Silicon Valley Bank has suffered a bank run, with customers withdrawing $42 billion in deposits, leaving the bank with a negative cash balance of $1 billion. The FDIC has taken control of the bank and will pay customers their insured deposits up to $250,000 on Monday. Treasury Secretary Janet Yellen has addressed the situation, saying the government may need to intervene and take emergency measures.
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At a congressional hearing on Thursday, Norfolk Southern CEO Alan Shaw pledged to improve the company's safety culture and make East Palestine and surrounding communities whole following a February 3rd train derailment that released toxic chemicals. Shaw refused to commit to a number of specific actions proposed by senators, such as supporting new rail safety legislation and temporarily halting stock buybacks, leading to disappointment from Senator Tom Carper. Shaw responded by saying that Norfolk Southern is committed to safety first and is working closely with local, state and federal agencies to ensure the site is cleaned up safely and thoroughly.
Mike Pence has publicly criticized Donald Trump for his role in the Capitol riot, marking a significant shift in their relationship. Pence stated that Trump's "reckless words endangered" his family and those at the Capitol, and that "history will hold Donald Trump accountable". He also denied having the power to overturn the election results.
Treasury Secretary Janet Yellen said Sunday that the federal government will not provide a bailout for Silicon Valley Bank's investors, but is "concerned" about the impact to depositors and is working to address their needs. Silicon Valley Bank, a go-to bank for US tech startups, collapsed Friday morning and was taken over by federal regulators, making it the largest US bank failure since Washington Mutual in 2008. It is unclear what will happen to the bank's customers and investors, but financial regulators are working to address the needs of depositors.
Three Palestinian gunmen were shot and killed by Israeli forces in the occupied West Bank on Sunday, according to the Israeli military. The incident occurred near the city of Nablus, with the Al-Aqsa Martyrs Brigade claiming the men killed as members. The IDF is continuing to investigate the incident, while the Palestinian Authority has yet to comment on the situation. The international community has urged both sides to take steps to de-escalate the violence and find a peaceful resolution.
Residents of a Northern California agricultural community were forced to evacuate after the Pajaro River's levee was breached by flooding from an atmospheric river. This storm is the second to hit the state in the past few days, bringing heavy rain, mountain snow, and the threat of more flooding to northern and central California. Emergency personnel are working to secure the area and protect residents from the flooding, with 15 million people under flood watches in California and Nevada.
Stephanie Hsu is set to perform the Academy Award-nominated song “This Is a Life” from A24’s hit film “Everything Everywhere All at Once” at the upcoming Academy of Motion Picture Arts and Sciences awards show. She will be joined by the music trio Son Lux and Talking Heads lead singer David Byrne, who wrote the song with Ryan Lott. The movie has earned 11 Oscar nominations and Stephanie's performance is sure to be a highlight of the evening.
Four astronauts returned to Earth on Saturday night after a successful five-month mission aboard the International Space Station. Led by NASA's Nicole Mann, the first Native American woman to fly in space, the crew had to deal with a pair of leaking Russian capsules and the urgent delivery of a replacement craft. The mission is a testament to the hard work and dedication of the entire team, and a reminder of the progress that can be made when we work together.