San Francisco-based First Republic Bank is fighting for survival, with its shares staging a sharp relief rally early Thursday morning, though some of it faded in later trading as investors consider what’s next for the beleaguered bank. Shares of First Republic popped nearly 20 percent in volatile trading on Thursday morning following a sharp selloff…
Fed Chair Powell on SVB Collapse: ‘Management Failed Badly,’ While Speed of Bank Run Surprised Regulators
March 23, 2023
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Bank RunBusiness & MarketsCompanieseconomic policieseconomyjerome powellSilicon Valley BankUSUS News
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Federal Reserve chairman Jerome Powell on Wednesday criticized the management of Silicon Valley Bank (SVB) for poor risk management, alleging that bank executives sought to grow the bank’s business quickly while inadequately hedging against liquidity and interest-rate risks. Powell made the remarks at a press conference Wednesday that followed the Federal Reserve’s decision that it…
HSBC Buys Silicon Valley Bank’s UK Subsidiary for 1 Pound
March 13, 2023
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Bank RunBusiness & MarketsCompanieseconomyHSBCMarketsSilicon Valley BankUKUK financial marketUSWorld
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Banking giant HSBC has announced a takeover of the UK subsidiary of Silicon Valley Bank (SVB) after the U.S. bank failed last week, triggering concerns about the falloff affecting the UK’s tech sector. Santa Clara-based SVB failed on March 10, with California regulators ordering the firm to shut down and appointing the Federal Deposit Insurance…
The Collapse of SVB Portends Real Dangers
March 10, 2023
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Bank Runbanking industryBusiness & MarketsBusiness ColumnistsFederal Reservefinancial crisisinflationinterest ratesOpinionrecessionSilicon Valley BankSVBU.S. economyViewpoints
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Commentary Thus far in this 3-year fiasco of mismanagement and corruption, we’ve avoided a financial crisis. That’s for specific reasons. We just had not traveled there in the trajectory of the inevitable. Are we there yet? Maybe. In any case, the speed of change is accelerating. All we await is to observe the extent of…
Silicon Valley Bank Fails, FDIC Steps in to Protect Depositors From Losing All Their Money
March 10, 2023
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Bank RunBusiness & MarketsCompaniesdepositseconomic policieseconomyFDICInvestmentpersonal financeSVBUS
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The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…
FDIC Takes Control of Silicon Valley Bank After Its Collapse
March 10, 2023
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Bank RunBusiness & MarketsCompaniesdepositseconomic policieseconomyFDICInvestmentpersonal financeSVBUS
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The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…
A Run on the Banks
Commentary On Mar. 9, Silicon Valley Bank (SVB) lost 60 percent of its value. It showed an aftertax loss of $1.8 billion. Silicon Valley is unique in that, since its inception, its primary target market has been the startup community in the Bay Area. As it expanded across the country, it targeted the startup market….
A Banking Crisis Looms
Commentary My columns have turned rather apocalyptic of late, but for a valid reason. Just this week, we got confirmation that our financial system is, again, at the brink of collapse, when the Bank of England (BoE) was forced to enact, de facto, a bailout of the pension funds of the United Kingdom. On Sept….
Is a Serious Financial Crisis Next?
July 12, 2022
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AnalysisBank RunBusiness & MarketsBusiness Columnistsfinancial crisisinflationlockdownsmandatesOpinionU.S. economyvaccine passports
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Commentary Be grateful for what did not happen. Two and a half years ago, governments around the world took the unprecedented step of “shutting down” their economies, which means the extreme control of people and their choices. This has proven to be devastating to prosperity, education, culture, health, and the prospects for liberty. Anyone could…
Bank Runs Happening Across China, People Complain Hard to Obtain Cash
After nearly one million Chinese people were unable to access their bank deposits in central China’s Henan province earlier this year, residents in east China’s Shanghai, south China’s Shenzhen, north China’s Dandong, and central-east China’s Jiujiang reported the difficulties they faced when trying to withdraw cash from their bank accounts. Some banks will only serve a…
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