At least four US lawmakers—two from each side of the aisle—said they would support ...
At least four US lawmakers—two from each side of the aisle—said they would support raising the cap on FDIC-insured deposits in order to reassure frazzled bank customers that their deposits are safe. The current cap is $250,000 (up from $100k pre-financial crisis), but Democratic Sen. Elizabeth Warren said bumping it up “is a good move.” Opponents of raising the cap say it would only increase risk-taking and bad behavior by banks. Some even argue we should lower it.
UBS has agreed to buy Credit Suisse, its beleaguered rival, the Swiss government said on Sunday, in a...
UBS has agreed to buy Credit Suisse, its beleaguered rival, the Swiss government said on Sunday, in a hastily arranged deal meant to shore up the global financial sector after a week of turmoil.
To help support UBS, the Swiss National Bank agreed to lend up to 100 billion Swiss francs, or $108.8 billion. And Finma, the Swiss financial regulator, said it would temporarily suspend some regulations to help UBS digest its chief competitor.
UBS is expected to pay just a fraction of the roughly 8.8 billion Swiss francs, or $9.5 billion, that Credit Suisse was valued at on Friday, these people said. They cautioned that the terms are still being negotiated last minute and talks may still fall apart.
Before Collapse of Silicon Valley Bank, the Fed Spotted Big Problems
Silicon Valley Bank’s risky practices were on the Federal Reserve’s...
Silicon Valley Bank’s risky practices were on the Federal Reserve’s radar for more than a year — an awareness that proved insufficient to stop the bank’s demise. The Fed repeatedly warned the bank that it had problems,according to a person familiar with the matter.
In 2021, a Fed review of the growing bank found serious weaknesses in how it was handling key risks. Supervisors at the Federal Reserve Bank of San Francisco, which oversaw Silicon Valley Bank, issued six citations. Those warnings, known as “matters requiring attention” and “matters requiring immediate attention,” flagged that the firm was doing a bad job of ensuring that it would have enough easy-to-tap cash on hand in the event of trouble.
U.S. energy firms this week added the most natural gas rigs in a week in over four years, leading to a rise in the combined oil and gas rig count for the first time in five weeks.
Meanwhile, Oklahoma’s count grew by one to reach 62, significantly more than the 49 reported one year ago.
The TOTAL oil and gas rig countrose eight to 754 in the week of March 17. That puts the total rig count up 91 rigs, or 13.7%, over this time last year.
Oil rigsfell one to 589 this week, while gas rigsrose nine to 162.
A viral TikTok that exposed a vulnerability in certain Kia and Hyundai models — and sparked the theft...
A viral TikTok that exposed a vulnerability in certain Kia and Hyundai models — and sparked the theft of hundreds of thousands of cars. The trend has become a financial burden for consumers and a legal nightmare for Kia and Hyundai. More here.
