Key takeaways: The FDIC has stepped in to back all deposits at Silicon Valley Bank, resolving a key uncertainty surrounding the second-largest bank failure in…
News Mash
On Sunday morning, tragedy struck the San Diego shoreline when two migrant smuggling boats capsized in the surf near Black's Beach, resulting in the deaths of eight people. A Spanish-speaking woman reported to the San Diego Fire-Rescue Department Lifeguard Division that she had been on a panga with 15 people and another panga with eight people had capsized. Rescue crews are continuing their search for additional victims, and the incident is being investigated as one of the deadliest human smuggling operations ever in the U.S.
The U.S. government is facing a critical decision this weekend to decide whether to bail out Silicon Valley Bank, which serves the wealthy and powerful of Silicon Valley. Prominent Silicon Valley personalities and executives have called for Washington to come to the rescue of the bank’s depositors, warning of more bank runs if the government does not act. American regulators are working to develop a plan that would guarantee all uninsured deposits held by SVB customers, while also looking into the possibility of finding another bank to buy SVB.
Michelle Yeoh made a powerful statement at the 2021 Golden Globe Awards when she accepted her award for Best Actress in a Musical/Comedy, speaking out about racism in Hollywood and the limited opportunities for aging female actors. Unfortunately, she will no longer be able to attend the 95th Academy Awards due to Glenn Close testing positive for COVID-19. Yeoh dedicated her award to all the people who came before her and to those who will come after her, inspiring many Asian women to stand up for themselves.
Key takeaways: The Academy Awards are one of the most prestigious awards ceremonies in the world. Jimmy Kimmel is hosting the show for the third…
At least eight people have died after two boats capsized near the shore of Black’s Beach in San Diego County, California. Rescuers responded to the scene and found eight victims in the water, but were unable to access the beach due to the high tide. The cause of the incident is still under investigation and the San Diego Fire-Rescue Department has offered its condolences to the families of the victims.
Treasury Secretary Janet Yellen Rules Out Federal Bailout for Silicon Valley Bank Following Collapse
Treasury Secretary Janet Yellen Rules Out Federal Bailout for Silicon Valley Bank Following Collapse
Treasury Secretary Janet Yellen has ruled out a federal bailout for Silicon Valley Bank following its collapse, and Shalanda Young, the director of the White House Office of Management and Budget, has stressed that the US banking system is more resilient now due to reforms. Rep. Ro Khanna of California has urged the Biden administration to take "decisive action" to protect depositors and ensure access to accounts Monday morning.
Key takeaways: The Federal Deposit Insurance Corporation (FDIC) is responsible for insuring deposits up to $250,000. Treasury Secretary Janet Yellen said the federal government would…