On Sunday, the Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation announced that SVB depositors would have access to"all of their money" from Monday, and that American taxpayers will not have to foot the bill. FILE PHOTO
Eric Dor, economic studies director at the IESEG School of Management in Paris, noted that the current upheaval concerns smaller banks that cater to the tech sector. The US Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation announced a series of measures on Sunday to reassure individuals and businesses in the stability of the US banking system and guaranteed all deposits at SVB.
President Joe Biden sought to ease concerns on Monday, saying "Americans can have confidence that the banking system is safe." The situation could prompt the Fed to put a brake on its rate-hike campaign at its next policy meeting next week. US authorities also said that depositors at New York-based Signature Bank, which was shuttered on Sunday, would be "made whole".
Source: Financial Digest (financialdigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Treasury says Silicon Valley Bank, Signature Bank ‘not being bailed out’New policies adopted on Sunday by U.S. banking regulators will “wipe out” equity and bondholders in Silicon Valley Bank and Signature Bank of New York while protecting all customer deposits, a senior U.S. Treasury official said. | Reuters
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Worry for tech startups after Silicon Valley Bank failureSilicon Valley Bank’s stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout. | AFP AFP 'Big Short' investor Michael Burry is RIGHT!
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Silicon Valley Bank staff offered 45 days of work at 1.5 times payEmployees of Silicon Valley Bank were offered 45 days of employment at one and a half times their salary by the Federal Deposit Insurance Corp, the US regulator that took control of the collapsed lender, according to an email to staff seen by Reuters.
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Silicon Valley Bank staff offered 45 days of work at 1.5 times payThe collapsed Silicon Valley Bank had a workforce of 8,528 at the end of 2022. Yep. And the woke execs of SVB are Maria Ressa's Woke Comrades... Get woke, go broke.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Silicon Valley Bank's demise began with downgrade threat – sourcesDetails of Silicon Valley Bank's failed response to the prospect of a Moody's Investors Service downgrade show how quickly confidence in financial institutions can erode.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
UK races to minimize damage from Silicon Valley Bank collapseMore than 250 UK tech firm executives sign a letter calling for government intervention and warning of an 'existential threat' to the UK tech sector.
Source: rapplerdotcom - 🏆 4. / 86 Read more »