A White House statement said Biden discussed with Newsom an emergency declaration he issued on Friday to ensure California has the full support of the federal government as it responds to the impacts of severe winter weather, including flooding, landslides and mudslides.
WASHINGTON, March 11 (Reuters) – U.S.
President Joe Biden spoke with California Governor Gavin Newsom on Saturday about the Silicon Valley Bank failure and efforts to address the situation, the White House said after the bank’s collapse.
An exotic meat producer who prides himself on selling everything from ‘A to Zebra’ is offering lion meat for $50,000 per lb – a decade after restaurants came under fire for serving up the vulnerable species.
House of Representatives Speaker Kevin McCarthy told Fox News’ Sunday Morning Futures program that the Biden administration and the Federal Reserve were working to come up with announcement before the markets open, without specifying any details.
Reuters was unable to determine whether a deal for the bank was forthcoming.
Some industry executives said such a deal would be sizeable for any bank and would likely require regulators to give special guarantees and make other allowances for any buyer.
Startup-focused lender SVB Financial Group on Friday became the largest bank to fail since the 2008 financial crisis, roiling markets and leaving billions of dollars belonging to companies and investors stranded.
In the UK, where SVB has a local subsidiary, finance minister Jeremy Hunt said on Sunday he was working with Prime Minister Rishi Sunak and the Bank of England to “avoid or minimise damage” resulting from the chaos that has engulfed the lender.
Some experts, however, see the fallout from the latest collapse as limited. “We do not see this as the start of a broader threat to the safety and soundness of the banking system,” TD Cowen analyst Jaret Seiberg said on Friday.
“Silicon Valley had a unique business model that was less dependent on retail deposits than a traditional bank.” (Reporting by Lananh Nguyen, Paritosh Bansal, Tatiana Bautzer, Nupur Anand and Ira Iosebashvili in New York and by Pete Schroeder, Jason Lange Sarah N.
Signature Bank dropped about 23%, while San Francisco-based First Republic Bank fell 15%. Western Alliance Bancorp tumbled 21% and PacWest Bancorp dropped 38% after those stocks were halted several times due to volatility.
Charles Schwab Corp slumped more than 11%.
Kyle Bass, founder and chief investment officer of Hayman Capital Management, who also does not have exposure to SVB, told Reuters that the Fed needed to “arrange a marriage” for SVB by Sunday evening, before markets opened in Asia.
“Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out…and the reforms that have been put in place means we are not going to do that again,” she said.
The Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, was trying to find another bank over the weekend that was willing to merge with Silicon Valley Bank, people familiar with the matter said on Friday.
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