Banks

Banks

‘You must answer for the bank’s downfall’: Senators demand testimony from CEOs of failed Signature and Silicon Valley Bank

Leaders of the Senate’s banking committee on Thursday warned former chief executive officers at the failed Silicon Valley Bank and Signature Bank that they expect them to testify before the panel, saying in a letter to each: “you must answer for the bank’s downfall.” The committee is examining ...Read More

Credit Suisse received a clean bill of health from regulators—then took less than a week to completely collapse

Credit Suisse’s near-167 years of history came to a screeching end on Sunday as the lender sought refuge in the arms of cross-town rival UBS. The $3.2 billion deal, brokered by a Swiss government under considerable pressure from abroad to contain the problem, marks the latest ...Read More

California Governor Reportedly Failed to Disclose Silicon Valley Bank Ties While Lobbying for Bailout

Business Insider reported that California Governor, Gavin Newsom, failed to disclose his ties with Silicon Valley Bank while lobbying for a bailout. Moreover, the report states that Newsom maintained “substantial personal ties,” to the now-closed financial institution. Specifically, Newsom is connected to the bank through “personal ...Read More

Congress Was Told Deregulating Banks Increased Crisis Risks. They Did It Anyway.

In 2018, Congress passed bipartisan legislation signed into law by President Donald Trump weakening regulations on mid-sized financial institutions like Silicon Valley Bank, whose collapse last week set off fears of another 2008-like financial crisis. The measure was supported by 33 House Democrats and 17 Democratic ...Read More