Emma Stoltzfus
More from Emma Stoltzfus
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First Citizens Bank scoops SVB, FDIC to take $20B hit on failure
Silicon Valley Bank deposits are no longer under federal control . On Sunday, March 26, the Federal Deposit Insurance Corporation announced that North Carolina-based First Citizens BancShares has acquired $56.5 billion in deposits and $72 billion in loans from Silicon Valley Bank. The regulatory agency estimates the collapse will cost its deposit insurance fund roughly… -
Deutsche Bank shares plunge as cost to insure against default spikes
Deutsche Bank is the latest financial institution to face significant pressure in March 2023, as its share price has fallen around 25% over the past month as of Friday, March 24. The harsh spotlight on Germany’s largest bank comes as the cost to insure the bank’s debt against default spiked to multi-year highs on Friday,… -
Can AI be sued? Here are 5 potential legal issues
Artificial intelligence is already the next big thing, from OpenAI’s ChatGPT to Google’s Bard AI. But as generative AI platforms increasingly get in the hands of everyday people, could the technology end up on the wrong side of a lawsuit? Here is the legal action threatening AI in this week’s Five For Friday. #5: Defamation… -
Former FDIC chair: A ‘mistake’ to guarantee 100% of deposits at banks
Fearing contagious bank runs around the country, the government is trying to assure Americans that money is safe in the bank, and not just the ones that are considered too big to fail. Treasury Secretary Janet Yellen clarified on Tuesday that the government could rescue smaller community banks if needed. “Our intervention was necessary to… -
Will federal regulators secure deposits at all failing banks like they did at SVB?
Treasury Secretary Janet Yellen attempted to assure banking institutions on Tuesday that the U.S. is prepared to step in and help smaller banks facing bank runs that pose the risk of contagion. It was a more direct sign of support than she gave in testimony to senators last week. One week ago, federal regulators took… -
Why are banks collapsing and is your money safe in the bank?
Since the swift collapse of Silicon Valley Bank, the entire banking system has been in turmoil. The news of failed and struggling banks has left millions of Americans with pressing questions. Some of the breakout searches on Google this past week include: What caused the banking crisis? Are we headed for a depression? Is my money… -
How Silicon Valley Bank collapsed in less than 48 hours
It took less than 48 hours for Silicon Valley Bank to fall from the preferred startup and venture capital bank with $200 billion in assets to being irreparable. Since its collapse and federal takeover, fears have spread throughout the global banking sector, leading to closures of other banks. The California bank was a bit of… -
Is your money safe in the bank after Silicon Valley Bank failure?
When Silicon Valley Bank collapsed, more than 90% of its accounts were uninsured. Federal regulators took extraordinary measures to secure customers’ uninsured deposits at both SVB and Signature Bank, but Treasury Secretary Janet Yellen has warned not all banks will get the same treatment. Yellen told senators that uninsured bank deposits would only be secured… -
Google and Facebook could block news in Canada if Online News Act passes
Tech companies are threatening to pull news articles from their websites in Canada as legislation advances that would force them to pay news publishers for their content. Bill C-18, called the Online News Act, would mandate revenue-sharing agreements between Google, Facebook-parent-company Meta, and established news organizations. This week, Meta warned it would get out of… -
NASA is monitoring an asteroid that could hit Earth on Valentine’s Day 2046
NASA’s Planetary Defense Coordination Office announced it has been tracking a new asteroid that could potentially hit Earth on Valentine’s Day in 2046. Estimated to be about the length of a 50-meter Olympic swimming pool, the asteroid, known as 2023 DW, was discovered last month, according to the European Space Agency (ESA). Initial calculations by astronomer Piero… -
Feds scramble to contain Silicon Valley Bank contagion. ‘Banking system is safe.’
It only took 48 hours for Silicon Valley Bank, formerly the nation’s 16th largest bank, to collapse. Then Signature Bank followed suit, while First Republic Bank and others showed signs of contagion. SVB, with roughly $200 billion in deposits, became the second biggest bank failure in U.S. history last week. This week, regulators are scrambling to… -
Biden pushes for more regulation after Silicon Valley Bank collapse
President Joe Biden on Monday said the U.S. banking system is safe in the wake of the collapse of Silicon Valley Bank and Signature Bank. The banking failures caused concerns of broader contagion in the sector. “Americans can have confidence that the banking system is safe,” Biden said before departing on a trip to the West… -
As Funko destroys $36M in toys, here’s why these 5 companies trash merch
Excess inventory can be a real problem for large companies as they attempt to make room for new items in overflowing warehouses. Sometimes corporations conclude the best business solution (but questionable environmental decision) isn’t simply marking down prices. Here are five companies that sent their own merchandise to the dump to help the bottom line…
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