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The Latest Breaking News from Silicon Valley Bank

Stocks Higher, FDIC Fees, H&M Profits, Electronic Arts Job Cuts, MLB Opening Day - Five Things To Know

Stock futures extend gains on fading bank crisis concerns; FDIC looking at higher fees for big banks; H&M shares surge after strong quarterly profits; Electronic Arts shedding 6% of staff as tech job cuts accelerate and Major League Baseball's opening day brings historic changes to national pastime.

The Street

Asia stocks mostly rise after Wall St rally, bank fears ease

Asian shares are mostly higher following a rally on Wall Street as worries over banks following the collapses of several lenders in recent weeks recede

The Independent UK

Two former Fed officials warn regulators' supervision of banks is like a 'SciFi' movie: 'It is mostly special effects'

"The model-based financial supervision of today" is broken, and regulators need to go back to being more hands on, James Thomson and Walker Todd say.

Fortune

From analysis to the latest developments in health,
read the most diverse news in one place.

Nobel Prize–Winning Economist: Democrats Are Committed 'To Spending Other People's Money'

Vernon Smith weighs in on Biden's budget, how government causes inflation, and why bailing out Silicon Valley Bank was a bad idea.

Reason

The banking crisis was ‘not a systemic event,’ it only affected ‘dumb and greedy institutions,’ according to famed short seller Jim Chanos

Chanos pinned the blame for SVB's collapse on the bank's leadership, while arguing the bank's issues aren't widespread. But that doesn't mean stocks are safe, he warned.

Fortune

Fed’s Barr acknowledges oversight lapses before SVB failure

The Federal Reserve’s top bank regulator on Wednesday said that supervisors could have done more to keep tabs on Silicon Valley Bank before it collapsed earlier this month.

Tribune News Service

GOP lawmakers accuse Fed of being lax before bank failure

Republican lawmakers accused top bank regulators of dawdling as Silicon Valley Bank hurtled toward the second-largest bank failure in U.S. history and questioned whether tougher regulations would have made a difference

The Independent UK

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Midcap-Stock Manager Likes a Bank That's Prominent in the News

Hunter Doble of Hotchkis & Wiley says middle-capitalization stocks combine strengths of small and large caps. He offers specific investment ideas.

The Street

Karl W. Smith: Insurance for all bank deposits is a manageable cost

A group of conservative Republicans representatives known as the House Freedom Caucus came out last week against any proposal that would lift the cap on deposit insurance, currently set at $250,000. Members of U.S. Congress on both sides of the aisle are understandably cautious about taking such a dramatic step…

Tribune News Service

Bank Crisis Credit Crunch Will Clip Earnings and Slam Stocks

The banking crisis might be neutralized, but its impact will hit earnings growth and U.S. stock performance over the coming months.

The Street

SVB's newfangled failure fits a century-old pattern of bank runs, with a social media twist

The failure of Silicon Valley Bank on March 10, 2023, came as a shock to most Americans. Even people like myself, a scholar of the U.S. banking system who has worked at the Federal Reserve, didn’t expect SVB’s collapse.

The Conversation

Key takeaways from the Senate’s bank failure hearing

Amid all the finger-pointing, Senators and speakers said more monitoring was needed in the banking sector.

Fortune

How to Protect Your Cash and Investments in a Banking Crisis

A focus on FDIC insurance and Treasury-only money market or bond fund options can help safeguard investments when a banking crisis threatens.

Kiplinger

WeWork mugs for $500: 10 of the strangest merch items from companies that crashed

FTX fortune cookies and Theranos gift cards offer souvenirs from recent business disasters

The Guardian - US

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Chicago Sun-Times

Fed official says banking rules are under review in the wake of SVB failure

Michael Barr, the nation’s top banking regulator, said Silicon Valley Bank was warned in the fall of 2021 that its interest rate model was not ‘aligned with reality.’

AFP

US senators slam regulators for SVB oversight failures

Washington (AFP) - US lawmakers accused regulators Tuesday of failing to do enough to prevent the collapse of Silicon Valley Bank earlier this month, despite knowing it was over-exposed to the risk of rising interest rates.

Al Jazeera

Senate committee questions federal regulators over US bank crisis

Tuesday marked the US Senate’s first public hearing into the collapse of Silicon Valley Bank in early March.

ABC News

ASX closes higher as inflation falls for second month, US regulator slams Silicon Valley Bank for 'terrible' risk management

The Australian share market has closed higher for its third day in a row, while the ABS's latest inflation data shows cost-of-living pressure are easing, which may strengthen the case for the Reserve Bank to keep interest rates on hold next week.

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WEKU

5 things we learned from the Senate hearing on the Silicon Valley Bank collapse

A top federal regulator called the failure of Silicon Valley Bank a "textbook case of bank mismanagement" during a Senate hearing about what led to its spectacular collapse

Zenger

One Of The Best Traders In Congress Sells Shares Of Distressed Regional Bank On Day Of Stock Crash

Several banks have collapsed in 2023, including Silvergate Capital, Signature Bank and Silicon Valley Bank, unit of SVB Financial

Tribune News Service

US officials signal new rules for banks after SVB, Signature failures

Top U.S. financial officials on Tuesday outlined what’s likely to be the biggest regulatory overhaul of the banking sector in years, in an initiative aimed at addressing underlying issues that contributed to the collapse of Silicon Valley Bank and other U.S. regional lenders.

Zenger

How A $700M Tech VC Firm Was Saved From SVB Collapse, And Why Its CEO Still Banks There

The collapse of Silicon Valley Bank has sounded an alarm for the entire banking sector as a VC Tech still banks there

Salon

Fox allies pan Trump's "worst interview"

"I think that was the worst interview I've seen the president do," said Fox pundit Jason Chaffetz

Investors Business Daily

SVB Failure Due To Mismanagement, Regulators Say; First Republic No Longer For Sale

Lawmakers grilled U.S. financial regulators Tuesday on the Silicon Valley Bank and Signature Bank failures during a Senate hearing.

Roll Call

Fed’s Barr: SVB ignored ‘bread and butter’ banking issues - Roll Call

The Fed official in charge of bank supervision said SVB was warned about its risks and that it ignored “bread and butter” banking issues.

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