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"When the speech condemns a free press, you are hearing the words of a tyrant!" -- Thomas Jefferson
Signature Bank, one of the two big US destinations for crypto companies, has been closed by New York regulators. “All depositors of this institution will be made whole,” the Treasury, Federal Reserve and Federal Deposit Insurance Corporation said in a joint statement.
This is the third major bank that has fallen in the space of a week, and investors are spooked. The joint announcement that depositors will be protected above the $250,000 guaranteed by the FDIC appears to be meant to reassure banking customers that their money will not be frozen. Signature had $88.59 billion in deposits as of December 31, 2022. The New York Department of Financial Services has taken possession of the bank.
The demise of Silicon Valley Bank will spread ripples throughout America’s economy.
Silicon Valley Bank’s main focus was funding technology startups, according to CNBC. Although the Federal Deposit Insurance Corp. insures up to $250,000 per client deposit, CNBC said the FDIC’s protection has limited impact because most of its customers were businesses.
Banking regulators devised a plan Sunday to backstop depositors with money at Silicon Valley Bank, a critical step in stemming a feared systemic panic brought on by the collapse of the tech-focused institution.
Depositors at both failed SVB and Signature Bank in New York, which was shuttered Sunday over similar systemic contagion fears, will have full access to their deposits as part of multiple moves that officials approved over the weekend. Signature had been a popular funding source for cryptocurrency companies.
Last Friday, Roku announced that it has $487 million in cash at the failed Silicon Valley Bank. That came as the federal government seized the Silicon Valley Bank earlier on Friday. Now the U.S. Treasury will back all deposits in the Silicon Valley Bank, meaning Roku will soon get access to its money.
The Federal Deposit Insurance Corp typically only protects $250,000 of deposits. Beyond that, Roku’s money was in danger of being lost. This works out to be about 26% of Roku’s cash reserves.
Roku did say that this will not affect its operations and that Roku is still able to continue.
“At this time, the Company does not know to what extent the Company will be able to recover its cash on deposit at SVB,” Roku warned investors. Roku did say the cash they have “will be sufficient to meet its working capital, capital expenditures, and material cash requirements from known contractual obligations for the next twelve months and beyond.”
Roblox Vimeo and many other companies all have found themselves unable to access the cash they have put into the Silicon Valley Bank. FuboTV announced today that it doesn’t have any bank accounts there.
Billionaire hedge fund manager Bill Ackman says more banks will probably fail even if U.S. authorities step in to shore up confidence in the banking system after last week's collapse of Silicon Valley Bank.
Ackman, whose hedge fund Pershing Square Capital Management oversees roughly $16 billion in assets, criticized the government's response on Saturday as he predicted 'economic meltdown' within hours of the banks opening on Monday morning.
The Federal Reserve on Sunday night announced that all those with money in SVB will get their money back, while stressing no taxpayer money will be needed to cover the loses because the body is funded from its own financial operation.
Oscars host Jimmy Kimmel couldn't resist a chance to make a January 6 reference against Fox News' Tucker Carlson after the award for film editing was handed out during Sunday night's ceremony.
'Anyone who's ever received a text message from their father knows how important editing is,' he began. 'Editors do amazing things. Editors can turn 44,000 hours of violent insurrection footage into a respectful sightseeing tour of The Capitol. Their work is underappreciated,' Kimmel said.
It was an obvious reference to Carlson, despite Kimmel not even mentioning him by name.
Heavily-armed Mexican military and US Customs and Border Protection officers were manning the El Paso border on Sunday evening after 'at least a 1,000' migrants unsuccessfully tried to rush a checkpoint.
Video shared by Fox News reporter Bill Melugin showed the 'bilateral show of force' on the border, which included armed security forces in riot gear, barbed wire, concrete blocks and mesh fence on the Paso Del Norte Bridge.
It was shared hours after different footage showed hordes of migrants charging past a line of Mexican officials at the border between Juarez, Mexico, and El Paso, Texas.
A 'potent' nor'easter storm is expected to bring heavy snow, rain and gusty wind to the Northeast on Monday night and Tuesday.
The storm is predicted to occur when a weather system moving east across the Great Lakes on Sunday night combines with a front moving up the Atlantic coast from South Carolina.
Heavy, wet snow of up to two inches per hour is possible in parts of New York, Vermont, Massachusetts and Connecticut.
