First Citizens Shares Soar After Announcing Deal to Buy Failed Silicon Valley Bank
The share price of First Citizens Bank has soared this week following news that it would buy much of the failed Silicon Valley Bank in the wake of its collapse.
First Citizens Buys Failed Lender Silicon Valley Bank
A buyer has been found for failed lender SVB, with 17 former branches opening under First Citizens Bank the Federal Deposit Insurance Corp. (FDIC) announced.
Citigroup CEO Says, ‘This Is Not a Credit Crisis,’ After Three US Bank Failures
Citigroup CEO Jane Fraser stated she had sound confidence in American banking system after closures caused investors to panic, sparking chaos in financial markets.
Unease Over Banking Sector Turmoil Spurs Huge Demand for Precious Metals
Coin Heaven co-owner Gabe Wright saw precious metals demand rise to new heights during pandemic, but nothing as spectacular as Silicon Valley Bank’s collapse.
Fed Hikes Rates by a Quarter Percentage Point Despite Recent Bank Failures
Federal Reserve raised interest rates by 25 basis points, lifting the benchmark federal funds rate to a range of 4.75–5.0 percent, the highest since late 2007.
Bank Failures Highlight Risks of Using ESG in Americans’ Pension Funds
Biden vetoed bipartisan action from Congress that would have prevented pension fund managers from investing retirees’ money using environmental and social-justice criteria.
Americans to Bear Burden of Monetary System’s Gradual Deterioration, Economist Says
Ordinary Americans can expect their wealth to get chipped away as monetary system degrades and requires more intervention by authorities to perpetuate itself.
Morgan Stanley Strategist Warns of ‘Vicious’ Bear Market Phase as Bank Turmoil Challenges Investors
Morgan Stanley’s top investment officer warned investors shouldn’t see bailout of Silicon Valley Bank’s uninsured depositors as a reason to get bullish on stocks
US Cattle Inventory Forecast Falls to Lowest Level in Nearly a Decade: USDA
Declining cattle production and drought contributed to a sizable drop in beef supplies last year, the lowest in nearly a decade, according to the USDA.
Biden Bails Out the Rich and the Reckless
While these banks have been reckless, government intervention set the stage for the banking disaster and threatens to compound it with bailouts.
Swiss Government: UBS to Take Over Credit Suisse for More Than $3 Billion
Investment banking company UBS has agreed to purchase its rival Credit Suisse in a deal worth more than $3 billion after Swiss government mediated the merger.
America’s Oligarchs Planned To Attack MAGA With Everything They Had Day One Of Trump...
Steve Bannon addresses potential arrest of Trump and how the administrative state has set out on a witch hunt against him since he first announced his candidacy.
