At the end of an extremely stressful weekend, depositors of collapsed Silicon Valley Bank were told they...
At the end of an extremely stressful weekend, depositors of collapsed Silicon Valley Bank were told they could have everything everywhere, at all once. The government’s propping up of SVB’s depositors means the US startup ecosystem will avoid an “extinction-level event,” as some startup leaders had warned.
Yesterday evening, the US government informed anxious SVB depositors that they’d have access to all the money they stashed with the lender today, even if the amount exceeded the $250,000 limit insured by the FDIC. In addition to backstopping depositors, the Fed is offering additional funding to some banks to limit the contagion from spreading across the banking sector.
The Fed’s aggressive actions, the scale of which we haven’t seen since early Covid, show how the implosion of Silicon Valley Bank on Friday could have quickly turned into a full-blown banking crisis when markets opened this morning.
Oklahoma Corporation Commissioners will meet Tuesday to take up various energy matters...
Oklahoma Corporation Commissioners will meet Tuesday to take up various energy matters before the agency. They will begin the 1:30 p.m. meeting with consideration of the 24-hour signing agenda docket.
Other items will include permanent rulemaking of the Gas & Hazardous Liquid Pipeline Safety regulations and the Motor Carriers, Private Carriers, and Transportation Network Companies rules.
As SVB concerns grow, Yellen says no bailout, but feds are working to prevent bank ‘contagion’
That was Treasury Secretary Janet Yellen, speaking Sunday on CBS News “Face the Nation,”...
That was Treasury Secretary Janet Yellen, speaking Sunday on CBS News “Face the Nation,” about the federal government’s plans to possibly stem the damage from the stunning collapse of Silicon Valley Bank SIVB, -60.41%, which was taken over by the Federal Deposit Insurance Corp. on Friday.
“We want to make sure that the troubles that exist at one bank don’t create contagion to others that are sound,” Yellen said in the interview. “We are concerned about depositors and are focused on trying to meet their needs.”
Some are concerned that depositors could be the most harmed by SVB’s implosion because most of the bank’s deposits, greater than 90%, are uninsured. The FDIC insures deposits up to $250,000.
Study: Oil wells, levees cause land loss in La. basin
The pumping of oil and natural gas and the construction of Mississippi River levees are major contributors...
The pumping of oil and natural gas and the construction of Mississippi River levees are major contributors to land loss in Louisiana's Barataria Basin, according to a new study published in Nature Sustainability. The rate of wetland loss has declined significantly since oil production has dropped in the basin south of New Orleans, according to the study, which suggests the river still carries enough sediment to rebuild the coastal land.
Shale drillers are finding fewer gushers in the Permian Basin,...
Shale drillers are finding fewer gushers in the Permian Basin, a sign that the US oil production boom is losing steam as oilfields mature and the industry's inventory of good wells runs dry. Attendees at the CERAWeek energy conference have warned that the shale growth slowdown could increase reliance on foreign energy sources and force producers to turn to lower-quality wells that would entail higher operating costs.
