U.S. Treasury Secretary Janet Yellen on Tuesday defended government intervention in the banking sector and suggested that it may be necessary to take similar measures in case smaller financial institutions experience deposit runs that could lead to contagion. She also called the American banking system “sound,’ and said that overall “the situation is stabilizing” due to…
Yellen: Government Could Step in Again to Protect Other Banks From Deposit Runs to Stop Contagion
March 21, 2023
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How to Protect Your Money in a Bank Failure
March 21, 2023
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Alternative Investmentsbank failuresBrightBusiness & MarketsCompaniesFDICinsuranceinvestingpersonal financeprotect moneyWealth Management
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Two large banks in the United States, Silicon Valley Bank and Signature Bank, have recently failed. Most people are aware of it, and it has left many people wondering if their money is safe in a bank. Besides the bank failures, other economic conditions have added to the confusion causing people to wonder how to…
Tech Layoffs in 2023 Near 150,000 Mark as Amazon, Facebook Shed Thousands More Employees
The technology industry is continuing to lay off thousands of employees, and is approaching 150,000 employees lost in the first three months of 2023. The e-commerce and streaming giant Amazon announced layoffs of 9,000 employees on Monday. Meta, which owns Facebook and Instagram, announced 10,000 job cuts a week earlier, on March 14. As of…
When One Zombie Eats Another: Why UBS’s Rescue of Credit Suisse Changes Nothing
March 21, 2023
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banking sectorBusiness & MarketsBusiness ColumnistsCompaniesCredit SuisseenergyOpinionSwiss governmentUBSViewpoints
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Commentary What happens when one zombie eats another? All the disgusting and fetid zombie parts of the consumed simply move to the consumer. The same is true of zombie banks. When one zombie bank—full of death and corruption but better at hiding it due to superior cosmetics—eats its more visibly ill and compatriot zombie bank,…
Insurers Scrapping Low-Mileage EVs Because of Battery Non-Repairability
Industry experts are warning electric vehicle (EV) makers like Tesla to produce battery packs that are more easily repairable and to provide third-party access to battery cell data, or risk already-high insurance premiums surging further and effectively wiping out the incentives of going electric. EVs have been regularly touted among Americans by the Biden administration amid the president’s…
Shares Rise After Credit Suisse Deal, but Bank ‘Whack-a-Mole’ Not Over
March 21, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global shares rose on Tuesday, after the rescue of Credit Suisse arrested a rout in bank stocks, but signs of stress in the financial system are making investors wonder if another lender may deliver a nasty surprise, and how central banks might respond. The Federal Reserve begins a two-day meeting later in the day and…
Wall Street Opens Higher as Bank Fears Ease, Focus on Fed
Wall Street’s main indexes opened higher on Tuesday as the rescue of Credit Suisse calmed nerves about a bigger banking crisis, while investors awaited the outcome of the Federal Reserve’s monetary policy meet. The Dow Jones Industrial Average rose 176.13 points, or 0.55 percent, at the open to 32,420.71. The S&P 500 opened higher by…
House Freedom Caucus Opposes Unlimited Bank Deposit Guarantees
House conservatives have voiced their opposition to any increased guarantees on bank deposits, which comes amid debate on whether expanding deposit insurance coverage is needed to stem a financial crisis marked by a drain of uninsured deposits away from smaller and regional banks. A crisis of confidence in the banking sector was touched off earlier…
Credit Suisse Taken Down by Endless Stream of Scandals
The collapse of Credit Suisse, the Swiss banking giant that ended its 167-year history on Monday morning in a state-sponsored takeover by rival bank UBS, was not the result of mismanaging liquidity or interest rate risk like Silicon Valley Bank, but rather death by a thousand self-inflicted cuts. The past decade featured an endless parade…
Google Denies Destroying ‘Chat’ Evidence in US Antitrust Lawsuit
Alphabet Inc.’s Google has denied intentionally destroying evidence in the Justice Department’s antitrust lawsuit over the company’s search business, in a response to the government’s bid for sanctions in federal court. The Department of Justice (DOJ) last month alleged Google failed to preserve certain internal corporate “chat” communications. The DOJ said Google told investigators in…
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