Social media users roasted pharmaceutical giant Pfizer's heavy ad presence during the ABC broadcast of the 95th Academy Awards Sunday night, which included commercials for Paxlovid.
After a performance by David Byrne, Son Lux and Stephanie Hsu of a song from Everything Everywhere All at Once, the screen went black and up popped and ad read for the big pharma leaders, followed by an ad for their new Covid antiviral.
It was one of several ads for Pfizer that ran throughout the hours-long Oscar broadcast. The company is one of the ceremony's 'lead sponsors,' according to The Hollywood Reporter, along with Rolex and Verizon.
The Catholic Church is open to reviewing its thousand-year-old practice of celibacy, Pope Francis has suggested.
He said the ban was only 'temporary' and there was also 'no contradiction' for a priest to marry.
Celibacy was made a requirement by the Catholic Church in the 11th-century for financial reasons, as clergy without children were more likely to leave their wealth to the church.
US regulators are discussing a mechanism which would help avoid a repeat of the Silicon Valley Bank (SVB) insolvency at other lenders, Bloomberg reported on Saturday, citing sources close to the discussions.
According to the report, the US Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) could create a fund that would allow regulators to backstop more deposits at banks that are facing problems. A number of lenders focused on the venture capital and startup communities have already seen their stocks plunge following the news of SVB’s collapse, sparking fears about their financial health.
Regulators see the mechanism as contingency planning to avoid panic, and have reportedly already discussed the plan with banking executives. No further details have been disclosed, and no official comment regarding the regulation has been made.
As the war between Russia and Ukraine continues, Biden keeps sending military equipment and ammunition to Ukraine. There is no end in sight, and Biden has even said as much.
Yet here in the United States, arms manufacturers can’t keep up with demand, and our own armed forces are already running dangerously low.
At what point does someone in Washington step up and demand that our own national defense is at risk?
By now most have already heard about the Silicon Valley Bank's collapse, the second largest bank failure in U.S. history.
On Friday, March 10, 2023 we started seeing reports of people lining up to get their money out of SVB, and within hours we're seeing reports that the bank had been seized by the Feds. That quickly businesses that used the start up bank, at least the ones that didn't get their money out in the days before the reports, lost billions.
Tech companies that were using SVB are suddenly left wonder how to pay their employees, as layoffs are expected as soon as next week, while Americans watching this unfold are left wondering what comes next.
Top that off with the reports showing for nine months SVB had no head of "risk assessment" until January 2023, and the "woke" Chief Risk Officer for Europe, Africa and the Middle East, Jay Ersapah, who self describes as a "queer person of color from a working-class background," was too busy organizing LGBT events to notice the warning signs.
Ukraine foils the process of creating a safety zone around the Zaporozhye nuclear power plant (ZNPP), Vladimir Rogov, a senior official of the Zaporozhye regional administration, told Sputnik on Sunday.
"The regime of [Ukrainian President Volodymyr] Zelensky foils any progress in creating a security zone around the ZNPP, refusing to give any guarantees to prevent the shelling of the nuclear power plant and its satellite city Energodar. The plant's safety is guaranteed by two components: the absence of shelling by the militants of the Ukrainian armed forces and the proper protection provided by the Russian national guard," Rogov said.
He added that Kiev demands the demilitarization of the plant's vicinity in order to take advantage of the moment, take local residents hostage, seize the nuclear facility and create a bridgehead for the offensive.
NewsGuard, a left-wing media monitoring organization which claims to rate the credibility of news websites, was awarded nearly $750,000 from the Department of Defense in 2021 according to publicly available records.
The revelation comes in the latest "Twitter Files" post by Matt Taibbi.
In a series of posts detailing internal communications among Twitter executives, Taibbi suggests a collaboration of government and the company of what appears to be a coordinated effort to censor or slant information available to the public and individuals — particularly conservatives.
Two U.S. agencies he identified included the State Department's Global Engagement Center and the Department of Defense.
Taibbi was concerned about the government grants to an organization that targets news outlets, writing:
"Some NGOs (non-governmental organizations), like the GEC-funded Global Disinformation Index or the DOD-funded Newsguard, not only seek content moderation but apply subjective 'risk' or 'reliability' scores to media outlets, which can result in reduction in revenue."
The mood first started shifting against the US among its allies on the European continent late last year, as both officials and diplomats began to accuse Washington of profiteering out of the Ukraine crisis via energy and weapons sales, while their own stockpiles were "almost empty" and critical defense capabilities were lacking.
