wake of the sudden collapse of Silicon Valley Bank (SVB) and the federal takeover of a second bank.

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Tribune News Service

US says all SVB deposits safe, creates new backstop for banks

U.S. authorities raced on Sunday to stem jitters about the health of the nation’s financial system, pledging to fully protect all depositors’ money following the collapse of Silicon Valley Bank while also giving any banks squeezed for cash easier terms on short-term loans.

The New Daily

US stems SVB fallout by backing customer deposits

US officials will shore up deposits to stem any broader financial fallout from the sudden collapse of Silicon Valley Bank.

Chicago Sun-Times

Feds say Silicon Valley Bank clients will get funds as another troubled bank is shuttered

The Treasury, FDIC and Federal Reserve said clients of Silicon Valley Bank would be protected as the agencies sought to find a buyer and stop further bank runs.

Fortune

Signature Bank takeover could leave crypto firms scrambling

The Treasury, Federal Reserve, and FDIC jointly announced that depositors would be made whole.

The Independent UK

Second bank closed as regulators say they will protect Silicon Valley Bank deposits at no cost to taxpayer

Signature Bank of New York shuttered as federal government moves to protect depositors

Axios

U.S. regulators will protect all Silicon Valley Bank depositors to stem fallout

Federal banking regulators took aggressive new actions aimed at preventing depositors' funds in failed Silicon Valley Bank from losing money.

Fortune

After Silicon Valley Bank failure ‘there’s going to be more,’ warns former FDIC Chair William Isaac

“There’s no doubt in my mind," said Isaac. "Seems to me to be a lot like the 1980s.”

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