The US government has issued an ultimatum to the Chinese owners of the popular video-sharing app TikTok, demanding they sell their stake in the app or face a US ban. Internal data from the app suggests that the number of monthly active users in the US has jumped by 50% in the past three years, with 100 million people now using the app regularly. The Biden administration is now following in the footsteps of the Trump administration in its attempt to rein in the app, and the response to the ultimatum and the testimony of TikTok's CEO will be closely watched.
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Key takeaways: Former President Donald Trump is reportedly feeling “very anxious” ahead of a possible indictment over hush money payments to Stormy Daniels. The investigation…
Signature Bank, one of the largest banks in the US, has failed, with the FDIC announcing that New York Community Bancorp has purchased substantially all of Signature's deposits and assets worth $38.4 billion. Flagstar Bank, a subsidiary of New York Community Bank, has taken over substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association. The FDIC is working to ensure customers of Signature Bank will have access to their deposits and receive the same level of service.
Robert Costello, a former legal adviser to Michael Cohen, is set to testify before a Manhattan grand jury on Monday in an investigation into Donald Trump's alleged "hush money" payment to Stormy Daniels. Trump's attorneys have asked the District Attorney for Costello to testify, and two sources confirmed to CBS News that Cohen has been asked to be available in case he's needed to "rebut" another witness. It is unclear what information Costello will provide to the grand jury and what impact his testimony will have on the investigation.
Donald Trump's legal team is taking an unusual step in the ongoing investigation into hush money payments made to Stormy Daniels during his 2016 campaign, requesting that the Manhattan District Attorney's Office call a witness to testify before the grand jury. The witness, attorney Robert Costello, has represented Trump allies, and Trump's legal team is reportedly attempting to use his testimony to discredit Cohen's credibility. MSNBC's Rachel Maddow has warned that Trump is trying to create fear of potential violence in order to raise the civic cost of indicting him.
Mike Pence has downplayed potential protests this week, encouraged by former President Donald Trump, saying that the American people have the constitutional right to peaceably assemble. He condemned the violence that occurred at the US Capitol on January 6th, 2021, and believes any prosecutorial actions against Trump would be politically charged. Pence also noted that the country should focus on healing and moving forward, rather than dwelling on the past.
Former Goldman Sachs CEO Lloyd Blankfein and former top economic adviser in the Trump White House Gary Cohn have both recently discussed the banking industry and the potential for a systemic emergency. They both agree that the Federal Reserve, FDIC, and Treasury Department have the power to guarantee deposits bank by bank in such an event, making Americans' money "kind of safe with an ellipsis."
US banking industry was rocked this week, with the biggest US bank failure since the 2008 financial crisis, a near-miss for Credit Suisse, and banks tightening up lending. This could lead to a decrease in spending, putting added pressure on households already whittling down savings and taking on more debt. The long-term effects of these events remain to be seen, but it is clear the US banking industry is in a precarious position.