The conflagration in Ukraine and the western push to pump the Kiev regime with military support has laid bare the "appalling state" of the European continent’s own defense capabilities, a US publication has noted. Furthermore, the present developments have thrown the spotlight on the European defense industry's overly high dependence on the United States.
Although the United States and its allies sent well over $100Bln in military and economic assistance to Ukraine in 2022, and have announced billions in new aid over the first months of 2023, Europe's own armed forces “lack the basics needed for conventional warfare in their own backyards”, the columnists stated.
The SWAMP people in Washington DC do not like journalists like Tucker Carlson exposing their nefarious activities. They hate seeing a light shined on their unscrupulous agendas.
For instance, Jesse Waters exposed that former House Speaker Nancy Pelosi made millions of dollars on “insider trading” of defense contract stocks that she supported with her votes over the 20-year war with Afghanistan and Iraq. She made millions and lived the “high life” in Washington DC, while our young soldiers died to the tune of 7,500 combat deaths and 114,000 suicide deaths over that 20 year period.
Before that, 60 Minutes reporter Steve Kroft caught her red-handed at a news conference where he asked her if her stock trading wasn’t malfeasance. She answered that she was above board on all her dealings and she was legal in her activities. It makes you wonder why those two wars took 20 years to lose.
Of course, you cannot help remembering that the CIA and FBI dreamed up the Trump-Russia collusion scandal as certain agents tried to derail the Trump presidential run. Those same agencies continued with the Mueller investigation that spent millions to find out that it was all a cooked-up fraud. Trump might be a self-absorbed narcissist, but he’s All-American. He actually secured our southern border and did a lot of good things for America.
In the past two nights, journalist Tucker Carlson, one of the finest investigative men in the field, exposed the “real” aspects via video records of what “really” happened on January 6th. He exposed the lies, the fraudulent activities and complete farce of the Liz Cheney-led Congressional investigation seeking to drag Trump into the gutter.
The brutal spell of weather plaguing the Golden State continued Saturday as floodwaters surged over a levee and sent residents of an agricultural town stumbling.
Over 1,000 Californians were forced to evacuate Saturday morning after a levee failed and the small town of Pajaro was flooded by a torrential storm that drenched the Central Coast’s Monterey County.
Dramatic footage posted on social media showed early-morning rescues being carried out for residents who’d become trapped in their parked vehicle by rising floodwaters.
Silicon Valley Bank was aptly named: It held the funds of hundreds of U.S. tech companies and was a crucial player in the valley’s economy. But on Friday, it became the second largest bank failure in U.S. history after a rapid run on its deposits. Some $175 billion in customer accounts were taken over by the Federal Deposit Insurance Corporation (FDIC), which is now tasked with returning money to the bank’s customers.
But more than 85% of the bank’s deposits were uninsured, according to estimates in a recent regulatory filing. That’s because FDIC deposit insurance is meant for everyday bank customers and maxes out at $250,000. Many Silicon Valley startups had millions, or even hundreds of millions of dollars deposited at the bank—money they used to run their companies and pay employees. Right now, nobody’s sure how much of that cash is left.
The tech sector was already wading through a harsh macroeconomic climate, with layoffs abounding and stock prices sinking precipitously. Silicon Valley Bank’s downfall is likely to exacerbate those problems—and could threaten the wider economy. “It’s like a Lehman Brothers moment for Silicon Valley,” says one Silicon Valley startup founder whose company has millions of dollars tied up in SVB. “It feels like something that never should have happened, because it’s such a trustworthy entity.” The person spoke on the condition of anonymity because they are worried about losing customers over their ties to SVB.
U.S. cryptocurrency firm Circle has $3.3 billion of its $40 billion of USD Coin reserves at the collapsed lender Silicon Valley Bank, the company said in a tweet on Friday.
The stablecoin company’s announcement comes after startup-focused SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors.
Traders have been on guard this week for signs of contagion in the financial sector and beyond from troubles for SVB and crypto-focused Silvergate, which this week disclosed plans to wind down operations and voluntarily liquidate.
While the Biden administration’s weakness and decline in military readiness concerning China goes unreported or under-reported in the United States, those nations most vulnerable to Chinese aggression and intimidation are aware of the rising risk of war.
When nations assess their national security status, they analyze all alliances and associations, including military, economic, etc. A critical aspect of that analysis will be the United States and its ability and willingness to fulfill its strategic security obligations.
Fading US Security Guarantees in the Region
Today, those obligations, first and foremost, involve the threats that China and its de facto proxy, North Korea, pose to the region. Every national security advisor or minister of defense in the Asia-Pacific region that relies on U.S. security guarantees must ask themselves, “Are we as secure today as we were yesterday under American security guarantees?”
In other words, the governments in Tokyo, Seoul, Taipei, Canberra, and Manila all see the growing threat coming from China. These governments’ actions indicate that they’re all questioning their belief that the United States will be able to defend them.
Unfortunately, most are increasingly unsure about America’s ability to defend them. In the Pentagon, however, the answer is definite, No, we will not be able to protect you.
Americans’ already-negative opinions of Russia have soured further in the past year, dropping from 15% holding a favorable view to 9%. The current reading for Russia is the lowest Gallup has measured since it first asked about the “Soviet Union” in this format in 1989.
Monkeys in modern-day Thai forests create stone artifacts uncannily similar to those crafted by early humans — challenging the established narrative of human cultural evolution.
A new study published on Friday in Science Advances suggests the possibility that a critical hallmark of human tool use happened by accident — potentially blurring the line between tool use by early humans and our primate relatives.
Banks across America are sitting on $620 billion of 'unrealized losses' - assets which have decreased in value but have not yet been sold - - the head of the Federal Deposit Insurance Corporation warned.
News of the worrying shortfall came amid the closure of Silicon Valley Bank - the largest collapse since Washington Mutual in 2008.
As the government scrambles to prevent contagion, the Federal Reserve announced on Sunday night that all depositors would get their money back.
“I’m very happy about the political decision to become a part of NATO,” says Lieutenant general Carl-Johan Edström, Chief of Joint Operations with the Swedish Armed Forces. On Thursday, he flew north together with the largest group of top NATO officers that ever has been at Norway’s land border with Russia.
“Now we can be a part of a huge NATO organization…at the moment with a war in Europe,” Edström says.
Visiting Stockholm this week, NATO Secretary General Jens Stoltenberg said the accession of Sweden and Finland “is a top priority, and we are making progress.”
The officers from different countries and command structures of NATO came directly to Kirkenes airport from the ongoing exercise Joint Viking currently taking place in the Troms region, further west in Northern Norway.
"Two of the world’s most implacable enemies, Saudi Arabia and Iran, divided by religion, sign a China-brokered peace deal. And a cascade of businesses set to fail after the collapse of hipster bank SVB
Last month’s shockwave of resignations among top Ukrainian officials, caused by numerous corruption scandals, ended as quickly as it began. At the start of February, it seemed that Defense Minister Alexei Reznikov would become the ultimate victim of the purge. His imminent departure was openly discussed in the Ukrainian parliament and hints were even dropped by the President’s office.
His possible resignation was also discussed in leading international media. However, just two weeks later, the threat hanging over Reznikov disappeared when the politician met with Western leaders and plainly stated that he had no intention of leaving office.
How did Reznikov avoid being culled, what role did the visit of US inspectors to Kiev play in the process, and what was the big corruption scandal in the Defense Ministry of Ukraine all about?
Europe is in real trouble after the destruction of the Nord Stream pipeline and failed western sanctions on Russia. This week we saw our clearest indication yet that the Russia-China alliance just launched the great energy reset on the West after a series of massive trade escalations led to new records.
Kiev has its hand in the unrest over the controversial foreign agents legislation in Georgia, Prime Minister Irakli Garibashvili has claimed, urging Ukrainian President Vladimir Zelensky to take care of his own country instead of fueling riots in Tbilisi. The PM made the remarks in an extensive interview with Georgia’s Imedi TV channel that aired on Sunday.
Garibashvili strongly condemned the support expressed by Zelensky towards the protesters, accusing him of yet again trying to open a “second front” against Russia in Georgia. Earlier this week, Zelensky issued a video address to Georgians, stating that every Ukrainian wishes a “democratic” and “European success” to the country.
“An even greater escalation of hostilities is expected in Ukraine, and many external forces are interested in opening a ‘second front’ on Georgian soil. How else to explain that the President of Ukraine Zelensky, during the conflict in his country, finds time to appeal to several thousand participants of a destructive action in Georgia?” Garibashvili wondered, urging the Ukrainian leader to “[take] care of himself and his country” first.